SEO Exploring Collaboration Opportunities Abroad
* Hosted by the Financial Services Commission (FSC) of Jamaica, the Securities and Exchange Organization of Iran (SEO) attended the 42nd Annual Conference of the International Organization of Securities Commission (IOSCO) on May 16th for the second time after the JCPOA was hit, which had led to its membership in this organization. Issues, including the cooperation opportunities and familiarity with and usage of the international expertise were among the major topics discussed. In addition, the SEO has also set meetings with officials from Greece, UK and Germany where the further possibilities of mutual collaboration will be explored.
* In a meeting between the Iranian Foreign Minister and the Indian Deputy Foreign Minister, the cooperation opportunities were explored between the 2 countries in areas like trade, transit and energy and putting more efforts into removing the existing obstacles ahead of banking relations development was insisted.
* Among the meetings held on the sideline of the 5th International Railway Transportation Exhibition, a deal was signed between Iran and Spain on the maintenance and reconstruction of the cargo and passenger transportation capacity, which will be in effect for 3 years; added to this, will be the transfer of technical know-how and educational courses for Iranian railway personnel.
In the Market
As the last session of the weak, which ends with the Presidential Election, the market ended in the green territory with the All Share Index reaching 80,344 point. One day in the red and one day in the green during the weak, today’s positive sentiment of the market seems to have brought hope to market practitioners on President Rouhani’s getting re-elected.
With the oil prices going up in global markets, nearly the whole Oil Products group closed with a modest gain, led by Bandar Abbas Oil Refining (+3.31%).
Despite the rather weak start, companies listed in the Automotive industry bounced back such that Saipa grew by 3%.; besides, 109.8 mn of its shares were also block traded in the retail market at IRR 136.3 (+0.02%); it has been heard that several meetings have been held between IDRO and Renault, which seem to continue and reach conclusions until the end of the current week. Khavar Spring Mfg. (+4.06%) and Iran Radiator (+3.41%) active in spare part mfg. area also closed above their flat lines. However, Iran Khodro was not successful in breaking its resistance level at IRR 2,850 and finished 0.36% lower.
Following the recent sessions, tickers in the Food & Beverage space registered significant growth rates led by Shahdab-e Nab-e Khoarasan, Shahd-e Iran and Margarin finished with buy queues. As has been said before, this sector is expected to play a significant part in increasing non-oil export for the country.
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