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Giving a speech at the 10th International Exhibition of Exchange, Bank and Insurance with the Minister of Economy and the Governor of the CBI present, the Foreign Minister elaborated on the opportunities by the JCPOA after the grounds for companies’ participation in the global community were provided. Calling rejoining to the SWIFT network and being removed from the FATF black list along with freeing the CBI’s foreign assets among the hugely great accomplishments by this deal, he referred to the 1300% rise of foreign investment during the 11th administration tenure and expressed hopes over the entrance of foreign companies and investors to the country and fining it safe and sound.
Announcing the 22% rise in the values of indices in the Industrial and Mineral companies in 2016/17 in the 10th International Exhibition of Exchange, Bank and Insurance, the CEO of the IME stated the 229% and 197% increase in volume and value of trades in this year. He also added that the trading value of petrochemical products has gone up by 34% and attempts are under way to hit such figures in the current year. In addition, he mentioned the rise in the volume of trades for oil products, despite the decline in their trading value due to the drop in global oil prices. He concluded his speech by introducing option contracts for products like barely and corn in the IME in the new year along with trading of certificates of deposits for industrial and petrochemical products and creating grounds for credit rating clients.
Mapna Group has made IRR 182 EPS in the first half ended 22 September 2016, showing a 13% decline; the company has covered 35% of its predictions for this year.
In the Market
Names in the Banking industry went through rather positive trades with Bank Middle East and Post Bank closing in the +2% zone. 20 mn shares of Bank Mellat were also block traded in the retail market.
In a reply to criticisms over not offering enough loans to small businesses, the Governor of the CBI stated that the Iranian banks’ have raised their lending capacity by 40% to hit $127 bn during the year ended 20 March 2017 while struggling with credit crunch. Regarding Bank Saderat also the Head of the SEO stated that as soon as some necessary information on the CEO and the board members of Bank Saderat is received, processed and put on www.codal.ir, its ticker will be reopened.
The majority of symbols in the Automotive space ended beneath their flat lines, although afew like Pars Khodro closed in +4 % zone. Zamyad and Saipa Azin also finished close to this area. Based on the sales report by Saipa (+0.15%) for the last month of the previous year (Feb-March 2017), Saipa has managed to sell 55,000 vehicles to surpass its estimated sales number of 440,000 vehicles to realize IRR 112,000 bn. While the company had predicted to make IRR 93,000 bn for this FY, this growth is mostly attributed to the rise in products price. In today’s session, 26 mn shares of Saipa were block traded at IRR 1,410.
After it was announced that cement prices have not increased, nearly all names in the Cement group went under sales pressure. Esfahan Cement was the only ticker closing with a buy queue.
It was so while the majority of names in the Oil Products sector were warmly welcomed and also some like Esfahan Oil Refining, Lavan Oil Refining and Tehran Oil Refining faced buy queues.
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