Iran Economy 10M Report Card on Metal Products!
* Report on Iran Economy import-export stats on metal products for a period of 10 months ending in December 2016, indicate a strong win in favor of Steel products. Due to Iranian Costume officials, the total export value of mining and industry sector reached to USD 5.4 bn. The figure speaks for 15.3% of the total export value. The steel value chain send outs were solely responsible for a 40.6% portion with Copper products and Iron ore next in line. The first export destination for metal products was China importing 22.9% of Iran production. Iraq and United Arab Emirates stood on second and third place with 13.2% and 9.2% respectively. An amount of USD 3.08 bn of Mining and related products were imported into the country forming 8.5% of the total nation’s imports and of which 70% was for steel and related products.
Chemicals down on Tehran Stock Exchange!
In the Market
The major averages ended today’s session with modest gains as investors were cautiously pessimistic around global trajectory of chemicals prices. The TEDPIX (+0.02%) and IFEX (+settled just above its flat line mark while the Dow (-0.3%) and the Nasdaq (+0.2%) closed on opposite sides of the benchmark index.
Today’s relatively harsh reaction to chemical sector likely had its roots in the global commodity market situation. With Urea, propane and methanol down almost all the related tickers of the sector were deep in red. Fanavaran petrochemical (-4.78%) was the first victim of the undergoing riot and stamped the most negative impact (-22.45 points) on Tehran Stock Exchange. Pardis (-4.28%) and Jam (-1.97%) petrochemicals lost big on the last trades, yet since the volumes were low closings did not get affected by the whole bearish sentiment over the sector.
Finally, it seems the poor banking sector is not going to be out of the mud in the holidays always green market. More than 8 mn shares of Mellat Bank (-1.54%) changed hands today to put a stamp on the truth. The situation for Post Bank (-0.67%) was the same with less traded volume of course. Despite the early green trades on Tejarat Bank (+0.15%), sale orders grew towards the session end made the ticker to be closed with a narrow gain at IRR 673.
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.