Crude oil to be offered on Iran Capital Market!
– In an attempt to minimize the effect of US sanctions on Iran oil sales, the vice president announced they are taking proper measures to make the bed for offering crude oil on Iran Capital Market. In this scheme, private firms are the buyer of crude on Iran Capital Market which will later export the commodity to outside world. It is now possible for domestic users to purchase crude on the exchange, however, the administration is to ease the export way after sanctions snap back.
– Today a new piece of Islamic T-Bills has been offered on Iran Fara bourse. With a maturity of 2 years, these securities worth IRR 12,754 bn (USD 299.25 mn). Below table demonstrate the YTM for all possible pricing scenarios, however, the bills priced at IRR 599,998 which made the issue yield stands at 30.19%.
– Following rumors on the probable rise on interest rate of banking deposits, the governor of the Central Bank of Iran rejected the whole idea and asked for more severe surveillance over banks, mentioning serious countermeasures against those who do not comply; while the news originates from the recent jumps in USD?/IRR rate and gold coin price, as has been stated in our previous daily report, Mr Seif referred to talks with the Securities and Exchange Organization of Iran to pave grounds for trading commodity depository certificates based on pre-sold gold coins in order to control the fluctuations in this market.
In the Market
Despite its heavy fall in the past session (2.5%, equal to 2,834 points), the TEDPIX (+1.14%) managed to experience a 1243-point growth, positively affected by Esfahan’s Mobarake Steel (FOLD, +2.80%) and Persian Gulf Petrochemical Industries (PKLJ1,+2.74%), although the Weighted All-Share Index went up by 64 points.
The Metals space saw higher demand the more we approached the end of the session, led by Esfahan Steel. With IRR 60000 bn in capital, the National Iranian Copper Industries Company has made IRR 12.7 bn out of sales, increasing its 3-month income (ended June,21) by 57% to stand at IRR 24.3bn compared to the same period last year.
Despite a rather weak start, the Iron Ore group went through more trades with Chadormalu Mining and Industries as well as Mines & Metals Development facing with buy queues.
Led by Saipa, the Automotive industry mostly ended in the green. Mehrkam Pars, Mehvarsazan Iran Khodro and Tolid Mehvar Khodro closed with buy queues. However, some tickers failed to keep their gains through the closing bell.
In this regard, the Italian Fiat Firm has been heard to obtain the required licenses to resume its activities in Iran; in addition, according to the Minister of Industry, Mine and Trade, the withdrawal of Peugeot and Renault companies from Iran’s market, following the US pullout from the JCPOA, is not yet certain; in fact, an agent in Peugeot Company has announced their willingness in the country.
Except Lavan Oil Refining and Pars Oil, the Oil Products space finished above its flat line. The better than expected news on Iran future oil sales has a hand in today’s positive sentiment of the sector.
Finally, having raised its capital by 100% to reach IRR 20000 bn, MAPNA Group, listed on the Engineering industry, announced the 30% rise in its EPS for the FY ended 21 March 2018.
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