Market News

– Farabi Cinema Foundation CEO, Alireza Tabesh, announced entrance of the very first Iranian movie VC fund into Iran’s Capital Market. The fund is to make the bed for better financing of Iranian movies hand in hand with HONAR credit fund and other financial intermediary institutions. These new funds shall be in line with SEO’s guidelines and the regulator must provide its principal consent before the establishment processes take place.

– With the latest issues of Islamic Treasury Bills on Iran Fara Bourse, the composition of Iran Debt Market got more completed and diversified than before. The below chart shows the latest status of outstanding debt securities:

As of today there are 11 issues of Islamic T-Bills on the market trading on a day to day basis with more receptions that will be publically offered on IFBsoon.

– Iran state tax administration is not to receive tax from FX market day traders. According to their recent directive, from now on all details of FX market active participants will be granted access by CBI to state tax administration in order to subject such trades to direct tax act and unless the trades are for personal uses like travel purposes, pharmaceutical purchases, academic uses, import and export, they will be applicable to direct withholding taxes.

In the Market

Equities lost a huge chunk of their gains for the previous weeks today in another volatile trading session. The TEDPIX fell -0.53%, stood on 97,782.73 and IFEX lost -0.58% to get back in 1,090 level. Stocks opened in negative territory and began moving even lower shortly thereafter. There is only the recent downfalls of global commodities and oil price to blame for the bloody day on Tehran Stock Exchange.

Following the mentioned down trending catalyst, which dragged the s commodity-based sectors into the red, the known negative beta industry, i.e. the Sugar group saw a rise in demand.

Despite the sales pressure among many names and sectors, the Construction and Cement industries settled in the green, with many symbols being at their support levels.

Unlike the negative atmosphere seen in the Automotive space, spare part mfg. companies went through positive trades; Mashhad Wheel Mfg. faced a buy queue, following the trend seen lately. Iran Khodro returned to the market at IRR 2,797 after being halted on Wednesday due to a letter falsely attributed to the company on offering 15.85% of its shares by Samand Investment. Electric Khodro Sharq has announced its plan to raise its capital by 100% based on claims due and paid-in capital.

The Metals and Iron Ore spaced went through negative trades in line with the decline in global markets. Zangan Zinc Industries in the former, on the other hand, managed to keep a buy queue through the closing bell, which was followed by Esfahan Steel (ZOBZ1, +3%); ZOBZ1 ticker was reopened at IRR 859, 3.4% higher. Iran iron ore export to China grew by 29% in January. Furthermore, trades between Iran and China has registered a 19% growth in 2017 compared with 2016, to reach from $31.2 bn to $37.18 bn.

Source:

2018, Movie VC funds to be on Iran’s Capital Market!, Saturday, February 10, p.1,<https://agahgroup.com>