EU not willing to pay dues for Iran Dedicated SPV!
– The foreign minister of Iran, Mohammad Javad Zarif, told the press that EU is not willing to pay its dues when it comes to Iran Dedicated SPV. Apparently, the results from countless hours of negotiations with the European partners in JCPoA was indeed not fulfilling for Iran and the matter reached a dead end after all. “It costs EU more no to develop what they promised,” said Zarif in his interview.
– In a report published by “Santa Analysis”, the details of Iranian Government Tax Revenues have been analyzed. According to data despite a sizeable reduction of the government other revenues, the hike in tax incomes has been compensating. Below charts have the details:
– President Hassan Rouhani delivered the final draft of Iran 2019/20 budget bill to the parliament today. Stressing the necessity of full-scale banking reform, Rouhani stated that in the next year coming blue chip industries giants will be offered to the public via Iran capital market. The below table demonstrates the gist of Iran 2018/19 budget:
In the Market
Falling oil prices have become a weekly routine in global markets which lead to a full-scale red day in Iran Capital Market. Equities plummeted today after only two green days and commodity-based sectors performed the worst. TEDPIX (-0.34%) fell almost 550 points to stand again below 157K level. IFEX (-0.34%) despite an early rise, could not hold to its gains and end the day lower.
With no doubts, Oil Products (-1.97%) sector was the leader of today’s bearish move and almost all its components start the day with supply overruling the demand. However, with better than expected support of big institutions and major shareholders, the sale queues ended and tickers settled just modestly lower. Isfahan Oil Refinery (PNES, -2.67%) was first of the group that hit hard.
On the flip side, Banking (+3.21%) components indeed experienced a dreamy day as the rumours of a NIMA rate as their translation base is now seems more possible. Mellat Bank (BMLT,+3.98%) started the day with massive demand and ended it with 190 mn orders left in the buy queue. Other names were affected by this and the whole group ended up a tick higher today.
In general, there is a negative cloud speared over the capital market which acts as its enemy despite the far better than expected monthly performance reports and other good corporate news.
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