Trading Brisk at Iraqi Stock Exchange

It's not Wall Street, but it does have its moments. If the concept of buying low and selling high ever excited people, it excites them in Baghdad.

In less than one year, the newly formed Iraqi Stock Exchange (search) has tripled its trading volume, with growth rates unheard of nearly anywhere else.

"The market since it's opening last year is doing very, very well," said Talab Tabuy, a trader. "Excellent, actually."

Tabuy is betting on companies like Baghdad Soda, Hader Marble and Thesar Agriculture. But the real excitement is over Iraq's banking sector, especially Basra Bank (search).

"When we choose to start our business here, demand was very high so we began just with 15 companies ... now we have about 88," said Taha Abdul Salam, CEO of the exchange.

In just the first seven months, nearly 14 billion shares have been traded, and the number is growing amid hopes foreign investment could drive the market even higher.

The trading frenzy has prompted key upgrades. A new facility is currently under construction about a block from the current location, and magic markers will be replaced by an electronic ticker and a much larger trading floor.

Click in the box near the top of the story to watch a report by FOX News' Andrew Stack.