Iran’s Economy to be Amended
* Announcing his awareness of the current problems with which Iran’s banking space is grappling with, the designate for the Minister of Economy and Financial Affairs has promised close cooperation with the Central Bank of Iran for the passage of the banking reform bill, including lowering interest rates and applying global standards in the system. Mr. Karbasian has also emphasized on the need for a development plan for Iran’s capital market in order to reach a stable one able to play a significant part in financing economic activities.
* Stressing on the significant role small to medium sized enterprises will play in creating jobs, boosting as well as developing the country’s growth, the Governor of the Central Bank of Iran asked banks’ CEOs in a letter to pay special attention to such enterprises and prioritize financing them; in the current year, IRR 300 trillion has been allocated to be granted to SMEs.
* The CEO of Iran’s Kish Airlines has announced preliminary talks over purchasing airplanes from Boeing; he also added the purchase of 6 Airbus by the end of the current year. No further detail has come out on the type of the agreement, yet.
In the Market
The most important news in the country is still discussions in Majlis for vote of confidence to ministerial nominees; we have also witnessed growth in gold and commodity prices in international markets, dragging Metals and Iron Ore sectors into the green.
Having kept its buy queue for the 6th session in a row, Mobin One Kish has benefited its shareholders with more than a 30% return since its IPO. On the other hand, Atie Data Processing, the only remained ticker in the IT & Communication industry faced a sell queue and closed below 3%.
The Oil Products space finished at the top of today’s leaderboard. Following Bandar Abbas Oil Refining positive Q1 report and the probability of similar reports for other tickers, other names went through positive trades; the company has realized IRR 257 EPS for the Q1 ended 21 June 2017, which posts a 1,253% rise compared to the similar period last year; the company has 35% of its estimates.
A positive sentiment was also seen among symbols listed on the Chemicals group, led by Pakshoo Industrial until the final hour, which was then effected by the block trade in Jam Petrochemical Company.
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