Rates to decline on Iran Capital Market fixed income funds!
– Recent stats revealed by Securities & Exchange Organization of Iran show significant decline on fixed income funds’ yields registered in the Iran Capital Market. The below comparison table indicates that on average Iranian fixed income mutual funds are now paying circa 2% less to their investors over the first 8 months of 1396 (2017/18). This is the direct effect of late Iran Central Bank directive on lowering interest rates and it could be counted as a good sign for Iranian economy in general.
– First steps of financing a pharmaceutical and cosmetics distribution company on Iran Capital Market via Sukuk Murabaha was taken the other day agreeing on the principals by Iran SEO. This new securities worth IRR 200 bn and the funds are to used for company’s required working capital. Middle East Bank will be the guarantor of Murabaha Sukuks coupon payments with three other financial firms to act as market makers.
– Iran Fara Bourse is to host more Islamic T-Bills soon. The new series of government treasuries registered with IFB worth IRR 57,000 bn (cUSD 1.38 bn) and will be offered over 3 different issues topping IRR 19,000 bn (cUSD 461 mn) a piece with maturities of 1 year. The Iran debt market value will rise by 25% reaching IRR 603,000 bn (cUSD 14.63 bn).
A Semi-Green Sunday!
In the Market
The stock market meandered its way through an abbreviated session today and scored modest gains to close out the day. The bulk of today’s gains were registered shortly after the opening bell. After that, there was mostly sideways trading action.
Despite the modest gains, they were still good enough to propel the TEDPIX P to a new record high. The major index of Tehran Stock Exchange rose to 90,655.50 (+0.21%) whilst IFEX (-1.18%) finally gave up the unstoppable recent hikes and settled below its record high
Leadership throughout today’s well-traded session was provided by the famous metals sector (+1.53%), which was helped along by promising signs on global markets and better than expected monthly reports of industry tickers. The flag bearer of this move was Iran National Copper Industries (MSMI1, +4.14, IRR 2,087) followed by Isfahan Mubaraka Steel (FOLD1, +0.84, IRR 2,650). Other steel makers like Khuzestan Steel Co. (ARFZ1, +4.19%, IRR 4,006) and Shahid Bahonar Copper (BAHN1, +1.95%, IRR 6,528) also ended the day in green.
On the flip side,Oil Refineries were a focal point throughout the day as almost all of them ended the day in red. It seems that this is the time for investors to realized some of the previous gains as the industry index hit its technical resistance level. Bandar Abbas Oil Refinery (PNBA1, -1.76%, IRR 6,881) solely stamped 42.54 negative points on the main index.
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