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Author: Mojde Rezaee

Home/Articles Posted by Mojde Rezaee (Page 55)
Daily, Market, News, 3 November 2015, Iran, TSE, IFB,

TSE Hosting FEAS

by Mojde Rezaeedate: 3 November 2015in News & Reports No Comments

News and Views

  • As the Securities and Exchange Organization officials have said, the 21st FEAS annual meeting will be hosted by Tehran Stock Exchange in Esfahan on November 17th and 18th. FEAS has 50 members from 30 countries of the world. Its Iranian members include TSE, IFB, IME, Securities and Exchange Brokers Association, Central Securities Depositary of Iran and TSE’s Technology Management Company.
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Daily, Market, News, 3 November 2015, Iran, TSE, IFB,

Ties to be rekindled – Daily Market News

by Mojde Rezaeedate: 2 November 2015in News & Reports No Comments

News and Views

  • While the international sanctions are about to be lifted, the Indian UCO Commercial Bank is seeking to rekindle business ties with Iran to develop trade opportunities between New Delhi and Tehran. In this regard, a 4-member delegation has attended Tehran to make sure this bank will keep its place to support the transactions between the two countries. According to estimates, the removal of sanctions will result in the transactions volume increase up to USD 6bn.
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Agah’s 10th Fund Offered – Daily Market News

by Mojde Rezaeedate: 1 November 2015in News & Reports No Comments

Market News

  • Entitled “Hasti Bakhsh-e Agah,” Agah’s 10th Fund was offered as an ETF on IFB’s Third Market as planned. The initial offering of this fund, with the symbol “SAGF,” would continue for 4 business days. Agah group is the fund manager and Kardan investment bank is the market maker. Mr. Mostafa Bayati, who has already shown his successful management with the funds “Agah” and “Aghigh,” will be managing this newly-born ETF. From 50 mn investment units, 1mn was already issued as preferred units and the remaining 49 mn went public with the nominal price of USD 0.28 each. The least capital for this ETF is USD 1.4 mn and it can pool capital up to USD 14.4 mn. The secondary market for this instrument is the modern financial instruments market of Iran Fara Bourse (IFB).
  • The minister of Industry, Mines, and Commerce made remarks on the practical methods for the largest industries to finance through the capital market. According to him, designing and controlling the capital market by ceasing to pay DPS in order to raise capital, guaranteeing bonds and sukuks market by the government, facilitating buy or sell of durable goods on installments, quickly reducing the interbank interest rate and also banks’ reserve requirements from 13% to 10%, and lowering provisions interest rate are of the ways to exert a quick effect.
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Daily, Market, News, 31 October 2015, Iran, TSE, IFB,

Atos or Nasdaq, the problem is… – Daily Market News

by Mojde Rezaeedate: 31 October 2015in News & Reports No Comments

News and Views

  • Being bought in 2006, TSE‘s current trade system faces some defects and is going to be replaced by a new one. As officials have said, there are some options, including the purchase of the latest version of the current Atos Euronext system from France, using new systems or domestically designed systems or even a large system like Nasdaq are on the tables; after the removal of sanctions, the final decision will be made.
  • In its latest report, the International Monetary Fund has estimated Iran’s economic growth rate for the current year to be 0.8%. It is so while in its previous report released 5 months ago, this fund had estimated that Iran would experience a 0.6% growth rate. This change has occurred as a result of modification in Iran’s inflation rate as 15.1% instead of 16.5%.
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Daily, Market, News, 28October 2015, Iran, TSE, IFB,

The road to long term economic growth – Daily Market News

by Mojde Rezaeedate: 28 October 2015in News & Reports No Comments

News and Views

  • In an interview, Dr. Hashem Pesaran made remarks on the post-sanction era. He introduced factors such as using the young work force, attracting foreign investment, developing the private sector activities, performing economic corrections, employing the modern technology and approaching the country’s political economy to its economic realities as the steps towards reaching long-term economic growth and development. He also emphasized that the mere reliance on oil sales revenues and transfer of the blocked currencies is not sufficient for economic boom.
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Daily, Market, News, 27 October 2015, Iran, TSE, IFB,

Transparceny Saves! – Daily Market News

by Mojde Rezaeedate: 27 October 2015in News & Reports No Comments

News and Views

  • Calling it a turning point in the two countries’ capital markets, Dr. Qalibaf Asl announced the signing of an MOU between Iran and Turkey’s capital markets on October 26, 2015, visiting Turkey’s stock market. He emphasized that the two neighbors with great potentials can pave the grounds for developing cooperation, trading experience, and mutually approving the companies.
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Daily, Market, News, 26 October 2015, Iran, TSE, IFB,

Appeal Dismissed – Daily Market News

by Mojde Rezaeedate: 26 October 2015in News & Reports No Comments

News and Views

  • The court of appeal has dismissed British Treasury’s appeal against disclosure of information, in the process of challenging the Financial Restrictions Order 2011 on Mellat Bank. The tribunal said damages should be recoverable for any loss and the bank should have the right to claim for damages as a consequence of the unlawful government interference.
  • Stressing that the CBI has plans to increase retail provisions granting to the public in the form of credit cards with the aim of supporting internal production and economic prosperity, the CBI governor emphasized that this bank is working on the facilitation of foreign investment in the post-sanction era. He continued to say that the first plan is to rejoin the SWIFT network. In this regard, a steering committee has been formed to suggest the required strategies and solutions and supervise the rejoining and information trade trend.

Financial Releases

  • Saderat Bank released its unaudited Q2 reports for the period ending September 22, 2015. In comparison with the same period last year, its joint income faced a 61% increase to stand at USD 1,734.90 mn which led to its 21% rise in the bank’s total revenue, touching USD 853.51 mn. In addition, its total costs went up by 27% to stand at USD 731.01 mn. It was so while its net profit and therefore, its EPS did not change, recording USD 121.89 mn and USD 0.002, respectively.
  • Dashtestan Cement Company released its financial statements for the FY ending September 22, 2015. Holding USD 23.09 mn capital, the company made USD 27.20 mn from sales, leading to USD 11.39 mn gross profit which shows 7% decline compared to the same period last year. After the subtraction of SGA costs and the addition of other operating revenues, USD 8.20 mn operating profit was reached. The mentioned company eventually managed to make USD 6.48 mn net income, recognizing USD 0.008 EPS.

Market Rumors

  • It has been heard that some tickers in the Pharmaceutical sector, including Chemidarou Company, have weakly covered their forecasted budget due to the rise in official exchange price.
  • It has been heard that Shahed Civilization and Development Company has plans to raise its capital by 117% based on its retained earnings and claims.
  • It has been heard that the Cultural Heritage Investment Group has performed well in the Q2, covering a significant part of its budget.

 In the Market

After the approval of JCPOA, one of the most important systematic risks of the TES, i.e. sanctions, was removed which led to the entrance of more individual investors and the increase of the all-share index. The second concern of investors was the anticipated unsatisfactory Q2 reports, leading to negative adjustments and deep plunges, whose removal can contribute to the revival of the market.

In the Banking sector, Q2 reports demonstrated that most symbols could cover 50% of their predicted EPSs. A rather positive trend was witnessed for most tickers, a trend started by institutional investors supporting Mellat Bank and continued as the Q2 reports of Saderat Bank were released. Although sanctions on joining the SWIFT network are still in place, banks’ exchange transactions have increased which can promise a bright future for this sector.

In the Oil Products sector, Bandar Abbas Oil Refining Company ended in the green after being institutionally supported; Lavan Oil refining Company was on a bearish trend, although experts believe that it may also turn in the green at the end of tomorrow’s session. However, no Q2 financial statement has been released in this sector which is a potential risk to consider.

The Sugar sector was among the few sectors ending in the green. Except for Naqsh-e Jahan Sugar Company and Lorestan Sugar Company, other symbols experienced a price hike. As has been said before, during the recent months when the market has started a bearish trend, this sector has been able to attract investors’ attention due to its negative Beta correlation.

And the Automotive sector, due to the absence of major symbols such as Iran Khodro Company and Saipa Company, faced negative trades; tickers such as Charkheshgar Company and Iran Tractor Forging Company were the only tickers ending with buy queues.


TSE at a Glance

[caption id="attachment_4957" align="aligncenter" width="837"]Iran, Exchange Market, TSE, Iran Market Cap, Iran Market Value, Iran Traded Value, Number of Trades, TSE index, TSE value Index, TSE industry index, TSE free float index TSE at a Glance[/caption]

Summary of Trades

[caption id="attachment_4965" align="aligncenter" width="862"] Iran, Exchange Market, TSE, Sectors in TSE, best performing sectors, Iran Market Value, Iran Traded Value, Number of Trades, TSE index, TSE value Index, TSE industry index, TSE free float index, Type of Trade, Retail , Block, TSE Highest value, TSE Highest Volume Summary of Trades[/caption]

Trading Halts and Reopenings

[caption id="attachment_4960" align="aligncenter" width="845"]Iran Capital Market, Halted Stocks, Trading halts, TSE, IFB, Annual General Meeting, Extraordinary General Meeting, Announcing Forecasted EPS, Adjusting Forecasted EPS, capital raising, board members, reopening trades Trading Halts and Reopenings[/caption]

IFB at a Glance

[caption id="attachment_4961" align="aligncenter" width="815"]Iran, Exchange Market, IFB, Iran Farabourse, Iran IFB Value, Iran IFB volume, Iran IFB market cap, Iran IFB companies, Iran IFB changes, IFB number of Trades IFB at a Glance[/caption]

 

DISCLAIMER:  This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice. 

To contact reporters: Mojde Rezaee at m.rezaee@agah.com

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Daily, Market, News, 25 October 2015, Iran, TSE, IFB,

Towards a modern market – Daily Market News

by Mojde Rezaeedate: 25 October 2015in News & Reports No Comments

News and Views

  • Shomal-e Qarb Land and Construction Investment Fund was registered by the Department of Companies and Non-Commercial institutions Registration in Tehran on No. 11371 in June 17, 2015 aiming to implement the policies of the 44th principle of the constitution. The mentioned fund is certified to act as a financial institution and an investment fund according to its approved articles of association.
  • One week after the JCPOA implementation, a Memorandum of Understanding was signed between TSE and South Korea’s Stock Market. The mentioned MOU involves many innovative plans to increase bilateral activities and relations. Referring to the population diversity and the economic potentials of the country, Dr. Fetanat announced that the elaboration of Korea’s economic improvement policies, partnership in technical, engineering and IT infrastructures associated with the capital market as well as holding joint training courses would be of the plans followed in this agreement.
  • Answering a question on whether the speculators are in control of the stock market or not, an authority in the Department of Supervision on Financial Institutions replied He explained that under the current conditions where the market is suffering from recession, their activity will keep the market alive. He added that if all market players and traders adopted a long-term viewpoint, the market would never grow and no trade would be carried out.

Financial Releases

  • IRI Shipping Lines Company released its unaudited Q2 financial statements for the FY ending June 20, 2106. The company managed to make USD 2.87 mn from sales, which shows 65% increase compared to the same period last year. The subtraction of SGA costs and tax plus the addition of other revenues, USD 3.12 mn net loss was made, leading to USD 0.00020 loss per share.
  • Farabi Pharmaceutical Company released its Q2 financial reports for the period ending September 22, 2015. The company made USD 28.86 mn from sales, leading to USD 10.51 mn operating profit, after SG&A costs. The subtraction of non-operating costs led to USD 3.27 mn net income, leading to USD 0.010 EPS.
  • Mellat Investment Company released its Q3 financial reports for the period ending September 22, 2015. The company made USD 0.58 mn from investment and their sales, leading to USD 0.32 mn operating profit. The subtraction of financial costs and the addition of other incomes resulted in USD 0.12 mn net income, recognizing USD 0.00014 EPS.

Market Rumors

  • It has been heard that Qadir Khodro Leasing Company’s plans to raise capitals have been denied.
  • The news on selling some of Asia Insurance Company’s fixed assets in the second half of the current year has been verified.
  • Alborz Bulk Pharmaceutical Company is planning to raise its capital by 27% relying on investors’ paid-in capitals.
  • Tejarat Bank is intended to establish foreign branched in Persian Gulf nations.
  • Sina Bank has plans to sell some part of its assets which might result in its EPS positive adjustment.

In the Market

The stock market is influenced by companies’ Q2 reports released these days. Most such reports have been unsatisfactory; for instance, they have been negatively adjusted in the Automotive sector and lacked proper EPS coverage in the Banking sector. However, the prospect of sanctions relief and economic growth package might probably lead to better Q3 reports.

In the Automotive sector, most major symbols such as Iran Khodro and Pars Khodro were halted due to heavy losses announced, which led to the observance of many sell queues.

In the Banking sector, a negative trend was witnessed. As was said, financial reports were not satisfactory. According to them, many banks have faced losses in their joint incomes; this means that the act of receiving deposit from depositors and lending them to the loan receivers has ended in loss. Besides, their questionable claims are also raising concerns. Mellat Bank was about to have a sell queue and Saderat Bank share price declined to USD 0.002 after 43 million shares were traded. Experts believe that this negative trend will extend to tomorrow’s trading session.

The Oil Products sector has remained ambiguous and it appears that their financial statements will not be released so soon. In line with the market momentum, this sector, including Bandar Abbas Oil Refining Company and Tehran Oil Refining Company ended with sell queues.

The Chemical sector witnessed low-volume trades. Although their Q2 financial reports were appropriate, the gas feed price increase still worries investors. After two bullish trading sessions, Parsian Oil and Gas Development Company faced a sell queue; and Tamin Petroleum and Petrochemical Company was traded in its -2% area.


TSE at a Glance

[caption id="attachment_4945" align="aligncenter" width="822"]Iran, Exchange Market, TSE, Iran Market Cap, Iran Market Value, Iran Traded Value, Number of Trades, TSE index, TSE value Index, TSE industry index, TSE free float index TSE at a Glance[/caption]

Summary of Trades

[caption id="attachment_4946" align="aligncenter" width="1017"] Iran, Exchange Market, TSE, Sectors in TSE, best performing sectors, Iran Market Value, Iran Traded Value, Number of Trades, TSE index, TSE value Index, TSE industry index, TSE free float index, Type of Trade, Retail , Block, TSE Highest value, TSE Highest Volume Summary of Trades[/caption]

Trading Halts and Reopenings

Iran Capital Market, Halted Stocks, Trading halts, TSE, IFB, Annual General Meeting, Extraordinary General Meeting, Announcing Forecasted EPS, Adjusting Forecasted EPS, capital raising, board members, reopening trades

[caption id="attachment_4948" align="aligncenter" width="833"]Iran Capital Market, Halted Stocks, Trading halts, TSE, IFB, Annual General Meeting, Extraordinary General Meeting, Announcing Forecasted EPS, Adjusting Forecasted EPS, capital raising, board members, reopening trades Trading Halts and Reopenings[/caption]

IFB at a Glance

[caption id="attachment_4949" align="aligncenter" width="773"]Iran, Exchange Market, IFB, Iran Farabourse, Iran IFB Value, Iran IFB volume, Iran IFB market cap, Iran IFB companies, Iran IFB changes, IFB number of Trades IFB at a Glance[/caption]

 

DISCLAIMER:  This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice. 

To contact reporters: Mojde Rezaee at m.rezaee@agah.com

 

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Daily, Market, News, 21October 2015, Iran, TSE, IFB,

IMF statistics signaling growth – Daily Market News

by Mojde Rezaeedate: 21 October 2015in News & Reports No Comments

News and Views

  • The International Monetary Fund published a report measuring macroeconomic indices for the Middle East and Central Asia in which Iran’s economic status in the next year has been ranked higher, compared to the current year, albeit if sanctions on Iran are alleviated. According to this report, Iran’s economic growth and GDP will reach from 0.8% to 4.4% and $396.9 bn to $416.2 bn, respectively in 2016. It is worth mentioning that IMF does not expect any significant growth for the non-oil section as a result of the nuclear deal and a mild hike of reaching from 1% to 2.8% has been estimated for this part.
  • After the introduction of the economic growth package, in an opinion poll, Donyaye Eghtesad asked the opinions of 44 economists in the country. The results demonstrated that only 4.5% of these experts accepted inflation control as the main reason to recession; only 13.6% regarded demand boost as the best policy under the current circumstances; and 86.4% of those experts believed that expansionary policies are either ineffective in terms of production or hold short-term effects. Besides, regarding the execution of monetary policies, only 5% of those experts held the idea that the future expansionary policies should be implemented through the monetary base increase.
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Daily, Market, News, 20 October 2015, Iran, TSE, IFB,

Prosperity on the way – Daily Market News

by Mojde Rezaeedate: 21 October 2015in News & Reports No Comments

Views and News

  • In an interview, the Minister of Economy and Financial Affairs expressed hopes that the implementation of the economic growth package will contribute to the real growth of the Exchange Market in the second half of the current year. He emphasized that after the JCPOA implementation, the foreign currency rate will not increase and prices will remain reasonable. Stressing that the capital market mirrors the real face of economy, Tayebnia mentioned that the prosperity in the economy, which occurs after the lifting of sanctions, will bring about the expected growth to the stock market. Referring to the topic of foreign investment in the country, he continued to say that the macroeconomic stability and investor-friendly rules and regulations are pre-requisites of investing in a country’s economy both for foreign and domestic investors and stated that the current government has been able to meet such needs.
  • The International Financial Reporting Standards Steering Committee was formed consisting representatives from the Ministry of Economy and Financial Affairs, Securities and Exchange Organization, Iranian Institute of Certified Accountants, and a few financial experts in the field of capital market, accounting and auditing by the SEO. This committee was formed in line with providing grounds for implementing government policies towards the capital market development in attracting foreign investment, improving information transparency in the country from an international standpoint, providing grounds for efficiently using technologies such as XBRL and employing IFRS.

Financial Releases

  • Fars Chemical Industries Company released its unaudited Q2 financial statements for the FY ending September 22, 2015. Holding $2.33 mn capital, this company managed to make $9.15 mn out of sales which led to $0.99 mn operating profit after subtracting SG&A costs. The subtraction of the tax and financial costs and the addition of non-operating revenues further resulted in $0.29 mn net income, recognizing $0.003 EPS.
  • Khorasan Petrochemical Company released its Q2 financial reports for the FY ending September 22, 2015. According to these statements, the company succeeded in making $72.89 mn out of sales which resulted in $34.99 mn operating profit after the subtraction of SG&A costs. Its net income amounted to $13.85 after subtracting tax and financial costs and adding non-operating revenues, leading to $0.02 EPS.
  • Kaveh Paper Company released its Q2 financials for the FY ending March 19, 2016. Holding $0.73 mn capital, the company had predicted to recognize $0.007 EPS. As its financial statements prove, this company managed to cover 31% of its sales, 26% of its operating profit, and 35% of its net profit which led to the 35% coverage of its anticipated EPS, i.e. $0.002.

Rumors in the Market

  • It has been heard that Zahravi Pharmaceutical Company has plans to increase its production and export in the second half of the year.
  • Abadan Petrochemical Company’s share price has risen due to the expectations over its sales and profitability increase as a result of final cost reduction.
  • Tehran Pharmaceutical Company is about to raise its capital by 300% relying on its retained earnings in order to correct its financial structure.

In the Market

After a few sessions of bull market, it seems that the shadow of recession is about to cast over the market, pulling down its trade value and volume. This shows that market players have not trusted the economic promises since many believe that the government is not in the possession of enough resources to boost the demand side and mobilize the current sluggish economy. On the other hand, some experts remark that the government’s heavy debt to banks, contractors, etc. are barriers ahead of adopting any operational policy to bring economic prosperity at least in the current year.  In addition, as has been stated before, the upcoming Q2 reports and the anticipated negative adjustments and losses in most industries will add to the investors’ reluctance and caution to buy.

In the Automotive sector, most tickers were traded negatively; Iran Khodro and Saipa Group’s share prices dropped. In fact, some rumors have been heard on the cancellation of automobile purchase loan, since it does not seem that banks will be willing and able to offer such loans under the current circumstances. Besides, Bahman Group faced a sell queue. This company has recently raised its capital by 97%; however, due to being affected by sanctions and financial crunch, it seems impossible that this company can resolve its problems in financing in the current year.

After the dominance of a more rational atmosphere in the market, the market is now waiting for the Q2 financial reports; as a result, most tickers in the Banking sector were negatively traded. Karafarin Bank and Post Bank were among those few in the green. It is worth mentioning that today institutional investors played an active role and taking this sector’s technical status into account, experts predict the continuance of institutional supports in the next trading session.

In the Construction sector, some officials have stated that the government has plans for bringing back prosperity to the housing sector, referring to granting diversified housing loans in the near future. The hopes over the probability of increasing the loan amount ended in investors’ more attention to this sector. The volume of trades was considerable and most tickers ended in the green.

In the Chemical sector, most listed companies ended in the red such that Farabi Petrochemical Company faced a sell queue. Parsian Oil and Gas Development Company (still growing in the fifth consecutive day after reopening) and Kermanshah Petrochemical Industries Company (also facing a buy queue for the fourth consecutive day) were of the positive symbols in this sector. Iran Mineral Salts Company also ended in the green; releasing its Q2 financials, this company did not change its predicted EPS in this period and it managed to cover 45% of this amount.

In the Other Financial Intermediaries sector, more balanced trades were observed; although there was no sell queue, Rayan Saipa Leasing company ended in the -2% territory. Today, most institutional investors sold their shares for which liquidity crisis has always been mentioned as the reason.

In the Cement sector, balanced transactions were witnessed; Kerman Cement Company and Khuzestan Cement Company experienced price hike. However, despite the significant correction in the P/E ratio of most companies in this sector, which can trigger the growth of such shares by positive news, the upcoming financial statement is the obstacle ahead. For instance, releasing its Q3 reports, Ardabil Cement Company managed to recognize $0.01 EPS which shows a 73% fall, compared to the same period last year.


TSE at a Glance

[caption id="attachment_4921" align="aligncenter" width="754"]Iran, Exchange Market, TSE, Iran Market Cap, Iran Market Value, Iran Traded Value, Number of Trades, TSE index, TSE value Index, TSE industry index, TSE free float index TSE at a Glance[/caption]

Summary of Trades

[caption id="attachment_4922" align="aligncenter" width="845"] Iran, Exchange Market, TSE, Sectors in TSE, best performing sectors, Iran Market Value, Iran Traded Value, Number of Trades, TSE index, TSE value Index, TSE industry index, TSE free float index, Type of Trade, Retail , Block, TSE Highest value, TSE Highest Volume Summary of Trades[/caption]

Trading Halts and Reopenings

[caption id="attachment_4923" align="aligncenter" width="804"]Iran Capital Market, Halted Stocks, Trading halts, TSE, IFB, Annual General Meeting, Extraordinary General Meeting, Announcing Forecasted EPS, Adjusting Forecasted EPS, capital raising, board members, reopening trades Trading Halts and Reopenings[/caption]

IFB at a Glance

[caption id="attachment_4924" align="aligncenter" width="751"]Iran, Exchange Market, IFB, Iran Farabourse, Iran IFB Value, Iran IFB volume, Iran IFB market cap, Iran IFB companies, Iran IFB changes, IFB number of Trades IFB at a Glance[/caption]

DISCLAIMER:  This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice. 

To contact reporters: Mojde Rezaee at m.rezaee@agah.com

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