Opportunity Knocking on the Door
– The recent tensions rising between Qatar and Saudi-Arabia and its Arab allies smells opportunities for Iranian food and aviation sectors, since all land, sea and air links to Qatar were cut. As statistics show, Qatar imports food worth $4-5 bn from Saudi Arabia and UAE; now, Iran is able to ship goods to this country through main ports like Bandar Abbas, Bandar Lenge and Bushehr in less than 12 hours. With its large carriers, Qatar Airway facing flight restrictions also provides Iran with the opportunity to benefit from allowing the Qatar Airway to use its airspace.
– In its recently released list, the Central Bank of Iran announced the names of the 40 registered banks and credit institutes, 5 of which are foreign banks largely based in Kish Trade Zone and Tehran; there are Standard Chartered PLC, Islamic Cooperation Investment Bank, Hamburg-based Iranian-European Bank, Future Bank as well as Iran-Venezuela Bi-National Bank.
In the Market
Following the recent trend seen in the market, with low value and volume basically due to the half-closed week, the market closed the week with even a weaker performance. This descending trend was strengthened in the middle of the session with news coming out on shootings in the parliament building and Emam Khomeini Shrine in Tehran, which eventually dragged the All-Share index down by 530 points.
The majority of tickers in the Chemicals group ended in the red with some closing with sell queues. Saina Hygienic Industries, on the other hand, ended in the green 3.61% up.
The whole Sugar space finished beneath their flat lines, led by Qazvin Sugar (-4.17%) and Lorestan Sugar (-2.83%). Nearly all companies faced a sell queue in their last trades.
Such a negative sentiment was seen among names in the Automotive industry with Iran Khodro Diesel, Iran Khodro Development Investment and Iran Tractor Forging shedding more than 4%. Nasir Machine Engineering (0.08%) and Khavar Spring Mfg. (0.02%) were the only ones closing in the green, in addition to the 11 mn shares of Bahman Group which were block traded in the retail market at IRR 2,074, 1.97% higher.
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