Crowdfunding platforms to launch on Iran capital market!
Market News
– According to SEO officials “Crowdfunding” directive has been ratified by the figh committee and soon online platforms will be launched on Iran capital market to make investments more easy for the public. “Aiming to fund motion picture products mainly, these platforms are going to be under the supervision of Iran Fara Bourse and Tehran Stock Exchange,” said Dr Mohamadi the chair of SEO.
– CBI’ deputy oversight announced that more than a dozen Iranian banks are reluctant to disclose their financial statements with regards to IFRS standards. Claiming that the localized version of IFRS has structural defects, banks’ managers are dodging the responsibility of transparent disclosure. This is while the analysts believed that most banks due to their shady activities are not good with the new IFRS standard reporting scheme. This could lead to delayed GA meetings like their previous fiscal year.
– Over a one-month period of Farvardin, the petrochemical companies have brought more than USD 1.167 bn worth of their FX revenues into the country. Just in the first month 1397 (2018/19), petrochemical producers sold over 1,990,000 tonnes of products to foreign clients and injected the proceeds in country’s FX reserves.
Win Streak slows down As speculations on JCPoA future rise!
In the Market
The capital market seventh-session winning streak slowed down as market participants speculations get hotter on the future of a JCPoA with EU. The TEDPIX finished with a slim gain of 0.04% while the IFEX ended higher by 0.41%.
Tehran Stock Exchange’s darling, the auto sector (-2.38%), finally backed down from its irrational recent hikes. It seems that the speculative trades in the sector subsided finally and investors came to their senses. The orange giant, Siapa Co. (SIPA1, -3.36%) changed hands for almost 42 mn shares and stamped 27.92 negative points on the overall index. Except a few, almost all other tickers of the sector ended the day far below their flat lines. Concerns over the future of foreign deals cloud the sector while the companies’ financial status is not helping at all.
The heavily-weighted Metals sector (+0.32%) foresaw balanced trades. The blue chips left little changed while some tickers with higher potential ended the day in green. Khuzestan Steel Co. (FKHZ1, +1.28%) lifted the total index by 24.99 points while names like Isfahan Mubaraka Steel (FOLD1, -0.07%) ended near their falt lines.
In general, market needs a better motive, like a rise in USD/IRR rate or even slightly higher inflation to overcome the current recessed trades.
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
