Fitch analyzed Iran Banking sector for the next decade!
– In a report carried out by Fitch Solutions, Iran Banking sector along with other financial services has been analyzed that included a 10-year forecast. The key view was based on the fact that Iran’s banking and financial services sector will remain underdeveloped by global standards, as years of sanctions have limited the involvement of foreign firms and their associated capital and expertise. However, the reform bills of president Rouhani along with a more independent CBI can be considered as the silver lining of this report after all. The below picture has the gist of this estimates:
– The head of oil equipment producers syndicate announced that there are almost 100 European firms waiting for a practical Iran dedicated SPV in order to start their oil-related businesses with the nation. Some of these firms gave the green light to make a presence at Kish International Exhibition while Iran insists on more SPV clearance before an official invite.
In the Market
Equities continued their bullish trend in the first day of the week in the wake of better than expected global commodities and crude performances. After a positive whipsaw movement of oil prices, today investors reacted generously to commodity-based stocks which made the major indices close a tick higher. TEDPIX (+1.47%) reconquer the 160K level while IFEX (+1.58%) did even better thanks to export stats reducing worries on aftermaths of sanctions snapback.
The 6% jump of global crude made investor keen again to enter the mid-weighted Oil Products (+4.06%) sector. It is safe to say all oil refineries ended the day in good green and reacted to their technical and fundamental support levels greatly. This trend led to a better than expected results in heavy-weighted Chemicals (+2.23%) where monthly performance reports of its components were off the charts.
On the flip side, after 4-5 consecutive sessions in green, the fortunate Banking (-1.25%) chose to stop the trend today. Although the downfall of all tickers was limited, yet the components start the day in red and all the endeavours to climb up through the end failed. The industry still has the massive effect of free market FX translation rate ahead which make it still sound in the eyes of investors.
Agah analysis of retail side movements shows that if the current trend continues for a while, it could lead to another period of boom in the market until the year-end. Technical analysts predict the range of 150K to 170K for the overall index fluctuations for now.
DISCLAIMER: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.
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