Iran joins CFT as parliament ratified the bill with 8 conditions!
Market News
– Deputy chair of Iranian Supreme National Security Council announced the ratification of Combating the Financing of Terrorism act on the parliament (Iran joins CFT). However, in order for national interest to count in as well, senators added a few conditions to the bill. Most important of those is the fact that upon a conflict between the constitution and bill articles, the base would the constitution for enforcement. This (Iran joins CFT) could lead to a better status for Iran in FATF grey list and eventually ends in a permanent exit from the shortlist.
– After a failed attempt at offering Saman Kish e-payment co. in previous Persian year, an official at SEO announced that a 10% portion of the company, equal to 180 mn shares, would be publicly offered at Tehran Stock Exchange on June 03, 2018 as the 520th listed ticker. “SEPK1” has realized an astonishing figure of IRR 1,009 bn in revenues over the first month of 1397 (Mar-Apr 2018/19).
– Following the US decision to scrap the nuke deal, the Switzerland company, Stadler, has chosen to halt any Iran related activity until further notice. Previously the company had signed an agreement worth USD 1.4 bn to deliver 960 underground wagons to complete the Tehran Metro transportation fleet. There are anticipations that Chinese firm will enter the deal instead of Stadler.
In the Market
Major stock index of Iran capital market, the TEDPIX, jumped 0.18% on today’s session after two disappointing performances of last days. Mostly indebted to major mega caps of the Metals and Iron Ore sectors, equities ended the day far above their flat lines.
Iron Ore shares ignited the bullish trend sharply in reaction to the better than the expected reports. Gol-e-Goar (GOLG, +2.11) and Chador Malou (CHML1, +3.91%) stamped 81.62 and 72.94 positive points on the overall index. Other tickers of the sector as well ended the day in deep green.
Auto sector succeeds to record yet another disappointing day by its giants, Saipa Co. (SIPA1, -1.08%) and Iran Khodro (IKCO, -0.17%), poor performances. The lack of fundamental strength along with weak sentiment towards the sector from investors side made the bad month for the industry even worse.
Elsewhere, Oil Products are still struggling with the global price of crude along with uncertainties in domestic future economic stability. Isfahan Oil Refinery (PNES1, -0.92%) was the lead to today’s red day of the sector. Except a few like Tabriz Oil Refinery (PNTB1, +0.75%) other big name performed poorly on today’s action.
In general, the total trading volume and value has been raised higher through the previous weeks which is a sign of hope return amid market practitioners.
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