New pieces of Islamic T-Bills on Iran Fara Bourse!
– Today, four(4) new issues of Islamic T-Bills worth IRR 43,000 bn (USD 1.02 bn) got listed on Iran Fara Bourse ready for their initial public offering any time now. These new debt securities have maturities between 5 to 24 months and the below table demonstrate their issue details:
Source: Agah Group
– The central bank of Iran is to authorize the remittance orders for production facilities up to EUR 5 mn with the primary consent of their related ministry. Following the FX unification policies, production facilities can make advance payments of maximum 20% for opening LCs. This is a huge step in clarifying the unification directive for market practitioners.
– Iranian Food and drug administration announced a 9% hike in some pharmaceutical products price for the year 1397 (2018/19). Stressing that three categories of pharma products (Brands, Generic Brands and imported) will see a price reduction, FDA stated that changing the subsidized USD/IRR rate from 38,000 to 42,000 has imposed an inevitable growth in raw materials prices hence a capped rise (9%) will not be far-fetched.
Stocks Tick Lower, Extend Losses
In the Market
The major averages ticked down around 0.17% on today’s session, extending their losses. Stocks opened modestly lower as Oil Products (-2.15%) shares weighed and the Metals (-0.61%) sector helped turn things even worse.
Big names in Oil Products and Metals sectors were the first runners to finish today in the deep red. Isfahan Oil Refinery (PNES1, -4.11%) lost its USD 2 bn worth of deal with South Korea company and reopened with huge sale pressure. The ticker changed hands for almost 15 mn shares and stamped the most negative points (-88.28) on the overall index. It seems that the sector will be under even more pressure as political tensions grow to be deeper than ever.
Auto group (-1.33%) extended its losses for the 5th consecutive session as speculation over the future of post-JCPoA contracts is strongly getting more negative. Rumours have that the EU automakers are to leave or halts their activities on Iranian auto sector as the US is about to reimpose economic sanctions on the nation.
Generally, the weight of political risks is way over the head of the market and until after some easements happen markets will continue their downfall with ambiguities even stronger than before.
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