To Grow or Not to Grow
– In its latest report, the World Bank has estimated Iran going through a 4% economic growth in 2017, shedding 1.2% compared to its previous one. Of the reasons for such a decline are the problems in producing crude oil and difficulty in accessing foreign finance for Iran. It is so while it has predicted a 2.7% economic growth in the world.
– Reassuring account holders, a CBI official announced that banks are not faced with any serious and existential threats due to issues like unhealthy financial statements, capital shortage and higher than standard non-performing loans and the CBI is eying the implementation of reforms it has made mandatory to remove such problems.
– As promised in the meeting between the head of Iran Chamber of Commerce, Mines and Agriculture and the Malaysian Ambassador, a high ranking delegation will visit Tehran during this month to discuss ways to overcome impediments and expand banking ties and cooperation mostly in the field of information and communications technology.
– As the largest mining holding company in Iran, Iranian Mines and Mining Industries Development and Renovations (IMIDRO) has been named as the 25th largest producer of crude steel in 2016 by the World Steel Association’s the latest report.
In the Market
Despite a negative start, several names in the Sugar industry headed towards the green territory with Hegmatan Sugar and Lorestan Sugar ending with buy queues; Qazvin Sugar also went up by 1.27%; the main reason was announcing that companies are able to import sugar free of any tax requirement.
After the news broke out that Saipa has managed to settle a part of its debt (IRR 3,500 bn) to spare part mfg. companies through issuing Murabaha Sukuks, companies listed on the Automotive group gradually faced positive trades; Iran Tractor Casting ticker was also reopened and closed 19.13% higher. The newly released statistics on automakers’ production shows signs of improvement; this has attracted practitioners’ attention to the upcoming reopening of Saipa and Iran Khodro tickers.
Oil prices witnessed a hike owing to tensions rose between Arab nation countries. A few companies in the Oil Products industry ended above their flat lines settling with modest gains, led by Shiraz Oil Refining (1.83%) and Behran Oil (1.48%).
Among symbols in the Metals space, Arfa’ Metal and Steel ticker was reopened at IRR 2,810 in the 0% area, having held its general meeting and divided IRR 45 dividend per share; it eventually dropped 1.97%.
Among names in the Food and Beverage group, Glocozan Company received its 163% capital raise permission from the SEO relying on its paid in capital, claims due and retained earnings; it also finished with a buy queue.
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