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Tehran Stock Exchange spring performance analyzed!
– Tehran Stock Exchange performance analysis for spring 1397 (2018/19) shows that the exchange recorded a 13% gain for this quarter while gift its investors a 38% annual (P to P) return. The top gainer sectors of Q1 were:
- Wood products: 78%
- Iron Ores: 45%
- Metals: 33%
Amid 39 industries, data shows that 28 sectors returned positively in this period. Also, the top losers were:
- Auto: -7%
- Electrical Equipment: -6%
- Coal extraction: -5%
The market cap of Iran stock exchange in 1397 Q1 grew by 10% and reached IRR 4,210,000 bn (USD 98.79 bn).
– The head of Majlis Economic Commission announced that the forex secondary market will start working within the next 48 hours. Referring to two separate rates, he announced that necessary goods, including pharmaceuticals and livestock feedstock, receive foreign currency at the subsidized rate and the rest receive currency at a fair market rate. Announcing the CBI in charge of the forex market, he asked this body to resort to instruments available to manage this market.
– According to the latest report by the Custom Organization of Iran, foreign trade balance ended up with $365 mn surpluses with the non-oil export experiencing a 15.58% rise in the first quarter of the current Persian calendar year (March-June) to stand at $11.61 bn.
– Putting financial stability as its major target, the vice governor of the CBI announced that the banking system reform is now in its final stage. He also added that practical measures have been taken to tackle issues, including NPLs and non-liquid assets.
In the Market
Going up by more than 2000 point, equal to 2.25%, the TEDPIX stood at 112,405.96 under the influence of Persian Gulf Petrochemical Industries (PKLJ, 4.80%), Gol-e Gohar Mining and Industrial (GOLG, +7.31%) as well as Esfahan’s Mobarake Steel (FOLD, +4.24%). Gaining 20 (+1.59%) points, the IFEX reached 1.251-point level.
The Metals space (+3.27%) started the session strong and managed to keep their gains through the closing bell. Better than expected monthly performance reports was the main motive behind the heavy demand backed up the sector.
A rather similar sentiment was seen in the Iron Ore space (+5.74%) with Chadormalu and Gol-e Gohar hitting their highs; having paid out IRR 650 DPS, Gol-e Gohar Mining & Industrial ticker reopened 10% higher at IRR 5,121.
Influenced by the upcoming IPO tomorrow, the Chemicals space (+3.26%) went through positive trades with Zagros, Pardis and Khorasan Petrochemical companies highly demanded.
Finally, nearly the whole Oil Products industry (+2.10) finished in the green with Esfahan and Tehran Oil Refining companies as its top gainers. The good outlook for US economy along with weakening situation over China and EU made the future of crude prices in shades and will affect the profitability of the sector in coming weeks.
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.
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