News & Reports

Daily Market News – 14 Feb 2015

In banking sector, interesting technical curves are shaping. The possibility of forming reversal patterns is getting stronger verified by positive divergence. In the last meeting of Money & Credit Council the doubtful receivables were approved to be considered as taxable costs which could be good news for this sector. On the other side, this could be a threat as banks may start to accumulate more reserve. In general, holding this sector’s companies could be one the best choices in this market.

The ironmongery union chief announced a reduction in prices from 1000 to 1200 IRR in metal market and declared that Esfahan Steel Company (ESCO) is going to provide liquidity through selling its products lower than the market price. The same procedure can be generalized to other steel companies. There is also news that in order to sell their products, ESCO has also decided to retail in market. It could be generally said that with regard to the recession in the country, particularly in construction sector, this trend may continue and unsatisfying reports will emerge gradually from the sector’s companies as a result of their sales.

Air force commanders and staff met the chief commander, the supreme leader, Ayatollah Ali Khamenei this morning in the Imam Khomeini masque. The headline of the leader speech was around the nuclear negotiation. He said that “I agree with the potential agreement while I do not agree with the bad one”. He also noted and approved the USA keep saying that “not reaching an agreement is better than a bad agreement”. He also confirmed the president Rouhani’s statement in which he mentioned the negation means both two parties reach a common point and one party cannot reach all his/her expectations. Ayatollah Khamenei also pointed that ” our representatives are trying to take the sanction weapon from our enemies, if they come to reach this end, it will be better, but if they couldn’t they must be aware that there are other ways in the country which will slow down this weapon”.