Foreigners to hold stake in Iranian Insurance Sector!
– Following the foreign investors’ entrance to the real part of Iran’s economy, a female individual investor submitted her request to buy an 18.84% stake in Asia Insurance Co, (one of the Iranian Insurance Sector blue-chips) to the Central Insurance of I.R. Iran. Right now the SEO is evaluating the customer (KYC process) along with the possible routes of fund transfers. Earlier last year, Iranian government officially divested from Asia Insurance Company complying with latest privatization directives.
– Statistical Centre of Iran announced the inflation figures for the last month of the previous Iranian calendar year (2017/18). According to the numbers, the total P to P inflation rate stands at 8.2% while the figures for rural and urban sectors are 8.8% and 8.1% respectively. The CPI is calculated with regards to fixed prices of 2016/17 base year.
– After signing the JCPoA and up to last business day of previous Persian year, Iran was able to close USD 55,300 mn worth of short, mid and long-term credit lines with EU and Asian Banks. Following the recent upgrade on the nation’s credit rating, the number of foreign banks with whom Iran has correspondents reached 284. Moreover, CBI has opened accounts in Sohar Bank (Oman), VTB Bank (Russia), Sepah Bank (Frankfort branch), RBI bank (Austria), QNB (Qatar) and Gazprombank (Switzerland) in order for the trades to be facilitated better.
Piling on the Gains!
In the Market
Stocks rose again on the very first business day in the new year, piling on gains from the last few session of the previous one; the TEDPIX jumped 0.14% to 96,425.91 and the IFEX hiked 0.43% to 1,101.40. Spring sentiment carried today’s session into green as investors continued their traditional behaviour amid the new year holidays.
Most of the listed sectors finished in positive territory. The day started with Banking (+0.63) typhoon as Saderat Bank (BSDR1, +4.92%, IRR 618) rang the bell with massive orders in the buy queue. The ticker traded for almost 47 mn shares just before its halt due to changes more than 20% on four consecutive sessions.
While the pace of banking rally slowed down after the halt, names in Oil Products (+0.96) start their own rally with all of its tickers ended the day in deep green. Thanks to Tehran (PTEH1) and Isfahan Oil Refineries (PNES1), the sector showed positive signs to recent hikes in global oil price.
Finally, after the set-back on global commodity prices, Metal sector (-0.36%) dropped today, giving up ground for the second session in a row, as investors have their eyes now on other sectors. National Copper Industries (MSMI1) had the most negative effect on the overall index (-37.78 points) while other big names followed the bearish trend.
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