Iran export surplus hits new highs!
– The latest stats from the Customs Department show that Iran export surplus has hit a new record high. During the past 9 months, Iran has exported more than 86 million metric tonnes of non-oil products valued at USD 33.358 bn that show 5.40% growth contrary to the same period last year. Moreover, the nation’s imports are lower by 15.90% in value and 13.27% in volume which makes the trade balance a solid positive USD 738 mn. Analysts believed that while this shall be considered as good news, lower imports than current levels will paralyze the economy (shortage of raw materials) and higher degrees of trade surplus shall be reached by more non-oil exports.
– Iran Minister of Energy promised that the nation would be free of any need to import petroleum next year if the current trend of production keeps up. Stressing on the inauguration of Persian Gulf Star refinery third phase anytime soon, Bijan Namdar Zanganeh told that Iran could produce 100 mn litres of petroleum per day after this development. This could make the rationing idea of petroleum go away as the US sanctions snap-back raised the possibility greatly.
– Unconfirmed reports say that first Iranian Crypto Currency is now ready to be operational by CBI with the aim of paralyzing US sanctions. US Congress recently draw a bill in order to prevent Iran have access to the financial world using its very own crypto. However, blockchain specialists believe that despite the US efforts to minimize the access of Iranians to major crypto exchanges, it would be impossible to cut out Iran hand in the crypto world.
In the Market
Stocks ended today nearly unchanged in a calm trading session. TEDPIX (+0.06%) moved up a soft 95.50 point to close at 161,405.32. This was almost the same for IFEX (+0.23%) yet with lower than expected trading volume and value. The holiday of global markets along with limited fluctuations of FX rates in Iran made these days like a break for investors to reposition their portfolios in the wake of Q3 reports.
Auto (+2.56%) and Banking (-0.42%) sectors are acting as a whipsaw these days and being under investors eyes every other day. The auto price hike did not have the expected outcome for automakers and monthly performance reports show that the industry is still stuck with fundamental problems greatly. However, the sector is super interesting for day traders and they will as much they can from speculating on its components.
Giants of the market in Chemicals (-0.17%) and Metals (-0.24%) performed slightly negative today despite the fact that monthly customs reports show that there are no deep concerns amid Iran exports after sanctions.
In general, the stock market is now in a state of wondering for a while and only a positive momentum from either the global markets or domestic and international political situation of the nation would shake its ground for better days.
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