- According to the CEO of Bank Tejarat, all financial communication, including correspondent relationships have been established between the English Royal Bank and a few Iranian Banks, namely Bank Tejarat, Bank Mellat, and Bank Saderat.
- As the head of the Central Bank of Iran’s International Affairs Department has announced, a group of experts have took a trip to the US in order to discuss the issue of frozen assets.
- Since the JCPOA and the sudden rise of the all-share index, investors’ expectations have grown to the extent that getting high gains in a short period of time has become the target. Under such circumstances, those new comers start to sell their shares a moment after observing sell queues merely based on their emotions while the respective shares may start to face a buy queue in the same session; it can lead to huge losses for them. Unfortunately, the release of baseless rumors among investors, mainly through internet channels, has also the potential to move shareholders towards buying or selling some shares, for which no fundamental reason can be found. Added to this, the impact of large listed companies’ conditions on the market cannot be ignored; recently, the market momentum is being directed mainly by movements in leader sectors, specifically the Automotive space. Such going-ons have resulted in the falling of the TEDPIX in the recent sessions which can only be compensated when fundamental and actual changes start to emerge and shareholders start to behave more rationally. However, experts believe that the market is about to start its upward trend specifically due to the interest rate lowering plus the extension of tax exemption from capital raise based on assets revaluation.
- Referring to the importance of the Automotive industry in job creation and attempts made to raise the quality of manufactured automobiles, which can eventually increase non-oil income and contribute to the GDP growth, the Minister of Mines and Industry announced that Saipa Group has reached proper grounds with the French Citroen Company in regards with the 50% joint venture and negotiations will continue until reaching the desired conditions.
Bank Ansar (Vansar) has announced its plan to raise its capital by 69%. This plan is to be conducted through two phases, relying on its shareholders’ paid-in capital and claims due as well retained earnings, to reach from $231.41 mn to $390.51 mn.
In the Market
Most names in the Automotive space closed in the positive territory. After more than 103 mn shares changed hands, Saipa Group (Khesapa) ended in the +0% zone, although its final trade conducted in the -1% area; it topped the sector in terms of the highest volume traded. Zamyad Company (Khezamya) gained 1% after more than 38 mn shares traded; the last trade in this share also conducted in -1% zone. Despite their final trades in the red zone, the final price of Iran Khodro Diesel Company (Khavar), Rena Investment Company (Varena) and Pars Khodro Company (Khepars) remained in the green and went up 1%. Iran Khodro Company (Khodro) also rose 1% after more than 36 mn shares changed hands; more than 76% of purchases were done by institutional investors.
Rather balanced trades were seen among most tickers in the Banking industry. Being highly demanded, Bank Day (Day) was titled as the highest volume traded share; it has been heard that Bank Day is about to positively adjust its EPS for the current fiscal year. Starting the session with a 10 mn block trade, more than 22 mn shares of Bank Saderat (Saderat) changed hands. Bank Ansar (Vansar) also attracted investors’ attention due to the news on its capital raise plan.
A descending trend was observed among most names in the Metals group. Being reopened, Esfahan Steel Company (Zob) shed 2% and after 11 mn shares traded, topped the sector in terms of the highest volume traded. Esfahan’s Mobarake Steel Company (Foolad) lost 1%. However, National Iranian Lead and Zink Company (Fasorb) grew up 4% and closed with a 2 mn share buy queue. Symbols such as Khuzestan Steel Company (Fakhouz) and Alum Rad Company (Famrad) finished with sell queues. Arfa’ Metal and Steel Company (Arfa’) changed its direction from positive to negative; although its final trade was done in the red zone, its final price remained in the +3% area.
Most names in the Chemicals space ended beneath their flat lines. Goltash Company (Shegol) was titled as the highest value traded share after trades worth $0.09 mn. More than 2 mn shares of Jam Petrochemical Company (Jam) were block traded at a $0.28. Fars Petrochemical Company (Shefars) was the only name facing a buy queue, although no institutional movement was seen. More than 2 mn rights of Shazand Petrochemical Company (Sharak) traded among individual investors; it topped the group in terms of the highest volume traded and finally went up 1%. In addition, symbols such as Pars International Products Company (Shepars) and Shiraz Petrochemical Company (Shiraz) hit their lows.
Finally, most names in the Oil Products industry were negatively traded. Bnadar Abbas Oil Refining Company (Shebandar) started the session in the 0% area and 4 mn of its shares changed hands, 2 mn of which were block traded at the final hour of the session; it eventually closed in the 0% zone and topped the sector in terms of the highest volume traded. Following its descending trend, Tabriz Oil Refining Company (Shabriz) closed with a slim sell queue after 1 mn shares traded among individual shareholders. Oil Industry Investment Company (Vanaft) shed 1% in its final price after 4 mn shares traded and was placed after Shebandar; in its latest report, the company has increased its estimated EPS 3% mainly due to the 2% rise in its operating profit and 19% decline in its cost. Tehran Oil Refining Company (Shetran) was also positively traded and after trades worth $0.20 mn, it closed in the +0% zone.
TSE at a Glance
Summary of Trades
Top 5 Stocks
Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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