Central Bank of Iran Obliges Forex Day Traders
to Pay Tax!
– In a new attempt to control day trading (speculating) on currency market, the Central Bank of Iran (CBI) submitted the details of major forex purchasers to the Tax Organization (over the period of March 21, 2017 to January 7, 2018) in order to put a cap on the recent growth in forex rates, make the market more transparent and become in control.
– The head of Industrial Development & Renovation Organization of Iran (IDRO) announced about renovation of more than 202,000 worn out heavy duty vehicle fleet in a 3-year period. This huge plan forecasted to cost the administration around USD 10 bn from which, 80% will be provided by Ministry of Petroleum hand in hand with Iran’s Banking sector and only 20% shall be brought by heavy vehicle owners.
– Following President Rouhani trip to Moscow last year, talks and negotiations are underway between the two nation’ central banks and other organizations and officials to pave the way to use national currencies in bilateral trades between Iran and Russia. The Russian Ambassador to Iran expressed hope over the actual implementation of this plan in 2018.
In the Market
Influenced by positive commodity prices, most symbols in the Metals, Iron Ore and Oil Products groups moved upwards. Hormozgan-e Jonoub Steel, as a subsidiary to Esfahan’s Mobarake Steel, has managed to post a 27% rise in its production in the 10 first months of the current year.
Early in the session, names in the Transportation attracted attentions with Persian Gulf International Transportation and Tuka Transportation being traded at their highs; Sina Port & Maritime Services Development was the top gainer, going up nearly 4%.
There seems to be talks over the entrance of a European board into the country’s Dairy products space. Apart from a few tickers like Pak Dairies and Behpak Industrial, however, the rest of the Food & Beverages industry settled with rather negative trades.
Iran Khodro Diesel, Zamyad and Saipa Diesel were heavily demanded early in the session, despite the negative sentiment dominating the Automotive space; it appears that the government plan to replace old and worn-out vehicles might be one reason.
The Construction industry also saw a rise in demand, led by Sakht Ajand and Maskan Investment; they have been on their support levels over the past sessions.
Among tickers listed on the Chemicals space, Zagros and Maroon Petrochemical companies heavily weighted on the IFB index; among the reasons were the rise in methanol and urea prices coupled with the USD rally. A balanced to positive atmosphere was seen in the group.
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