Exempted countries continue to buy Iranian Oil!
Market News
– After a temporary halt on their imports, 8 exempted countries are to continue buying Iranian Oil with South Korea being the first one. According to officials, South Korea placed a 2 mn barrels order for Iran gas condensate for delivery in late January. The first shipment is for 960 barrels to be shipped this week and the other is for 990 barrels. In other news, S&P global confirmed that Japanese banks will resume the settlement of Iranian Oil shipments after having the final written consent from the US.
– Iran Fara Bourse will be the 20% shareholder of the first official currency trade marketplace. After the ratification of a bill by the credit and money council with regards to the establishment of a transparent and effective market for FX trades under the eye of regulatory bodies, now the chair of IFB confirmed that this exchange would own 20% stake in the promised marketplace.
– Iranian parliament granted the government with the right to borrow up to USD 5 bn from Russia in order to complete the outstanding civil projects or to develop new ones. Moreover, the administration can ask for USD 30 mn more, contrary to the previous year figure, foreign facilities. Also, the state can issue up to IRR 100,000 bn worth of short-term Islamic Treasury Bills with maturities of less than 1 year. The Iranian oil ministry is entitled to issue foreign or domestic currency denominated Sukuks up to a cap of IRR 35,000 as well.
In the Market
Equities performed mostly higher today as investors had their eyes on fundamentally sounded tickers which were trading cents under the dollar. TEDPIX (+0.45%) jumped for 749.04 points to stand once again above the 165K level which seems to be a harder technical resistance level than it looks. IFEX (+1.45%) performance was even greater that made the index to close at 1,977.76 level.
Today’s better than expected rally was indeed motivated by hikes in global crude prices that made investors more bullish on the future trend of commodities markets as well. Tickers of mid-weighted Oil Products (+3.02%) were highly demanded from the opening bell. In this line, a good portion of today’s fresh money of the retail side was injected into this sector.
Being almost on the absolute bottom of their price worthiness, components of heavy-weighted Metals (+0.66%) were on market participants’ spotlight today. The giant steel producer, Isfahan Mubaraka Steel (FOLD, +1.53%) placed 152.41 green points on the index solely and changed hands for almost 20 mn shares. Other names of the sector did perform considerably higher today.
Agah analyses show that during the last two trading sessions a small amount of previously injected funds from the retail side has been withdrawn from the market.
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