Linking Iran’s Capital Market with the World
* Following the signing of an agreement between Iran Financial Center (IFC) and Greece’s Inforex, IFC will provide the Greek company with data on listed companies on Iranian exchanges for 2 years to be accessed by foreigners interested in investing in Iran’s capital market through its platforms. Referring to the consideration of legal and technical issues of the deal in three rounds of negotiations over the past two months, both parties have expressed hopes that the said deal results in more development of Iran’s capital market. In the first phase, countries like Greece, Cyprus, Turkey, Qatar and Balkan will be provided with such information.
* With representatives from the Ministry of Economy and Financial Affairs and the Central Bank of Iran plus officials from Iranian banks present, an agreement will be signed with Oberbank on September 21st; it is aimed at providing credit for Austrian companies which are active in Iran. This agreement will put this bank as the first European lender in Iran after the JCPOA was hit.
* An agreement was signed between San’at va Ma’dan Bank and Vnesheconomobank of Russia to finance Hormozgan Power Plant Project, worth 1.2 bn euro over a 5-year period. This bank has expressed readiness to grant short term loans and state guarantee as well.
In the Market
Commodity, mostly metals prices have retraced some of their previous losses. Despite the sales pressure among tickers like Iran Aluminum and Yazd Alloy Steel Industries, the rest of the Metals group were traded in a balanced manner.
Nearly the whole Iron ore space, on the other hand, finished above their flat line, with Iran manganese as the top gainer, going up more than 3%.
The news on no price raise for cement breaking out the other day droved the majority of tickers in the Cement space into the red.
Having held its extraordinary GM and approving the 100% capital raise plan (based on retained earnings), Asan Pardakht-e Persian returned to the market at IRR 11,500, with no price change. The majority of tickers listed on Computer space settled with slim losses.
The announcement of sugar price rise plus high probability of its subsidy removal resulted in the Sugar industry, except a few, ending the session on a high note. Shahd was the top laggard, shedding more than 3%.
Excluding Shiraz Petrochemical, Zagros Petrochemical, Saina Hygienic Industries and Sina Chemical Industries, the rest of the Chemicals sector went through balanced trades. After posting consecutive gains in the first week of the month, Tuka Paint Foolad Sepahan has been losing 5% in its prices recently, and closed with a sell queue today as well.
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