Iran Transportation Sector seeks renovation!
– As a part of President Rouhani’s transportation fleet renewal plan to reduce air pollution and fuel consumption, Iran’s truck fleet is to be renewed, which can pave grounds for resuming correspondent banking relations between Iran and Sweden. As estimated, this plan provides an investment opportunity worth EUR 5 mn, that in case financed by the Swedish party, might go beyond a mere business collaboration. In this regard, a Swedish delegation, made up of practitioners in financial services, insurance, banking, etc. fields, is also planned to pay a visit to the country on April 18th, to sit with members of Tehran Chamber of Commerce, Industries, Mines and Agriculture.
– Despite the rather bearish market of the Persian year 1396 (2017/18), Iranian Mutual Funds delivered handsome annual returns. The below table demonstrates top performing funds in their respected categories. Agah Group ETF placed the second among top-performing ETFs:
– While placing 22nd in the previous year (since May 2016) in the Alphaliner’s Top 10 Ranking, the Islamic Republic of Iran Shipping Lines (IRISL), which takes up 87% of Iran’s trade, managed to climb to the 19th place in April. Based on the released report, IRISL accounts for 0.4% of the world’s shipping lines.
– The head of Iran’s Trade Promotion Organization announced the 6.5% increase in Iran’s non-oil export to reach $47 bn. He also added that mining and industrial products export experienced a 22% growth as well.
In the Market
The stock market closed the first day of the week on a decidedly lower note, falling victim to fears about the future of JCPoA and the possibility of sanctions snap back. The TEDPIX and IFEX declined between 0.38% and 0.90% in today’s trade.
The more the closing bell approached, the more demands were seen in the Automotive space, dragging Iran Khodro into the +2% zone, which of course, was not held through the closing bell. Iran Tractor Forging was the only names gaining more than 4% nearly right from the start.
According to the Ministry of Industry, Mines and Trades, 1.3 mn vehicles were manufactured in the first 11 months of 2017/18 ended Feb. 19th; car production has seen a 15.4% rise compared with the same period last year.
Despite balanced, low value and volume trades in the Construction industry, Tehran Construction & Renovation was highly demanded early in the session going up more than 4%.
Except a few, the Metals group was negatively traded, led by Esfahan’s Mobarake Steel. The similar atmosphere was seen in the Iron Ore space.
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