Inflation Rate to Remain in Single Digits?
Stating the inflation rate at the end of the previous year to be at 9%, a CBI official announced attempts to keep this rate in single digits in the current year, not over 11% at most; this rate has been mentioned to hover around 9.8% by the Minister of Economy and Financial Affairs. It was so while the International Monetary Fund has predicted this figure to go beyond 11% in 2017/18. It seems to be dependent on the president election result to see how the next administration will act and react.
With the Minister of Economy and Financial Affair present, the Financial-Economic Data Bank and Iran’s Economic Data Monitoring website were unveiled. This data bank is aimed at providing the required and necessary economic data with the help of the Plan and Budget Organization as well as the Statistical Center of Iran to improve economic conditions. Regarding the website, it was also stated that it will be linked to the World Bank data center.
- In the quarter ended 20 March 2017, Iran Chemical Industries Investment has materialized IRR 152 EPS, registering an 8% decline compared to the previous year. The company has managed to cover 23% of its estimates.
- Pegah-e Fars Dairies has recognized IRR 674 EPS for the FY ended 20 March 2017; covering 116% of its predictions, the company has gone through a 116% rise compared to the EPS made in the year before.
- In its 3-month period ended 20 March 2017 and in its unaudited statements, Kavir Tire has made IRR 156 EPS and covered 24% of its estimates; this figure proves a 39% rise compared to the prior year.
- In a formal announcement, Esfahan Sugar stated its EPS prediction to be IRR 764 for the FY ending 19 March 2018 keeping IRR 195,000 mn in capital.
In the Market
According to an official in the Automotive industry, negotiations with Kia and Nissan companies will soon start and negotiations with Renault are also to be finalized. Besides, Renault Company has been heard to invite 50 active and successful Iranian spare part mfg. companies to attend the international Renault-Nissan fair in Aljazeera. Names in the Automotive sector went under sales pressure until the final hour of the session; this changed and dragged many names, mostly spare part mfg. companies like Iran Tractor Forging (+4.7%), Niroo Moharake (+3.42%) into the green zone. Saipa (+1.6%) and Saipa Diesel (+2.31%) also ended above their flat lines.
Following the recent trend in the Food and Beverage space, most symbols went through positive trades with Pakdis, Behnoush-e Iran, Pegah-e Esfahan Dairies and Pegah-e Golestan Dairies closing with buy queues. Pegah-e Golpayegan Dairies and Pegah-e Khorasan Dairies were the only ones closing with sell queues.
The Whole Sugar space finished in the green with most closing with buy queues.
Although Methanol and Urea prices seem to be on a descending path, most companies in the Chemicals space ended in the green, led by Persian Gulf Petrochemical Industries (+1.46%). Paxan and Iranian Petrochemical Investment both ended near the 4% zone as well.
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