Iraqi investors pray foreign firms will revive flagging bourse

[Barrett808]

Iraqi investors pray foreign firms will revive flagging bourse
by Patrick Fort

BAGHDAD (AFP) - Shielded behind sandbags, investors at Baghdad's stock exchange pray that a planned law to allow foreign investment will rescue Iraq's war-battered market from a precipitous slump.

Armed guards defend the entrance to the exchange from the city's gangs of lawless gunmen, but nothing can protect the value of the shares traded inside from the capital flight triggered by Iraq's three-year descent into chaos.

The bourse has lost more than a third of its value this year.

Total market capitalization fell from 3.25 trillion dinars (2.2 billion dollars) at the end of January to only 2.16 trillion dinars (1.6 billion dollars) at the end of June, according to the exchange website.

By comparison, the stock exchange in Tehran -- capital of Iraq's neighbour and fellow major oil exporter Iran -- closed Thursday quoting shares worth a total of 34.6 billion dollars.

(more)

http://news.yahoo.com/s/afp/20060728/wl_mideast_afp/stocksiraqeconomy

[opihimoimoi]

1. here come the carpet baggers..............buy cheap... watch value grow

So they hope

[Freedom_from_Chains]

2. hmmm, I should perhaps look into this. n/t