- In their meeting with the first deputy managing director of the IMF, the private sector activists demanded the creation and maintenance of a competitive environment against the government’s support, unlike what was expected. Welcoming such an attitude, David Lipton stated that among the many commerce chambers he has visited, Iran’s commerce chamber has been among the few ones who have preferred the competitive environment. Stressing on the importance of economic stability and reforms, Mr. Lipton announced that Iran is now ready to deepen its integration into the global economy; meanwhile Iran should strengthen its macroeconomic policies in the short term to be able to apply the required deeper structural reforms in the long term. Calling the decline in the inflation rate as a significant achievement for the government, he mentioned controlling the liquidity growth as well as unifying the exchange rate critical to keep curbing inflation and setting stability. Regarding the banking sector, he also added that problems, including non-performing loans and weak institutions must also be dealt with in order for banks to effectively channel credit to the private sector.
- In line with the lifting of sanctions, the Swedish Pomegranate Investment AB has started raising 80 mn euro capital from European investors. The company is planned to launch its IPO in Sweden within 12 months to invest in Iran’s consumer technology sector.
- As the result of an increase in global oil price, oil refining companies have recently re-attracted investors’ attention. If such price ranges become fixed, such companies will also benefit more. They have considered the oil price in their estimations to range between $30 – $40 and if stabilized at higher prices, they will be able to positively adjust their EPSs.
In its latest announcement, Saipa Company has raised its EPS by 126% to stand at $0.01 for the FY ending 19 March 2017 due to a 30% estimated growth in the products sales.
In the Market
Most names in the Automotive group witnessed a positive session. After more than 55 mn shares traded, Zamyad Co. (Khezamya), as the highest volume traded share, ended the session in the -0% territory. Rena Investment Co. (Varena) was warmly welcomed by investors and after more than 47 mn shares changed hands, it finished with a 14 mn share buy queue; the respective share went up by more than 4% reaching a $0.07. Iran Khodro Company (Khodro) also turned into the green after 30 mn shares traded. However, Iran Khodro Diesel Co. (Khavar) ended in the red. The CEO of Saipa Company (Khesapa) announced the signing of an agreement with Citroen Company within the next month and the launching of a production line in Algeria until the end of the year.
A great number of tickers in the Metals sector closed above their flat lines. Topping the sector in terms of the highest volume traded, more than 40 mn shares of Esfahan Steel Company (Zob) changed hands and it closed in the positive domain. Being reopened today, Middle East Mining Industries Company (Midco) grew up by 14% and closed at $0.08. Today, Nocholas James, as the business manager of English CRU Company paid a visit to Esfahan’s Mobarake Steel Company (Foolad); he expressed hopes over the improvement and development of steel companies in Iran and the Middle East considering the estimated changes in the world’s market.
The majority of symbols in the Chemicals space traded negatively. Being reopened in the previous session when it ended in the green, Tuka Foolad Paint Company (Shetooka) started today’s session in the negative and shed 3%; it finished with a slim sell queue and was titled as the highest value traded by $0.61. Sina Chemical Industries Company (Shesina) also hit its low. On the other hand, Farabi Petrochemical Company (Shefara) finished with a buy queue. Starting the session in the 0% area, Tamin Petroleum and Petrochemical Investment Group (Tappico) dropped 2% after 4 mn shares changed hands among individual investors.
Finally, most symbols in the Oil Products affair traded positively. Continuing its upward trend, Esfahan Oil Refining Company (Shepna) led the group and gained 3% after 30 mn shares traded among individual investors. In addition, 2 mn shares of Shepna was also block traded at a $0.09 in the retail market. Trades worth $1.37 mn were conducted in Bandar Abbas Oil Refining Company (Shebandar) mostly by individual shareholders; the respective symbol closed at the +0% territory and placed after Shepna. Shiraz Oil Refining Company (Sheraz) was the only name in the sector highly demanded by investors; it closed the session at a $0.18 and with a thin buy queue. Releasing its projections, Tehran Oil Refining Company (Shetran) has predicted to make a $0.01 EPS for the FY ending 19 March 2017, demonstrating a 12% rise.
TSE at a Glance
Summary of Trades
TSE Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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