- In its latest meeting, the Council of Money and Credit has raised housing mortgage limit up to $46,471 in Tehran, $34,853 in province centers and $23,235 in other urban regions. This notification has been approved in harmony with the government’s policies to provoke demand and pulling the housing sector out of recession. According to the Deputy Minister of Road and Urban Development, this notification is to be communicated through the central bank to banks and its regulations will be formulated and implemented in the near future. Announcing depositing money in advance as a pre-requisite to receive such a loan, those who have already deposited money can receive this loan from the second half of the new Iranian calendar year.
- In light of the 9th International Tourism and Travel Exhibition in Kish Island, the head of Cultural Heritage, Handicrafts, and Tourism Organization of Iran announced the 100% tax exemption for the newly constructed hotels and tourism centers in the country for 5 years since the beginning of the next Iranian calendar year, in addition to the 50% tax exemption which is in place for those built before. The current government’s policy is to use the tourism sector for cultural and economic development and job creation. According to the statistics, 1,100 hotels have been built in Iran until 2013 and the government has plans to build other 125 hotels within the next 6 years.
- As the first time of financing through the capital market, $43.56 mn worth Standard Parallel SALAM Contracts of Esfahan Steel Company, with the return ratio of 24-27% will be offered by brokers through the Iran Merchandise Exchange (IME) on 7 March 2016. Referring to the fact that the investment’s principal and return will be repaid at the end of the defined period, the company’s authorities have stated that getting the IME code is a pre-requisite to be able to purchase the bonds through brokerage houses.
In the Market
Positive trades were seen in most tickers in the Automotive sector such that many faced with buy queues. Iran Khodro Diesel Company topped the sector in terms of the highest volume traded after trading more than 102 mn shares and it eventually ended with a 26 mn share buy queue, experiencing a 4% growth. Rena Investment Company was another ticker which faced a buy queue, after gaining about 5%. Iran Khodro Company was another ticker which faced a 51 mn share buy queue after trading more than 44 mn shares. Denying the rumor on changes at the managerial level, Saipa Company’s CEO promised shareholders to conduct financial restructuring and a healthy economic condition.
Most symbols in the Metals sector were positively traded. Esfahan’s Mobarake Steel Company went up by 1% while National Iranian Copper Industries Company gained up by 4% and faced with a 12 mn buy queue. According to the Esfahan’s Mobarake Steel Company’s CEO, the topic of foreign investment and financing methods are under consideration and they can provide producers with a strong motive to increase their capacity.
Rather balanced trades were seen among symbols in the Banking sector. Bank Day experienced high volume trades due to the news on Damavand Power Generation Company’s IPO such that it ended with a 4 mn share buy queue after trading more than 85 mn shares. Bank Pasargad also faced high volume trades after announcing its predicted EPS with a 30% raise.
Majority of symbols in the Chemicals sector ended in the red, although Farabi Chemical Company and Zagros Chemical Company experienced the highest price hike. Continuing its descending trend, more than 34 mn shares of Iranian Petrochemical Investment Group were traded among individual investors and it eventually, shed 1%. Fars Chemical Industries Company was the only ticker which faced a sell queue.
Eventually, all companies in the Oil Products sector, except from Pasargad Oil Company and Sepahan Oil Company, ended in the green. Bandar Abbas Oil Refining Company was crowned as the highest volume traded share and faced a 10 mn share buy queue. Symbols, including Lavan Oil Refining Company and Tabriz Oil refining Company also experienced price growth and buy queues.
TSE at a Glance
Summary of Trades
TSE Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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