Minerals to Add Glow to Iran’s Economy!
– Referring to Iran’s rich resources, with the potential to completely improve Iran’s Economy, an official announced the available cooperation opportunities between Iran and Europe in mineral and industrial activities; he stressed that there are fine grounds for joint-activity by Iran, Austria and Germany in steel and coal sector. In order to fully enjoy such opportunity, Iranian private sector must be encouraged to actively start negotiations with such foreign partners.
– Following announcements in July on the need to foreign investment worth $32 bn to run 28 projects in the petrochemical area, an official in the National Petrochemical Company said that Iran is now seeking foreign investment to launch 25 petrochemical projects. In this regard, official have stated that 29 foreign companies can bid for taking part in upstream oil and gas projects.
– Iran has registered a new record in the volume of crude oil to the Europe by inking two agreements to sale oil with Italian Eni and Saras Spa for 1 year; to be more specific, 230,000 barrels of crude oil will be daily exported to this country.
– According to an official in Iran Air, the first Airbus 321 plane was received on Sunday; he also expressed hope over receiving more Airbus planes by the end of the current Persian calendar year based on the signed contract between the parties. The mentioned deal was struck in December 2016 worth approximately $18 bn to purchase 100 new planes.
In the Market
The market witnessed low volume trades dragging the All-Share index down. The former Iranian President, Akbar Hashemi Rafsanjani passed away last night, which exerted a negative impact and shock on the whole country as well as its capital market.
Tickers in the Metals sector went through rather balanced trades. While National Iranian Lead and Zinc (+4.05%) and Iran Mineral Processing (+3.13%) finished in the green zone, Zangan Zinc Industry (-3.36%) and Middle East Mining Industries (-3%) closed in the green. It has been heard that the capital raise plan for Esfahan Steel (+0.58%) is to be finalized soon; this moved the share upwards and the share went through high volume trades.
All names in the Automotive industry were negatively traded, although technical analysts expect the correction phase for this group to end soon. Names in the spare part mfg. field also faced sell queues.
Among names in the Non-Metallic Iron Ore industry, Ardakan Industrial Ceramics faced a buy queue during the session and Iran China Clay Industries and Saipa Shishe finished in the greed. Lia Company ticker was also reopened 10% higher to stand at IRR 9,948.
Finally, the majority of symbols in the Construction space witnessed positive trades and some, including Kerman Province Development and Civil Investment and Abadgaran-e Iran Tourist and Welfare Co. finished with buy queues. Only Sakht Ajand and Fars Civil and Development closed in the red. It was so while most tickers in the Cement group ended beneath their flat lines.
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