Iran oil sales reach the lowest in 5 years!
– Reuters claims that Iran oil sales reached the lowest in % years after US sanctions snap-back on November 2018. According to the news agency, Asian buyers of Iranian crude came up with less than expected demand even after the US offered exemptions. China, India and South Korea ordered 644,800 barrels of crude per day which shows a 12.7 per cent reduction contrary to the same period last year. Analysts believe that Iran oil sales will pick up from December 2018 onward when the US exemptions hit the buyers effectively.
– Rumours have that Iran point to point inflation rate reached 37.4% for the previous month while the average rate stood at 18%. However, being under influence of the administration, CBI has decided to omit the last month report from its website. General the central bank releases the inflation report 3-5 days after the month end, yet this time it has been almost 10 days and there is no news on Azar (Nov-Dec 2018) monthly report.
– In a report carried out by the Iranian parliament research centre, the effect of a dollar drop in global prices of crude oil has been analyzed. It is calculated there that if Iran sells oil with lower than predicted prices, for each dollar it will create an IRR 24,000 bn (USD 228.57 mn – USD/IRR 105,000) deficit in the budget’s resources side. Iran dependance on oil for the next year coming will stand at 35% based on the proposed budget bill.
In the Market
Equities ended today on a moderately higher note as investors become more cautious towards an emotional super bullish trend like before. TEDPIX (+0.33%) hiked for a soft +500 points and stood above 161K level while IFEX (+0.17%) performed mildly lower and closed almost at its flatline. The trading volume and value were higher than the previous session which shows signs of better days for the capital market.
As global markets are closed for the new year holidays, the commodity-based sectors were not that much in focus and performed moderately today. The heavy weighted Metals (+0.31%) was in the spotlight after the opening bell yet the fever melted towards the end. Giants of Chemicals (+0.41%) sector were remained almost unchanged today.
On the flip side, however, the wildfire in mid-weighted Banking (+2.07%) got more heat as retail investor injected a pile of fresh money into the industry. Better than expected monthly reports along with chances of super interesting capital raises by its components made the day end with a thirst amid investors. Mellat Bank (BMLT, +3.33%) was once again the group’s leader and recorded 110.57 points solely on the overall index.
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