EU to implement Iran dedicated SPV in a week!
– Reported by Euronews, the EU foreign affairs council (FAC) has decided yesterday to implement long-awaited “Iran dedicated SPV” aiming to circumvent the US sanctions and make path clean for European firms to do business with Iran in less than a week. EU members held a meeting in Brussels just the other day and made final calls in that regard. This could have massive effects on Iran FX market and if follows by the ratification of FATF related amendments, it could prevent complete isolation of the nation from the outside world.
– The third offering of Iranian crude oil on the energy exchange had no buyers and hence left untouched until the next date to be stated by the NIOC. Apparently, there was one domestic buyer for this batch yet its inability to deliver the pre-payment made the deal scrapped away. Iran Energy Exchange CEO told the press that some foreign buyers were also interested to purchase the cargo, however, since CSDI has no FX denominated accounts the trade cannot be settled properly. Next tender will be held in no longer than 2 weeks.
– Iranian parliament ratified today a bill that obliges the administration to leave the shareholding structure of Iranian automakers and sell its stake to the private sector. After more than 2 hours of negotiations and with 113 votes in ay, the government is now bound to have no longer any administrative power in the auto sector in line the principles of act 44 of the constitution (privatization act).
In the Market
Stocks performed moderately better today as some good political news weighted-in on investors decisions. TEDPIX (+0.55%) hiked for more than 880 points yet was not able to break the 162K ceiling. IFEX (+0.49%) on the other hand, jumped for almost 10 points to get once again closer to the 2,000 top.
On today’s top performers’ list, there is Banking (+1.79%) sector again and after the other day’s disappointing end emotional trades it seemed that market participant forgot all that. Tejarat Bank (BTEJ, +4.96%) in one step closer to its long-awaited +400% capital raise and faced massive demand right from the opening bell. The ticker changed hands for 260 mn shares and left almost 80 mn purchase orders in the queue.
The monopole and giant of Engineering (+3.90%) sector, Mapna Group (MAPN, +3.92%), was once again on the spotlight as a couple of its corporate takeovers tastes sweet to investors.
Elsewhere and on the heavy-weighted Metals (+0.69%) sector, Khuzestan Steel (FKHZ, +2.85%) was interesting for investors while the rest of the group witnessed range-bounced trades. The sector has strong fundamentals and exports data shows they are performing off the charts considering sanctions and everything. Isfahan Mubaraka Steel (FOLD, +0.34%) products were sold-off with higher than expected prices on IME, yet the market chose to neglect the fact and set the ticker aside for later.
As it was expected, Agah analysis shows that during the other day’s session a huge chunk of previously injected cash from the retail side has been withdrawn from the market. It is believed that today the trend was compensated a bit and small amount of such cash in back into the market.
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