Market News

– The total net asset value of Iranian Investment Funds has been reduced by IRR 57,000 (cUSD 1,280.32 mn) in a period from mid-November 2017 until March 24, 2018. Despite the negative effect that CBI rescue package had on Iranian Investment Funds, there has been a change of investment theme among them. According to the latest stats, the share of CoD (Certificate of Deposits) is now reached from 76.6% to 70% for both equity and fixed income funds. Elsewhere, the size of equity and debt securities investments rose by 1.4% and 5.1% respectively. The below table demonstrates the facts in figures:

– Continuing the growing trend of Iran Energy Exchange trades, today IRR 400 bn (cUSD 8.98 mn) worth of Parallel Sukuk Salam for Mahtaab Gostar Company (Power House) issued on IRENEX. With an embedded call option to purchase the electricity with 1.18 multiple on the underlying asset base price, these new securities will have a maximum yield of 18%.

– Gold coin option contracts are now tradable on Iran Mercantile Exchange. Put and call options on gold coins with an exercise date for June/July 2018 and strike prices ranging from IRR 15,000,000 to IRR 16,000,000 are executable on IME from Saturday, March 04, 2018. Having future contracts before, with the introduction of this new instrument, the IME gold coin market is now with professional hedging tools.

Lower for the day, again!

In the Market

TEDPIX, which was up near 1.0% in today’s session early morning, entered the final hour of trading with a loss of -0.04%. Despite the movement in heavy weighted sectors, the worse than expected performance of Auto (-0.67%) and Engineering (-1.2%) made the day red for the overall index. The situation for the IFEX was the same as well and it ended the day stamping a loss of -0.1%.

The outperformance of the heavily-weighted Oil Products (+0.45%), which represent around 8.5 of the market combined, was not powerful enough to help lift the benchmark index. Bandar Abbas Oil Refinery (PNBA1, +0.71%, IRR 7,057) lead the greenway along with Tehran Oil Refinery (PTEH1, +1.08%, IRR 4,131) up until the final countdown, however, the sale pressure made them mostly neutral at the end.

Elsewhere, the unfortunate Auto sector (-0.67%) gave back most of its recent advance today, pushed the major indices lower again. The orange giant, Sipa Co (SIPA1, -1.63% IRR 904), traded for almost 37 mn shares in negative range caused rest of the tickets to feel the pressure upon the whole industry even more.

In general, not so prosperous market of the last month of the Persian year, hand in hand with more and more ambiguities with regards to Iranian Economy future, made the days red for Tehran Stock Exchange.

Source:

2018, Iranian Investment Funds to move from CoD to Equity and Debt!, Sunday, March 4, p.1,<https://agahgroup.com>