Sovereign bonds on Tehran Stock Exchange!
– After holding fruitful meetings with regulators from Germany, Switzerland and South Korea and also joining the IOSCO, the Securities and Exchange Organization of Iran (SEO) now intends to facilitate the process of issuing bonds in international markets for the listed companies on Tehran Stock Exchange. According to an official, the first market will be South Korea and such debt securities will be denominated in euro. If happens, Iran will rejoin the international bond market after 4 decades.
– Experts unanimously believe that reforming Iran’s banking system is the top economic priority of Iran. From a micro-economic perspective, such a reform may lead to the diversification of products and services, changing banks’ revenue approaches; in other words, surpassing the traditional role of depositing and financing as the major revenue sources, banks can concentrate on getting fees on offering diversified products. From a macro-economic point of view, reforming this system will end in the re-introduction of the relations between the banking system and the government along with institutions; in this regard, instruments and procedures will be defined to bring about the atmosphere to create an efficient market. The broader target will be to make the domination of the financial policies over the monetary ones fade away.
– Finally, the Airbus landed on Mehrabad Airport on Thursday January 12th; this plane, as well as all the others, which will be added to the fleet, will be fully insured by a state-owned insurance company, Iran Insurance.
In the Market
The weakening of the dollar index in the last 2 days led to the hike in metal like zinc and copper prices; it is probable that the Metals space continue to lead the market in the current week. The majority of symbols witnessed positive trades with Calsimin, Iran Mineral Processing and Yazd Alloy Steel Industries closing with buy queues.
While adjusting its EPS based on its Q3 report by 19%, it has been heard the Esfahan’s Mobarake Steel (+0.21%) will positively adjust its EPS again based on its production and sales statistics on its cold-rolled steel sheets used in automotive industry, considering its higher profitability than hot-rolled ones.
Finally, the 322% capital raise certificate for Esfahan Steel, based on its asset revaluation, was issued by the SEO; the ticker was halted.
Symbols in the Iron Ore space were also highly demanded such that Bafq Mines, Bama, and Damavand Mineral faced buy queues. Chadormalu Mining and Industrial (-0.15%) and Iran Manganese Mines (-1.27%) were negatively traded.
Names in the Non-Metallic Ores industry also enjoyed the global price hike and nearly all ended in the green with Lia Company, Ardakan Industrial Ceramics, Razi Glas Production and Tuka Refractories facing buy queues.
Mainly due to the news on future tile price increase in the market, all symbols in the Tile and Ceramics finished in the green territory with Sina Ceramics and Tiles and Pars Tile facing buy queues.
Due to approaching the end of their correction phase, nearly all names in the Construction space went through positive trades with Kerman Province Development and Civil facing buy a queue. Shahed Development and Civil (+3.92%) was also highly demanded with 6.51 mn shares changing hands.
Iran Khodro transparency on the sales of Iran Khodro Investment Development block and “GOST1” elaboration on divesting its investment in Parsian Insurance have resulted in the formation of buy queues in these 2 companies. This dragged nearly the whole Automotive sector into the green. However, Zamyad ticker was reopened in the -6% zone. Mehvar Khodro (-4.22%) also finished beneath its flat line with a sell queue.
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