Iran Mercantile Exchange offers 129K tonnes of petrochemicals!
– Yesterday more than 129,000 tonnes of petrochemical and oil products including Vacuum Bottom (VB), Lube Cut, Sulfur, Slap Wax, Polymer and petrochemicals were offered on Iran Mercantile Exchange. Moreover 11,700 tonnes of natural bitumen were traded on export floor of IME as well.
– Tehran Stock Exchange most valuable companies by market cap were announced the other day. According to the new ranking Persian Gulf petrochemical (PKLJ1) is still on top of the list with IRR 250,159 bn (cUSD 5,886 mn) followed by Isfahan Mubaraka Steel (FOLD1 – IRR 216,750 bn – cUSD 5,100 mn) and Mobile Telecommunication of Iran (HMRZ1 – IRR 164,000 bn – cUSD 3,858.8 mn).
– Agah Group performed better than expected on mutual fund management. With near cUSD 600 mn AUM, Agah manages 5 mutual fund of different types including two flagship fixed income and pure equity funds. The below table is the performance sheet of Agah brokerage firm mutual funds. The facts sheets of above mentioned funds also can be found here.
Finishing the day with a Whimper!
In the Market
The trading day is done and there is only emotion left to blame for the bloody day of Tehran Stock Exchange. The major indices closed today with massive losses ranging from 1.0% to 3.0%, unable to live up to the bullish bias that prevailed in previous weeks tradings. Today’s action was over from the beginning for the bulls as fundamental factors quickly evaporated and the indices settled into heavy negative territory too far from where they closed the previous session. There was some excitement from big institutions in the final hour of trading, though, which has become commonplace for this stock market.
The losses were led by the Metals (-1.99%), Oil Products (-2.26%) and Auto (-3.04%) sectors, which the first two were among the market’s best-performing sectors for 2017.
Other than the recent political tensions and the general market slowdown, there wasn’t a news catalyst for the selling, which is apt to be construed as a defensive, profit-taking move. Throughout the end, there were huge supports from big blue chips which could be a good sign for tomorrow’s session. Market participants that this new bearish trend ends soon in the coming days.
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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