Iran- France Working on Banking Relations
*Addressing the development of relations between Iran and France over the past month, especially since the JCPOA was hit, the Ministry of Economy of France called for the normalization of banking relations, as a pre-requisite for continuing cooperation. To do so, he added, building trust is the first step. In this regard, the Minister of Economy and Financial Affairs announced the establishment of correspondent relations between Bank Melli and Bank Tejarat with a French one. He also continued to say that attempts are underway to establish such relations between both countries’ central banks.
*The Oil and Gas Minister announced Iran’s readiness to buy shares of oil refineries in South Africa to guarantee Iran’s oil export to this country in the long run; it has been said that this task will be done by the private sector with the help of the Tose’e Melli Fund.
* Not being formally mentioned by Iranian officials, a Russian website announced the undertaking of a project by the Russian UAZ and the Iranian Tavan Khodro Jey Company to assemble UAZ Patriot, Pickup and UAZ Cargo.
In the Market
As the last day of settling credit by brokerage houses, the market was under sales pressure with many tickers facing sell queues. The majority of tickers in the Chemicals space ended in the red, although Fars Chemical Industries (+2.58%) and Kharg Petrochemical (+1.14%) witnessed more balanced trades.
Among companies listed on the Metals industry, Shahid Bahonar Copper Industries (+3.51%) along with Zangan Zinc Industry (+4.18%) faced buy queues during the session; Iran Pipe and Machinery Mfg. (+2.44%) also continued to close in the green.
Despite the negative atmosphere dominating the Construction group, Azerbaijan Development Investment (+0.27%) and ASP (+0.89%) ended in the green; technical analysts believe that this sector is at the end of its correction phase.
Having held its annual general meeting and positively adjusting its EPS by 1%, Mapna Group (-13.45%) in the Engineering space ticker was reopened at IRR 7900, dropping 10%.
Among tickers in the Oil Products group, Tehran Oil Refining ticker was also reopened 18% higher at IRR 2600, having adjusted its EPS; it eventually finished in the +16.08% zone. The rest of the space closed beneath their flat lines.
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