- Industries’ fund raising via the capital market has been developing rapidly over the recent months. Now “Parallel Salam” contracts are to come which are focused on mercantile exchanges. Just after the biggest IME project, i.e. settling state debts to wheat farmers via Sukuk, the market is about to see a huge “Salam” issuance, this time funding the electricity sector. The value adds up to IRR 2,000 bn and the underwriting will be on IRENEX. Mapna’s “Sanandaj Power Plant” would be the issuer of the new securities while Amin Investment bank acts as the guarantor; issuance is at par with a yield of 22%.
- The Securities and Exchange Organization of Iran hosted officials from the Securities and Exchange Board of India (SEBI) in Iran where the areas for mutual cooperation were discussed and a MoU on bilateral collaboration in developing and upgrading technical infrastructure, standardizing rules and regulations as well as sharing knowledge and experience were also concluded. Other topics like fighting money laundering, internationalizing markets, connecting both countries’ commodity exchanges, corporate governance in addition to clearing and settlement were also negotiated and talked through. Calling both markets made up of specialized workforce, the Iranian side underlined the formation of a special working group to implement the defined projects. Considering the fact that the supervisory body of the Indian capital market is a member of IOSCO board members and the CEO of the National Stock Exchange of India (NSE) governs the Federation of Global Exchanges, the cooperation of the Indian officials to guide the Iranian party through the process of becoming an ordinary member of IOSCO was also agreed upon.
In the Market
Symbols in the Chemicals industry have been positively influenced by the significant rise in global urea prices and most ended above their flat lines. Companies which export urea such as Pardis Petrochemical (+4.55%) and Shiraz Petrochemical (+5%) can hugely benefit. Parsian Oil and Gas Development (+4.42%) was also highly demanded. In addition, Tamin Petroleum and Petrochemical Investment (+5.75%) ticker was reopened experiencing a 7% growth.
The recent growth in coal price has increase steel prices. Experts believe that this growth continues within the next week. Khuzestan Steel (-3.07%) has been suggested in the Metals space. National Iranian Copper Industries (+2.05%) also seems to be good suggestion, mainly due to the rise in global copper price, too.
Low volume trades were observed in the Automotive group and most ended in the green; experts believe that Saipa ticker reopening might change this trend. Among companies active in spare part mfg. area, a few like Niro Mohareke (+1.12%) and Iran Spare Part Mfg. (+1.74%) ended in the green.
After 5 months, it appears that halted Banking tickers are about to be reopened. Today, Bank Sina ticker was reopened, losing 10%. This dragged other banking symbols down, too.
Considering the uncertainties in international markets and also in Iran, investors are in a waiting mood; as the result, Islamic Treasury Bills were traded in high volumes.
TSE at a Glance
Summary of Trades
Top 10 Stocks
Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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