Foreign Investment in Iran to Rise
* On the sidelines of the 28th Annual Islamic Banking Conference, the Head of the Organization for Investment, Economic and Technical Assistance of Iran announced that a $30 bn worth agreement with Austria, Denmark, Italy and Japan will be signed by the next month; he stressed on the importance of building cooperation ties with international lenders most specifically when the US is doing anything it can to pressure Iran, depriving it from the positive outcomes expected in the post-sanctions era.
* In line with its surge in global markets, euro has been on an ascending trend in Tehran’s forex market during the past 8 days. Being traded at IRR 46,810 on Monday, it hit IRR 47,460 the other day, posting a 1.39% growth, which is its highest value in Iran since 2013. Such a similar behavior has been seen for US dollar, starting its uptrend since August 17th, rising from IRR 38,580 on Monday to IRR 38,630 on Tuesday.
In the Market
Despite a positive start, the majority of names’ negative performance took a toll on the Metals space. Except Iran Aluminum and Esfahan Steel, going up more than 4%, others settled with considerable losses. Such a positive correction trend was also seen in the Iron Ore industry.
The majority of names in the Cement group outperformed, led by Sharq Cement and Sepahan Cement. Technically speaking, they had reached their support points for a while waiting for a motive to jump. Among many gaining more than 4 and 3%, Bojnourd cement was the only name finishing with a sell queue.
Although not comparable with their moves in the previous session, nearly the whole Chemicals industry settled with modest gains.
The Food & Beverages space has recently attracted investors’ attention, led by Shad-e Nab-e Khorasan Company; Gorji Biscuit, Shahd Iran and Pakdis were the other names growing more than 4%.
Finally, an official in Saipa, listed on the Automotive space, said that this company has produced more than 62,000 vehicles in Mordad (23July- 22 August 2017), hitting its production high in the past 6 years; the ticker still awaits to be reopened, although the authorities are asked to provide the required information to the SEO.
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