- Market P/E has raised
Amid different TSE sectors, the P/E ratio is seen growth compared with the same period prior year. 33 out of 36 industries were subjected to a substantial growth in the ratio as of May 20. Textile took a big leap and placed the first with 293.3% increase. Coal & iron ores mining are next in the line with solid 167.3% and 145.6% development in their price to earnings. Nonetheless, it has to be mentioned that the case for Medical equipment, with the sole ticker of “Kontor”, were completely different and it took a 66.5 % downturn to stamp the utmost drop of the year.
Overall, P/E ratio for the whole market has raised 33.7% from 5.52 to 7.39.
- First Iranian offshore bank to launch soon
Finance and economy deputy of Kish free-zone, Ali Jirofty, announced the first Iranian offshore bank will be ready to launch within a month. The bank is Iranian owned, however it will only focus on foreign exchange services.
According to Jirofty “Currently, domestic banks in Kish are free to open LCs and transfer the funds”. With the JCPoA moving forward, remained barriers are to ease for foreign investors wiring money.
In the Market
The stock market appeared to be on track for it first daily advance going in today. TEDPIX eked out a slim gain and stood on 76,160 (+0.10%). Investors received some data on companies’ Gas, hence there is a change of sentiment on TSE.
Once again, Auto is on under the lights. IKCO stamped 57.55 positive points on the index to be the company with utmost impact today. The trend was followed by Saipa, closed at 1,292 IRR, with more than 135 mn shares traded. Other than a handful of companies in sector the rest were satisfied with today’s trading attitude.
The stomach for Banks appears to have slowed as we move further into 2016. Most of the tickers were ended in red trading near their today’s session lowest. Mellat bank lowered the index by 40.44 points and closed at 2,250 IRR. Pasargad was amid the few compensating ones and 4 mn shares traded to close the ticker at 1,224 IRR.
PetChems on the other, sent mix signals today. “Fars” traded at -3.41% while “VaPetro” rallied up to +2.64% and closed at 2,160 IRR. Analysts believes that oil price bewilderment is the main catalyst behind the blunt trend in the sector.
Metals sat on the gains this morning in sympathy with the global rally of zinc price. “Calcimine”, “Zangan” and “National Iran Lead & Zinc Industries” were welcomed on investors’ side, all ended the session with more than expected demand. Many global zinc producers have performed well over the last 100 days.
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