Iranian Embassies Playing New Role Attracting Foreign Investment in Iran
- Aimed at taking the most out of the post-sanctions era to eventually make the set economic growth happen, economic departments are planned to be established in Iranian embassies within a couple of weeks; such departments will enjoy experts and professionals from different sectors having the decision making as well as coordination power with the correspondent organizations in order to facilitate the process of attracting foreign investment in Iran.
- The latest report by the country’s Customs Administration, non-oil foreign trade has registered a 6.2% growth in the first 7 month of the current year to hit $52.52 bn; the same report posts a 2.17% decline in value in the non-oil export to stand at $24.71 bn.
In the Market
As was said before, the news on the visit to be paid by the French President along with Volvo CEO visit to Saipa Diesel pushed the Automotive industry into the green with Iran Khodro facing a buy queue (20 mn) at the end of the previous session; technical experts, however, believe that unless the share’s price strongly surpasses IRR 3,000, an ascending trend cannot be expected in the entire space. As the result of the said visit, the establishment of a joint company was planned between Saipa Diesel and Volvo. The majority of tickers in the group lost their previous positive gains in the mid-session but some managed to retrace them such that Saipa (2.66%) faced a buy queue, which was not kept through the closing bell. Iran Khodro Diesel (4.88%) ticker returned to the market and faced a buy queue at IRR 709.
Experts are optimistic about the growing trend recently seen in global oil prices, which has hit $61, mostly due to OPEC remaining faithful to oil production reduction. Excluding Bandar Abbas Oil Refining, which hit its high, others witnessed balanced trades; the Oil Products space is deemed profitable in the mid-term.
Asia Tech CEO announced that the company’s IPO will take place soon adding that the merger with Hi Web is off.
An official in the Mining industry announced the $500 mn finance for renovating machineries. With Iran Manganese Mines facing a buy queue right from the start, other symbols in the Iron Ore group settled with moderate gains, followed by Bafq Mines (+3.7%).
With the list of Iranian companies under sanctions renewed, Tidewater Middle East in the Transportation industry started the session in the red losing nearly 5%. A rather negative sentiment dominated the space.
With urea and methanol prices on an ascending trend, some petrochemical companies listed on the Chemicals industry are still expected to grow; besides, there are negotiations underway to lower import tariff on Iranian petrochemical products by Turkey; as the result, Pardis Petrochemical and Abadan Petrochemical gained more than 3%. Petrochemical Industries Investment, Fars Chemical Industries and Sina Chemical Industries ended with buy queues as well. Also, 1 mn shares of Zagros Petrochemical were block traded in the retail market at 0.57%.
Following the previous session trend and after foreign companies announced their interest in purchasing Iranian insurance companies’ shares, Asia and Dana Insurance companies in the Insurance sector hit their highs while the rest also went through positive trades.
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