FINEX 2017 Opens on Saturday
As a perfect opportunity for introducing the latest achievements and accomplishments of the Iranian financial markets, the Securities and Exchange Organization of Iran is going to hold the 10th International Exhibition of Exchange, Bank and Insurance, FINEX 2017, on 15-18 April, 2017 at Tehran’s International Permanent fairgrounds. Providing the possibility to have face to face talks and discussions with senior officials of Iranian banks and insurance companies, in addition to those of the Capital Market, this event acts as a great platform for potential foreign investors to get to know the available options and get access to first hand and up to date information on Iran’s investment market. The head of the SEO, Dr. Mohamadi announced that the value of Iran’s capital market has gone up by 160% to hit $165 bn since the 11th administration started; it is hoped to continue increasing with the help of international funds.
Refusing the term “Crisis” to describe the banking space, President Rouhani directed the audience’s attention to the current status of the Iranian banks after the measures like interest rate lowering and capital raise in state-owned banks were taken during the last 4 years along with settling a part of the government debt to this sector, addressing the fact that this space is in need of an overhaul. Insisting on the importance of reaching a one-digit interest rate to match the inflation at a press conference on Monday, the President pointed out that bank credit allocation has also improved, accordingly; referring to the efforts done in this field, he promised that the measures are being taken as planned and soon the positive effects of such acts in practice.
In the Market
According to the CEO of Iran Automobile Mfg. Group, Peugeot has entered into a contract with 40 spare part mfg. companies and Peugeot 2008 product line will be inaugurated within the next month. The majority of tickers in the Automotive industry, mostly the spare part mfg. companies, however, ended in the red with Ravan Fanavar Industrial engineering, Iran Tractor Motorsazan and Charkheshgar finished in the -4% zone. On the other hand, Iran Automobile Spare Parts and Pars Khodro finished in the +4% and +3% area.
All names but Parsian E-Commerce in the Computer space ended in the green with Kharazmi IT Development facing a buy queue nearly right from the start. Iran Data Processing and Iran Arqam also ended in the +4% zone.
Half names in the Tile and Ceramics group witnessed sales pressure eventually after a few consecutive session in the green; Pars Tile and Behceram Granite closed with sell queues. It was so while Takceram Tile (4.95%) and Alvand Tile (+2.59%) finished above their flat lines.
Despite positive news on the probability of the OPEC oil production deal continuance, most symbols in the Oil Products group witnessed sales pressure, led by Shiraz Oil Refining (-4.16%) and Lavan Oil Refining (-1.71%). Tabriz Oil Refining (+2.82%) and Esfahan Oil Refining (+0.54%) were among the few closing above their flat lines.
Most tickers in the Chemicals group observed positive trades with La’abiran, Nirouchlor, Abadan Petrochemical and Tuka Foolad Paint ending with buy queues. Iran Carbon (+3.38%) and Fars Chemical Industries (+3.78%) were also warmly welcomed.
The whole Sugar industry went through positive trades with many, led by Piranshahr Food and Sugar Products and Shahd Company closed with buy queues.
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