Iran to Join CFT
*Stressing on the need to close cooperation among all countries to fight threats arising from terrorism in today’s world, the President has submitted a bill to Majlis on joining the International Convention for Combating the Financing of Terrorism (CFT).
*The Ministry of Economic Affairs and Finance has allowed the issuance of the guarantees for the finance deal with China’s Exim Bank (July 2017), which focuses on the electrification of Tehran-Mashhad railroad and China has agreed to finance 88% of the project.
*Releasing economic statistics, the Central Bank of Iran announced the liquidity volume up until Shahrivar (23 Aug- 22 Sep 2017) to stand at IRR 13,890,000 bn, which registers a 10.9% growth compared to Esphand (20 Feb- 20 March 2016) and a 23.8% rise in comparison with the same period last year.
In the Market
According to the head of IDRO, currently there are 15 spare part mfg. companies capable of exporting their products; the number is planned to reach 60 as the result of agreement made with Renault Company by producing products in line with international standards. He also suggested the merger of these companies to become able to compete with foreign products. At the end of today’s session, names mostly spare part mfg. companies listed on the Automotive group settled with moderate gains; Pars Khodro and Mashhad Wheel also hit their highs.
The news broke out that milk producers have asked the government to stop raw milk purchase at agreed prices; this dragged names like Pegah-e Azerbaijan-e Sharqi and Pak Dairies listed on the Food & Beverage space into the green zone.
The majority of symbols in the Cement space saw demand rise led by Qarb, Hegmatan and Kurdistan Cement companies all hitting their highs; the atmosphere dominating the group seemed to come from the upcoming construction in the west of the country suffering from earthquake.
The Oil Products group finished today’s session with half names ending beneath and half closing above their flat lines, led by Esfahan Oil Refining; Tabriz Oil Refining was the only symbol closing with a buy queue.
The whole Engineering group closed in the green with Techinco finishing with a buy queue; 3.9 mn shares of Mapna Engineering were also block traded in the retail market at IRR 7,926, 4.62% higher.
The US dollar bullish trend strengthened with rising zinc prices are estimated to result in positive adjustment in Q3 reports by zinc-based companies listed on the Metals space, including Zarin Ma’dan Asia (-0.54%) and Zangan Zinc Industries (-0.1%). Tickers ended either in the red or with slim gains.
Out of the equity market, the US dollar stood on IRR 41,360 on Monday and IRR 41,300 in today in the open market, gradually approaching its highest registered value against Rial, i.e. IRR 41,500 in December 2016. The upcoming new year and rising demand for travel currency are the major factors driving this bullish trend. It is worth mentioning that US dollar has grown by IRR59 in the official market to reach IRR 35,249.
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.
To contact reporters: Inter@agah.com