Market News

– The head of Iran Central Insurance, Naser Hemmati, announced that Iran Insurance sector companies have three (3) years to comply their financial statements in line with IFRS reporting standards. A work group comprising of experts from Securities and Exchange Organization (SEO), Central Insurance and Audit Organization are responsible to coordinate the GAAP analysis and make the bed for a smooth transition until 2021.

– Continuing the trend of divesting from business ownership for Iranian Banks, Bank Refah is to offer today two non-controlling share blocks of North Drilling and Social Security fund investment companies. 1.82% of Social Security fund investment company with the base share price of IRR 2,340 is to trade on Tehran Stock Exchange in cash. Also more than 141 mn shares of listed North Drilling Co. (HSHM1) will change hands at IRR 4,639 apiece. Upon the successful execution of said trades, Bank Refag will be completely divested from the mentioned companies.

– Below table, demonstrates the latest status of Iranian debt securities with the highest rates available. As can be seen, municipal Sukuk Musharaka (the first 3 on the list) are still the highest paying securities of Iran Debt Market.

– Changing the Iranian economy growth figure from 3.7% to 4.6%, Iranian parliament research center see the main reasons behind the rise in public transportation and services sectors. The administration’s focus on current expenditures is solely responsible for the hopeful trend of public services sector. Moreover, on the public transportation side, a rise in the nation’s foreign trades along with growing number of airborne foreign trips are the main catalysts behind the overall rise of growth figure.

Auto Sector to boost Tehran Stock Exchange!

In the Market

Stocks opened in positive territory, and began moving even higher shortly thereafter. The market hit green space from early morning, but its pace to a halt as commodity based sectors approached its resistance levels. TEDPIX advanced for 0.15% while IFEX closed lower with -0.48% decline.

The long lost Auto (+4.07) sector came in favor of Iran Capital Market with almost all its components ended the day in deep green. The orange giant, Saipa Co. (SIPA1, +6.37%, IRR 918), ended all the rumors on its subsidiaries performance along with the lost contracts and re-opened after 5 days of halt. The blue whale competitor, Iran Khodro (IKCO1, +3.05%, IRR 2,872) also changed hands for 12.50 mn shares and ended far from its flat line. Except a few micro sized tickers, all the game changers of the sector advanced from 0.5% to 7%.

The top-weighted Chemicals (-0.11%) showed relative weakness today and its blue-chips traded with more doubts than ever. Jam Petrochemical (PJMZ1, -2.59%, IRR 10,149) solely stamped 64.94 negative points on the index to be named on top of  the trading board. Parsian Oil & Gas (PASN1, +1.17%, IRR 2,428) on the other hand, compensate for the sector a bit with its 6.78 mn traded share.

Finally, within the Metal (+0.27%) space, National Copper Industries (MSMI1, +0.98%, IRR 2.679) retracted some of its previous losses after the other trading session bloody day. It seems the positive correction of global commodity markets after their recent plunge is there only to blame for today’s advancement.

Source:

2018, Iran Insurance sector to be IFRS complied!, Monday, February 12, p.1,<https://agahgroup.com>