Iran-US doubled trade balance since tensions raised!
– Germany’s delegate of INSTEX structure published a table from the US statistics centre showing that the volume of trades between two nations has been doubled since US withdrawal from JCPoA. This is while united states banned EU companies from a legit trade with Iran. Just over 2018, US exports to Iran topped 435 million dollars and Iran has exported a figure of 70 mn overseas that resulted in a positive trade balance of 367.5 million dollars. Below picture has the details:
– Iran Debt Market has super busy sessions these days as the year-end closes and more new issues are to offer publically before the holidays. After some successful recent Sukuk issuances, now the giant Automaker, Saipa Co., is to issue a new round of Murabaha Sukuk worth IRR 7,000 bn (USD 53.03 mn – USD/IRR 132,000) at 16% to be matured in 4 years and have quarterly coupon payments. A consortium of 3 investment banks will act as the underwriter of these securities while CSDI will be the settling agent. Moreover, the Social Security Organization of Iran is also to issue IRR 6,000 bn worth of Ijarah Sukuk at 19% with a maturity of 3 years and semi-annually coupon payments.
– After the recent successful IPOs on Iran Fara Bourse, now Novin Investment Bank is to offer 10% of its share publically with a base price of IRR 2,100 to 2,200 per share on Wednesday, Mar 13, 2019. This would be the 525th listed company of Iran Capital Market and the third investment bank to be listed on TSE. Omid and Lotus Parsian Investment Banks had been publically offered before.
In the Market
Equities showed a stunning performance today as investors are now more hopeful to the future of listed companies in the post-sanctions era. TEDPIX (+1.76%) hiked for almost 3,000 points to reclaim the long lost 167K level in power. IFEX (+1.30%) also did great and closed at the edge of the 2,100 level. Great reports from Iran customs department showing that major export based firms have no restrictions whatsoever sending their products to newly found markets were the main catalysts behind today’s historic move. Trading volume and value also reached to acceptable areas after a month of ranged bounced trades.
Today’s show was most indebted to major names of heavy weighted Metals (+3.28%) sector. A synchronized upward trend of almost all global commodities along with bright and shiny monthly performance reports of giant steel and copper makers made things a go for a super bullish trend. Isfahan Mubaraka Steel (FOLD, +4.55%) initiated such trend and changed hands for more than 128 mn shares. This is while the National Copper Industries (MSMI, +4.12%) reported that a huge export cargo has been shipped to China and suddenly all the worries about the future of mega copper maker were faded away.
On the flip side, things were calm over the speculative parallel markets of Gold Coins and FX as the market maker seems to retake the control of the steering wheel. Prices showed relative weakness in a market that lacks proper demand during the few last days of 1397 Persian year. USD/IRR entered the 120,000 channel once again and Bahar Azadi Gold Coins reached IRR 44,950,000 area per coin. This is while analysts believe it would not last much longer considering all the systematic and political risks.
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