The Budget; To Push Iran Investment!
- Tomorrow, the budget bill for the next Iranian fiscal year starting March 20, will be submitted to the Majlis. Referring to the decisions made in the recent OPEC meeting, President Rouhani expressed hope over the oil price increase and stated that IRR 3,200,000 bn has been predicted and planned for this year, which registers a 4.6% decline compared to the budget of the current year. As the President has added, sectors such as the environment and railway as well as sewage treatment and employment will be deeply dealt with; besides, IRR 600,000 bn will be allocated to development projects, which is a significant amount in its kind. In this regard, he also mentioned that the government, the private sector, commercial banks and the National Development Fund will closely cooperate to implement profitable projects, which is expected to positively affect the development and increase Iran Investment budget.
- The CEO of Iran Darou, as a subsidiary to Alborz Pharmaceutical Holding, announced that after taking part in Iraq International Tender in 2016, where the best global pharmaceutical companies were also present, 9 products of this company were approved. Iran presence in Iraq market plays a large part in the inflow of foreign exchange to the country as well as making the Iranian pharmaceutical brands known abroad.
- Concurrent with the National Insurance Day in Iran, the Minister of Finance and Economic Affairs and the Governor of the Central Insurance of Iran hosted the 23rd National and 9th International Conference on Insurance and Development in Tehran. Focused on Market Functions and Mechanisms in Insurance Industry, 2500 participants from the country as well as from Switzerland, Germany, France, Britain and Japan have attended this conference.
In the Market
Many and different events have happened around the world, with enormous impact on different global markets, which have totally increased the Iranian market risk; as the result, in today’s session, buyers were expected to withhold to some extent.
The OPEC agreement on Wednesday, where the world’s largest oil exporters agreed to reduce their output, resulted in the $10 increase of oil prices, which pushed companies listed on Oil Products space into the green zone, facing buy queues. As the result, nearly all tickers ended above their flat lines, with Tabriz Oil Refining leading the space. Besides, it has been heard that a 1-year sale contract has been inked between the National Iranian Oil Company and Lavan Oil Refining.
The positive atmosphere created by the 15% growth of global oil prices spread also to the Chemicals industry such that most symbols finished in the green. 5 mn shares of Jam Petrochemical, as the leader of the space, were block traded in the retail market.
On the other hand, other commodities like Metals and Mines shed 3-5% of their prices such that merely Khorasan Steel (+0.09%) in the former and only Damavand Industrial (+0.54%) in the latter closed in the green.
The renewal of D’Amato sanctions by the US Congress for another 10 years has brought fears about the future of the JCPOA, which might probably exert negative impacts on the Automotive space. As the result, almost all names, but Nasir Machine Engineering (+2.69%), Ravan Faravar Industrial Engineering (+0.51%) and its Right (+0.99%), ended beneath their flat lines and faced sell queues. Even the news on the joint venture made between Iran and France in producing automobile spare parts could not put an end to this downward trend. Furthermore, the CEO of Saipa Group announced that the largest and most equipped after-sale services center of Saipa in the Middle East started its activity in Beirut, referring to the collaboration received from the Mechanica Group Company.
TSE at a Glance
Summary of Trades
Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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