Tehran Stock Exchange All-Share Index Approaching its Historical Record
* At the end of the previous week, the Tehran Stock Exchange All-Share Index, TEDPIX, eventually entered the 88,000-point channel. While the major listed companies had taken a low-volatile trend, the growth in metal based companies’ prices, derived by the global commodity price boom, contributed the most to this gain. The last time the TEDPIX had touched this channel dates back to Dec-Jan 2013.
* Today, IRR 9,000 bn worth of Islamic Treasury Bills were offered to the public by Bank Tose’e Saderat Brokerage on Iran Fara Bourse with TB121 ticker. Issued by the Ministry of Economic Affairs and Finance, each of the to-be issued 9,000,000 bills is priced at face value of IRR 863,931 which will mature on 4 December 2018 (one year). This security has a BEY of 14.09% and YTM of 15.04%.
* Granted banking facilities to Iranian economic sectors grew to IRR 3,135.9 (x1000) bn over the 7 months of 1396 (November 2017), recording a rise of 12.6%. The share of working capital is 62.8% from total loans equal to IRR 1,969.2 (x1000) bn. 83.7% of IRR 954.2 bn approved facilities to Mines and Metals sectors were granted as working capital to 153,468 industry owners that set the mean to IRR 6,218 bn a piece.
* 273 mn shares of Persian Gulf International Transportation Co. equal to 78.37% will be offered on Tehran Stock Exchange next week in form of a block. The transfer of this controlling shares will be settled 10% cash upfront with instalments of 13% at a base price of IRR 4,000 per share.
In the Market
As the last day of settling credit purchases strengthened by tomorrow’s religious holiday, significant sales pressure was seen early in the market. The major averages ended a little unchanged; but, a solid performance from mega-cap names like Esfahan’s Mobarake Steel and Bandar Abbas Oil Refining pushed the Overall index into the green.
Started since early past week, the majority of companies in the Cement space started strong, although most failed to hold their gains until the end; Qarb Cement, Kurdistan Cement and Ilam Cement finished the session hitting their highs.
In the mid-session, symbols in the Oil Products space saw a rise in demand. Products were announced to be exported at open market USD/IRR; this pushed names like Bandar Abbas, Tabriz, Esfahan and Shiraz Oil Refining Companies toward facing a buy queue. Pars Oil (-0.2%) were the only laggard. Also as of note and according to the statistics, Iran has shipped 1.65 mn ton of crude oil to South Korea which proves an 83% rise as well as a 9.5% decline in comparison with the same period last year and September, respectively.
Despite the negative sentiment dominating the Chemicals sector, some settled with moderate gains, led by Shazand Petrochemical (0.04%) and Zagros Petrochemical (0.92%). The CEO of Kermanshah Petrochemical Company (-0.07%) announced the export of urea to South-American countries and added the annual export of 100,000-150,000 tons of urea to Iraq.
The news broke out on the rise of tire import tariff in the country, which ended in demand growth among names like Barez Industrial Group (2.21%) and Derakhshan Tehran (3.35%) in the Rubber & Plastic space.
Stating that Iranian Dairy companies have not stopped their export to Iraq, an official proposed the payment of the difference between the old and newly set export tariffs to enable companies to continue their export to this country; as the result, Kalber Dairies (3.08%), Pegah-e Khorasan (1.52%), Pak Dairies (2.25%) and Pegah-e Esfahan (1.16%) in the Food & Beverage group ended in the green.
Being halted for more than 1 year, Bank Saderat in the Banking industry sold 159 mn shares of Lordegan Petrochemical companies from its portfolio within 5 trading sessions in order to reduce its non-banking activities in line with the Central Bank of Iran’s directives.
Finally, KBC Pharmaceutical Company in the Pharmaceutical space received its 26% capital raise permission from the SEO to reach IRR 240 bn.
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