Iran’s Private Sector Further Cooperation with Spain
* Focused on tackling banking hurdles along with insurance coverage, Iran’s private sector has sat with officials from CESCE that has been offering export credit insurance services to companies working with Iran even during the time of sanctions. The Iranian delegation, led by the Chief of Iran Chamber of Commerce, Industries, Mines and Agriculture, has also had negotiations with a Spanish bank to accelerate the process of removing obstacles, in addition to talks with a Russian bank to build the correspondent relations.
* In line with senior officials supporting JCPOA, European diplomats have reassured that in case US pulls out of the said deal and impose new sanctions on Iran and countries with which do business, the European Union will protect the legitimate interests of European companies and continue supporting dealing with Iran.
* The governor of the Central Bank of Iran announced the intensification of its oversight over the banking system in the current year. Referring to its confrontation with unauthorized credit institutes, he also stated the CBI serious intention to continue its battle and tackling banking violations.
* Iran’s ambassador to India announced the 100% growth in oil export to India and said that a credit line worth $ 550 mn has been opened, a $ 400 mn line to cover the Iran-India railroad project and a $150 mn line for Chabahar Port.
In the Market
Rising concerns over Kurdistan are expected to keep oil prices above $50 per barrel. Unlike expectations and previous session’s upticks, symbols in the Oil Products space settled with moderate trades
A positive sentiment dominated the Metals space, led by Esfahan Steel (2.19%), although many had predicted a correction phase; the ticker returned to the market 2.6% higher at IRR 936. Over the first half of its FY, National Iranian Copper Industries (-0.4%) managed to cover 47% of its sales estimates equal to IRR30320 bn.
Both the Construction and Cement spaces saw demand growth, although most names eked with narrow victories. Struggled with their resistances, these two spaced are estimated to experience growth in the near future by experts.
Unlike their rally in the past few sessions, the whole Sugar group went through sales pressure with Naqsh-e Jahan Sugar and Lorestan Sugar shedding nearly 5%; Sabet Khorasan Sugar (2.79%) and Marvdasht Sugar, however, were the only ones ending in the green.
Out of the equity market, the unofficial US dollar has gained IRR 200 in the first four days of Autumn to hit IRR 39,120, although euro remains stable with only a slim upward over the same period. The rather significant number of Iranian pilgrims going to Iraq during the current month has pushed demand for foreign currencies.
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