Market News

– Following the recent rise in Iranian gold coin (Bahar Azadi) price, the derivate board of Iran Mercantile Exchange has decided to take margin limits higher for future contracts. According to the news, the initial margin is set to be IRR 17,500,000 for each contract from today (Apr 04, 2018). Counting the additional margin as well, the total figure would be IRR 22,500,000.

– The international monetary fund (IMF) just released its new report on Iran’s Economy, showing that deepening the domestic debt market, specifically the Islamic Treasury Bills, is on the administration’s agenda to offset a part of the nation’s inability accessing international finances. Pointing out to AML and Anti Terrorism issues on another part, IMF suggests, while the local government attempts for better disclosure is considered as constructive, that Iranian policymaker shall subject the related constitutional regulations to a serious reform.

– Despite the earlier rumours around the termination of mutual collaboration between Iranian banking sector and Austria’s Oberbank, the CBI’s officials along the Austrian ambassador strongly rejected such termination and stated that the two banks are doing the correspondent relations as previous with no changes whatsoever.

Just a mild green!

In the Market

Iranian equities ended today’s session with just a pinch of green along with low trading volume and value. The TEDPIX advanced 0.07% and stabilized itself above 97,000.0 level. On the other hand, IFEX (-0.60%) showed relative weakness and closed below its flat.

The most influential group – metals sector (-0.12%) – finished lower, but struggled up until the end-afternoon rally The group’s turnaround helped boost investor sentiment, which has suffered in recent weeks amid a lack of sector leadership. Isfahan Steel Co. (FOLD1, -1.04%) led the negative trend for the sector stamped solely -58.45 points on the overall index. Meanwhile, National Copper Industries (MSMI1, +1.30%), thanks to promising future of global meta markets, compensate for the whole sector for a bit. Other than those, the rest of group’s tickers traded on a balance.

On the flip side, Gol-e-Gohar industries were alone to carry the negative weight of its peer teammates on the Iron Ore sector (+0.46%). The ticker traded for 3.1 mn shares in positive territories and left 41.63 green points behind on the index. Others, literally, were spent on trades.

Jam Petrochemical (PJMZ1, +1.0%) of the famous chemical sector (+0.25%) jumped and the most of its peered group came along with it, thanks in part to some short-covering activity.

Considering being on the last working day of the first business week after holidays, the whole market went through rather calm and range bounced trades. There is the fresh coming week ahead to look for some serious action in the capital market. Afterall all participants have their eyes on USD/IRR volatilities and are super eager to have any official comments on the silent rate rises to above 50,000 level.

Source:

2018, Margins up on Iran Mercantile Exchange!, Wednesday, April 4, p.1,<https://agahgroup.com>