- New Treasuries on Iran Fara Bourse!
After a year the first trades on IFB, Islamic T-bills raised more than IRR 50,000 bn of funds and made the government able to settle part of its debts especially to the contractors. Now the administration is to issue new short term treasuries and develop the market even further.
T-bills are to be out in two major classes: The first will follow the popular ones issued earlier this year under the ticker names of TB07-TB111, however, the latter, within the framework of another clause from the budget act, will be issued under the name of “SAKHA01&02”. The new issues will have short term, due Jan 08 and Feb 07 2017 respectively.
The below chart demonstrate debt vs. equity market size in Iran in contrast with rest of the world.
- Pasargad Bank is to sell stake at MIDCO!
Pasargad Bank, directly held 19% of “MIDCO”, offered 1.98 bn shares on March 15/16 with the base price of IRR 350 per share. The total deal was amounted up to IRR 693 bn. On the April 16/17 the bank made another attempt to surround 9.98% (more than 2.195 bn shares) on a base price of IRR 390 and leave the shareholder structure forever. Somehow the deal did not happened then.
Now Pasargad is to offer a block of 7.3% on Monday (Oct 27th) thought its brokerage house with the base price of IRR 350 per share. The deal value will be around IRR 607 bn with 20% cash settlement and the rest in installments. Needless to say, if the deal goes through, Pasargad Bank will no longer be a shareholder of MIDCO.
In the Market
The stock market started an upbeat week on an ebullient note as an opening rally on oil products fueled the whole market. TEDPIX (+0.30%) finished the day on 77,886.40 level and rose more than 230 points.
Almost all the tickers in oil products rallied at the start of the session as the current oil price stability is promising new highs. A string of better-than-expected news on the sector boosted investor sentiment. “Bandar Abbas” oil refinery marked the second highest positive points on the index with more than 15.9 mn shares changed hands and the ticker closed at IRR 5,195 (+3.10%). Isfahan Refinery placed the first on the index impact list with 31 mn traded shares and a closing of IRR 2,636 (+4.64%). It is worthy to mention that near 1 mn buy orders left in the queue for “Shepna”.
The main catalysts that helped solidify the tickers in “Iron Ores” were the promising global prices. Most of the names in the industry came in slightly ahead of estimates on today’s affair. Almost 11 mn shares of Gol-e-Gohar traded today made the closing at IRR 1,851 (+2.61). Other giant, Chador Malou, followed the trend as well yet with much slower pace. The trading volume was around 4 mn and the closing settled at IRR 1,756 (+0.46%).
Finally, the signals sent by the Auto were mixed today. On one hand, “Saipa” tried to compensate some of the earlier days losses with near 65 mn traded shares at +1.66% which made the closing at IRR 1,466. On the other hand, IKCO gave back some of the recent gains with a thin ice loss. More than 14 mn shares of the Auto giant changed hands today and the closing settled at IRR 3,490 (-0.48%).
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