Iraq’s capital markets demonstrated remarkable resilience in November 2025 as the Rabee Securities Iraq Stock Exchange Index (RSISX) posted a robust 5.0% gain, significantly outperforming regional counterparts that experienced declines during the same period. This market strength emerged following Iraq’s parliamentary elections on November 11, which recorded a 56.11% voter turnout and resulted in the Reconstruction and Change coalition securing approximately 370,000 more votes than its nearest competitor.
The banking sector emerged as a primary driver of this growth, with National Bank of Iraq, Asiacell, Baghdad Soft Drinks, Bank of Baghdad, and Al-Mansour Bank leading the index’s advancement. According to Aysegul Ozge Ozgur, Head of Research at Rabee Securities, ‘November reflected stronger investor confidence in Iraq’s capital markets, supported by post-election stability and broad-based contributions from leading sectors. The RSISX Index’s outperformance relative to regional peers underscores the market’s resilience.’
Despite the index’s strong performance, trading volumes presented a contrasting picture. Total trading volume on the Iraq Stock Exchange declined 34% month-on-month to $26.5 million, while non-cross trading volumes decreased 14% to $16.5 million. The banking sector maintained its dominance with 62.6% of total trading activity, followed by industry (20.5%), telecom (8.7%), and services (5.8%).
Rabee Securities expanded its analytical capabilities with the launch of two specialized indices: the RS Iraq Halal Companies Index (RSIHX) and the RS Iraq Banking Index (RSIBX), which advanced 4.4% and 5.0% respectively during the month. Additionally, 37 companies recorded share-price increases, with Babil Animal & Vegetable Production and Tourist Village of Mosul Dam emerging as standout performers with gains of 161.7% and 146.6% respectively.
The positive market sentiment was further bolstered by broader economic developments, including Fitch Ratings’ reaffirmation of Iraq’s Long-Term Foreign-Currency Issuer Default Rating at ‘B-‘ with a Stable Outlook, and regulatory cooperation efforts advanced through the Iraqi Securities Commission’s participation in the Market 2.0 Conference in Bahrain.