Iran Fara Bourse hosts another piece of Islamic Treasuries!
– Following the settlement process of Iranian government debts to industry sectors, today a new issue of ITBs worth IRR 19,000 bn (cUSD 451.3 mn) offered to public on Iran Fara Bourse under the ticker name of TB141. The securities have no coupon payments and will be issued at a discount to par. The below table demonstrate different scenarios for the pricing and YTM. However, the new T-bills priced at IRR 891,274 on Iran Fara Bourse today which led to a yield to maturity of 17.04% and a BEY of 15.84%.
– Five members of 12th administration cabinet made a historic agreement on raising the import tariffs for Auto sector. According to officials the proposed idea is to make a new low of 50% instead of previous 40% on import tariffs. The figure for Engine displacements larger than 2000-2500 cc will be 130% showing 75% growth from the previous floor. The foreign made automobiles with only an on-site production facility would be subjected to domestic tariffs.
– Agah Group will be the investment consulting firm of “Kian” ETF. The Securities & Exchange Organization of Iran licensed the first gold coin based ETF to be offered to public on Tehran Stock Exchange. The “Kian” exchange tradable fund will be like any other equity ETFs but allocate a large part of its assets to Commodity-Linked certificate of deposits and gold coin futures.
Modest Gains Leave Market in Green!
In the Market
Iran stocks finished the week on a positive note, helped by a favorable participation of institutional players. Both the TEDPIX and IFEX settled at below all-time highs, adding 0.4% and 0.26%, respectively.
The continuing support from institutional investors brought the hopes of a better market high amid all practitioners. However, investors were cautious today as they looked ahead for 2018/19 budget bill which was presented to the parliament today.
The Oil Products (+2.03) once again took the flag and made the market vibrant. Isfahan Oil Refinery (PNES1, +4.42, IRR 4,277) solely stamped 90.64 positive points on the overall index. The ticker changed hands for 56 mn shares and ended the day with 2 mn orders left in the buy queue. Tehran Oil Refinery (PTEH1, +2.14%, IRR 3,525) also pushed the index up for 29.65 points. It is safe to say that almost all the industry tickers ended the day in green.
The Auto sector (-0.33%) was among top-performing groups following the possibility of a raise in Automobile import tariffs. The industry traded more than 154 mn shares with a turnover value of USD 4.52 mn. Giants like Iran Khodro (IKCO1, -0.93%, IRR 2,784) and Saipa (SIPA1, -0.1%, IRR 1,049) start the day fresh yet they could not hold on to their gains and entered red towards the ending bell.
Finally, the highly correlated to global market “Metals (-0.15%) and Iron Ores (-0.97%)” were today’s not so much lucky ones mostly due to a decline in global prices. Gol-e-Gohar (GOLG1, -0.89%, IRR 2,902) and Mines & Metals development investments (MADN1, -1.53%, IRR 1,669) were among the top losers of today’s market.
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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