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Home/News & Reports/New Sukuk Salam securities are to finance Iranian steel maker! – Daily Market News
Sukuk Salam securities

New Sukuk Salam securities are to finance Iranian steel maker! – Daily Market News

By Mojde Rezaee: 16 July 2018in News & Reports No Comments

New Sukuk Salam securities are to finance Iranian steel maker!

Market News

– Isfahan Steel Company, listed on Iran Fara Bourse with ZOBZ ticker, is to finance its working capital needs via Sukuk Salam securities to be issued on Iran debt market. This issue will be carried out by the end of 1397 (2018/19) and worth IRR 3,000 bn (USD 70 mn). Moreover, the company is to clear a massive amount of its debts (IRR 35,000 bn = USD 808 mn) with its claims from social security organization that could have huge impacts on the firm’s financials.

– Today, 10% of Qiam-e Esfahan Agriculture and Animal Husbandry Company’s shares, equal to 35,000,000 shares, with the ticker GAHZ1, went public on Iran Fara Bourse with each share’s price ranging between IRR 2,300 to IRR 2,369; each investor, both individual and institutional is allowed to put purchase orders up to 700 shares. Keeping IRR 350 bn in the capital, Ferdows-e Pars Animal Husbandry Development (51%) and Mostaz’afan Foundation (49%) are its shareholders.

– An influential official of Iranian parliament has announced that Iran’s top decision makers have nothing against the principles of FATF related amendments on the nation’s anti-money laundry act and in near future, these directives shall be ratified by the parliament in order for the organization to put Iran’s name out of the greylist for good.

– Following the suspension of all currency allocation at the previously unified rate of IRR 42,000 by the minister of the Industries, Mines and Trade on Sunday, the USD/IRR rate jumped in the unofficial market; this move was done to stop any possibility of abuse by opportunistic importers since this rate was unified. In this regard, President Rouhani has instructed his cabinet to look into the case to root out the problem.


In the Market

Stocks eked out a slim victory on today’s following a range-bound day of trading on lighter-than-usual volume. The TEDPIX (+0.03%) hit some technical resistance at the 108,000 level, which it hasn’t been able to conquer since the early month. The IFEX (-0.27%) on the other hand, did modestly worse and close at 1,215.41.

Following the trend in the previous session, the Cement (+0.51%) space saw a rise, led by Doroud Cement; other symbols like Shomal, Sabzevar, and Soufian also hit their ceilings. It was so while Tehran Cement ticker got halted due to negative EPS adjustment, lowering its previous EPS from IRR 129 to only IRR 3 mostly due to the depreciation cost.

Rather positive movements were also detected among tickers in the Construction (+0.82%) industry; Shahed Civil and Development and Tehran Renovation and Construction were the top gainers and leaders.

Just like yesterday’s session when benefited from institutional shareholders’ support, Saipa Co. went up by more than 3%; other symbols in the Automotive (+0.51%) group like Tolid Mehvar Khodro and Sazeh Pouyesh hit their highs as well.

Unlike the past sessions, most names in the Metals (+0.31%) space finished above their flat lines. Such a positive sentiment was also seen in the Iron Ore (+0.59%) group. However, the Oil Products (-0.63%) industry failed to escape the red territory and shed its prices.






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

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Tags: Sukuk Salam securities

Written by Mojde Rezaee

International Affairs Expert

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