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Qadir Petrochemical went public on Iran Fara Bourse!
Market News
– Holding IRR 1,300 bn in capital, today, 10% of Qadir Petrochemical (PGHZ1), as a subsidiary to Tamin Petroleum and Petrochemical Investment Company (PTAP1), equal to 130,000,000 shares went public on the Chemicals space in Iran Fara Bourse through the book building method; each share price could range between IRR 1,650-IRR 1,700 and each trading code, both individual and institutional, were allowed to put an order for 2,600 shares. The company lies within the few PVC producing companies in the world which have exceeded their nominal capacity. It has planned to export 50-60% of its production in the current year; in fact, it used to export products to CIS zone countries, India, Turkey and African countries before sanctions imposition
– As attempts to reform the recently implemented unified foreign exchange policy in the country, i.e. putting the USD/IRR at 42,000, which proved to be ineffective with regards to the huge demand for import at this rate, the government announced a 48-hour countdown (now only 24 hrs. left) to the official launch of the foreign exchange secondary market in the stock market the other day; this measure, which will provide trading the foreign currency at negotiated rates, is hoped to bring back peace to the economy.
– With its previous licenses being revoked by the US Treasury Department’ OFAC due to the US pullout from the JCPOA, the Franco-Italian ATR Company has now applied for a new export license from this body to deliver the final 12 ATR 72s airliners to Iran Air Co. in 2018.
– As the result of President Rouhani and his accompanying delegations’ visit to Switzerland, three cooperation agreements were signed between the two countries on road transport, health and scientific areas.
In the Market
The stock market ended an abbreviated Wednesday session on a disappointing note, falling victim to the last day’s emotional trades. The TEDPIX ended narrowly above its flat line closing near its worst mark of the day. The IFEX (+0.21%) also slid and finished 1,252.84.
An official in Saipa Company announced the weekly settlement plan to spare part mfg. companies as well as the divestiture of such companies to competent buyers. As the result, the spare part mfg. companies’ tickers were highly demanded with Nirou Mohareke and Khavar Spring Mfg. facing buy queues. The majority of names in the Automotive group eventually saw a rise in demand, touching their ceilings, led by Saipa.
The Oil Products space went through negative trades; following the news breaking out on the water deficit problem in some provinces, which might endanger Esfahan’s Oil Refining activities, even higher sales pressure was seen in the group; while the rumor has it that the company is now shut down, a company official explicitly rejected it.
Despite a strong start, the Metals space prices fell; only Arfa’ Steel & Metal, South Kish Kaveh Steel and Khorasan Steel manage to keep their buy queues. Sepanta and Navard Alloy hit their highs at the final hour as well. Excluding Chadormalu Mining and Industrial, the entire Iron Ore space finished in the red, too.
Finally, A committee made up of deputy minister of Health and the vice chairman of the Drug and Health Committee of Iran-Iraq has been formed to accelerate the import of domestically produced pharmaceuticals to Iraq. Nevertheless, the Pharmaceutical space did not depict any significant reaction to this news and ended today’s session beneath its flat lines.
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