Iran Fara Bourse hosts a new Islamic Treasury Bill!
Market News
– Just the other day another issue of Iranian government Islamic treasury bills got listed on Iran Fara Bourse. Like others, TB151 is to settle the administration’s debt to contractors. The issue size hovers around USD 436.8 mn (IRR 19,000 bn) and the offering will be at a discount to par. Today all 19 mn of said securities has been offered to public and price at IRR 894,766 with a YTM of 16.09% and BEY of 15.01%.
– Deputy Executive Director of the Tehran Stock Exchange announced that by omitting the EPS forecasts of listed companies, the halt and suspension period of TSE tickers are now set to the minimum. According to the latest directive of Security and Exchange Organization of Iran companies are no longer allowed to predict earnings like before in form of a budget forecast and they shall instead publish a management performance analysis. Anticipations of earnings made some tickers to suspiciously record more than 20% price movement which was leading to their long term halts.
– “Reaching the goal of 55 mn tonnes of steel production by 1404 (2025) needs a minimum infrastructure and transportation investment of USD 20 bn.” Said a board member of steel producers syndicate. According to the Organization for Investment, Economic and Technical Assistance of Iran stats up until today a figure of USD 8 bn foreign direct investments has entered into the country of which a fair share is dedicated to new technologies of steel production.
Not a happy 2018 for Tehran Stock Exchange!
In the Market
The major stock indices mostly returned the gains registered ahead of the previous month, with the TEDPIX (-0.32%) settling below the 95,000 mark. The IFEX (-0.03%) also finished below its all time high. Beneath the eye-catching headlines, Today’s session was rather dull as trading volume remained relatively light contrary to the last week figures. Equities registered most of their losses at the opening bell and trended sideways for the rest of the day.
The metals (-0.42%), chemicals (-0.46%) and Auto (-0.68%) sectors which comprise around 60% of market combined slipped. The conservative outlook of global markets Q1 performances along the uncertainties around Federal Reserve upcoming meeting made investors cautions on their investments.
Persian Gulf Petrochemical (PKLJ1, -0.75%, IRR 5,666) stamped the most negative points on the overall index (-53.75) with 5 mn traded shares. The situation for the rest of the group was mixed somehow. Petrochemical industry investment (PETR1, +5.93, IRR 1,464) ended the day in green after its reopening. It is worth mentioning that this halt was ended in less than 60 minutes.
In general, due the fact that today was the last trading day of the week, most of the market welcomed the weekends with low volatility.
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