Iranian Banking Sector Attending Abroad
* Having applied to open branches in Germany nearly 2 years ago, now Bank Middle East and Bank Sina have been permitted to open branches in Munich; last year, Tehran Chamber of Commerce opened a representative office in Munich as well. These are aimed at facilitating the Iran-German interactions and bilateral business in the future.
* Stressing on the difference of the British government position and that of the US President, the former British foreign secretary explicitly stated that his government fully support JCPOA; he added that there has been significant improvements on investment and trade in the past year with Iran.
* According to an SEO official, within the first half of the current year, the base volume will be removed for all listed companies and the fluctuation domain will go through some changes as well to be replaced by a dynamic fluctuation rate, which will change depending on the volume and number of trades.
In its first estimates for the FY ending 19 March 2018, Tehran Cement has predicted to make IRR 93 EPS; this registers a 59% negative adjustment compared to its last estimate of IRR 229. The reason has been the rise in interest expenses mainly due to launching #9 production unit in 2017/18 along with the decline in sales and non-operating figures.
In the Market
With many investors taking a more conservative approach until the presidential election is over, some experts believe that a more expansionary policy will be adopted in the post-election atmosphere which along with a rise (and unification as the result) in foreign exchange rate can promote production, bringing about more dynamism in the capital market. The Oil Products sector seems to be one of those affected by the unification of foreign exchange rate. Added with the continuance of the OPEC agreement on lowering oil production, this will move the sector. At the end of today’s session, symbols in the Oil Products space went through rather balanced trades with Shiraz Oil Refining gaining the most (3.3%). Lavan Oil Refinery ticker was reopened at IRR 15,733 shedding 1.7%.
The majority of names in the Automotive industry ended above their flat lines with Iran Khodro Diesel closing with a buy queue; this company has been heard to positively adjust its statements soon. Iran Khodro went up more than 1% while Saipa only managed to close in 0.39% zone. The CEO of Iran Khodro announced the signing of 2 joint venture agreements with Benz. With President Rouhani present at Iran Khodro Company, Dena+ and Peugeot 2008 produced by IKAP were formally introduced to the market; with Dena+ parts being made by Iranian spare part mfg. companies, most tickers in this field witnessed growth.
Metal prices in global markets are still on an ascending trend; copper has reached $5800 and zinc has passed $2670. Therefore, names like Iran Alloy Steel, Iran Mineral Processing, Kimia-ye Zanjan Gostaran Mineral and Sepahan Industrial group in the Metals space and Bama, Bafq Mines and Iran Zinc Mines Development in Iron Ore group closed with buy queues.
Following the recent trend in the Paper industry due to the rise on import tariff, Iran Carton and Kave Paper Industries closed with buy queues while Pars Paper Industries shed 0.8%.
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