Iran’s Debt Market Attracting
* On the sidelines of the 4th Kish International Exhibition on Exchange, Banking, Insurance and Privatization, Iran Fara Bourse Managing Director announced that foreign investors have invested nearly $8 bn in Iran’s debt market in a way that Islamic Treasury Bonds, Sukuks and Ijarah and Murabahah playing a 56%, 26% and 9%, respectively. Until late October 2017, 946 foreign investors have been present in Iran’s capital market, showing a 16% growth compared to the same period last year. The bonds currently offer a 18% return, coming down from 26% on its first series before the Central Bank of Iran directive on lowering the interest rate on bank deposits.
* According to Eurostat data, trades between Iran and the European Union had been doubled in the current year up to the end of August to hit $13 bn in comparison with the similar period last year; Iran has exported and imported goods worth 6.5 bn euro and 6.6 bn euro over the said period.
In the Market
The majority of tickers in the Chemicals industry settled with slim gains with Petrochemical Industries Investment as the top gainer (4.98%). The CEO of Jam Petrochemical (0.04%) announced an ethylene production agreement to be signed between Iran, Germany and France.
Despite a negative sentiment dominating the Metals sector, South Kave Steel faced a buy queue in the mid-session, which failed to keep through the closing bell. The rumor has it that obstacles ahead of achieving facilities denominated in foreign currency through San’at va Ma’dan Bank have been removed, directing investors’ attention towards Arfa’ Metal & Steel to end with a buy queue.
The entire Sugar sector witnessed high demand with nearly all closing with buy queues, led by Qazvin Sugar.
The Construction group also saw a rise in demand with some like Iran Construction Investment and Tehran Renovation and Construction hitting their highs early in the session. Symbols listed on the Cement group went through balanced trades as well.
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