CBI Statistics Announced
* While stood 10.3% at the end of Tir (22 June-22 July), the inflation rate was announced to be 10% at the end of Mordad (23 July- 22 August) by the Central Bank of Iran, after the Statistical Center of Iran put the inflation rate over this period at 7.7%; this report has considered 2016-17 as its base year for the first time. The CBI statistics, however, signal the possibility of the inflation rate returning to the 1-digit zone at the end of the first half of the current year in case the monthly inflation rate in Shahrivar (23 August- 22 September) becomes lower than 0.8%.
* After the CBI announced the directive to lower interest rate on deposits up to15%, the Head of the Iran Chamber of Commerce, Industries, Mines and Agriculture, as Iran’s private sector representative, demanded strict oversight over the implementation of this directive and setting punishments for those banks who attempt to ditch this regulation.
In the Market
There are rumors over the upcoming reopening of Saipa ticker. Adding changes to its shareholding structure, Saipa has relieved itself from some subsidiaries’ financial effects. In fact, its retained loss has decreased from IRR 64,000 bn to IRR 1400 bn; this has also led to the recognition of IRR 8,000 bn interest as well. This news dragged names in the Automotive industry into the green; the probability of price rise among spare part mfg. companies was another contributor. Eventually, Motorsazan Iran Tractor, Electric Khodro Sharq, Mashhad Wheel Mfg. and Zar Spring Mfg. finished with buy queues.
Commodity prices have reached sensitive points; one must wait and see whether they continue to rise or start correction. At the end of today’s affair, except for Iran Aluminium (+4%) and Iran Ferrosilice (+3%), other symbols in the Metals group were traded in a balanced manner.
It was so while the majority of tickers in the Iron Ore industry settled with modest gains, led by the 385.84 mn share block trading of Mines and Metals Development at IRR 2.26. Iran Manganese Mines was the only company closing with a buy queue.
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: Inter@agah.com