Market News

– In order to maintain the current calm situation of the FX market, a new wave of Islamic Treasury Bills with a nominal yield of 20.5% will be issued on Iran Fara Bourse from Saturday, Mar 10, 2018.” Said Nobakht the Spokesperson of the Government of Iran. President Rohani’s administration tried hard to leash USD/IRR before by introducing the CBI rescue package.

– Iran SME market is to host two newcomers soon. After the admission of Ekbatan Gas company, the ticker of MDATCO steel Co. is now listed on Iran Fara Bourse SME market board waiting for the final steps of its IPO. Being the 8th listing of Iran SME market the MSCS1 will be named under the metal sector.

– On the 7th conference on Monetary Policies and Challenges Ahead Iran Banking Sector and Production held on Tuesday, the high probability of the inflation rate entrance into the 2-digit zone in the next Persian calendar year was also discussed, mostly after the Iran Central Bank released statistics on the PPI and CPI for Bahman month (Jan-Feb).

– The Head of Majlis announced the complete organization of un-supervised financial institutions in the first half of the next year. He also stated that the Economic Commission of Majlis is to overhaul the CBI supervisory structure to enable this regulatory body to prevent the formations of such institutions in the first place.

– Following the meeting between representatives from Iran-Russia Chamber of Commerce (IRCC) with Mir Business Bank to discuss ways to expand business and banking ties between the two countries, the formation of a joint commission was planned to identify and remove barriers ahead.

In the Market

Equities dropped on today’s session, giving back all of their previous gains, as uncertainties for Iranian Economy future raised more than ever. TEDPIX tumbled 0.14%, while IFEX managed to hold to its ground and ended the day with a narrow gain (+0.04%).

The news on the upcoming visit to be paid by French foreign minister on March 5th caused positive movements in the Automotive space, leaving Zamyad, Mashhad Wheel Mfg. and Indamin Shock Absorber with buy queues.

Nearly all names in the Other Financial Intermediaries space were highly demanded in line with the positive sentiment seen in the Auto sector; Iranian Leasing (LIRZ1) faced a buy queue after news on its block trade on March 14^th broke out; being in possession of 26% of LIRZ1, Iran Khodro Employees Corporation, will offer 19.2% of its shares, equal to 192,271,000 shares, at IRR 2653 as the base price; the ticker, however, was halted after going up by 20% in 4 consecutive sessions.

The Rubber and Plastic industry saw a demand rise following the news on domestically produces tire price increase due to the growth of duties on tire import in the next Persian calendar year. Iran Tire and Sahand Tire Industries gained more than 4% in the last trades.

Finally, Food & Beverages and Chemicals industries witnessed positive movements while the Oil Products ended beneath their flat lines.

Source:

2018, 20.5% Islamic Treasury Bills comes to Iran Fara Bourse!, Wednesday, February 28, p.1,<https://agahgroup.com>