Market News

– After the other day’s news on USD/IRR Unification, the Central Bank of Iran changed the scheme of Iranian gold coin pre-sales. Following the administration’s decision to return stability to currency and gold markets, CBI’s chair announced that the pre-sale of “Bahar Azadi” coins shall be in line with the following table:

Moreover, just a day after president Rouhani’s hard choice, there are doubts on the 42,000 figure announced. Experts challenged the number in different ways, however, it seems the new rate is the outcome of PPP theory proper utilization. The below table shows the details.

– A MoU was signed between the Central Securities Depository of Iran (CSDI) and National Settlement Depository of Russia to pave grounds for the linking of both countries’ capital market. Exchanging knowledge and experience, increasing trades number and volume and participating in pre/post-trading courses are among the targets of this MoU. Furthermore, referring to the opening of 60 mutual correspondent accounts between Iranian and Russian banks, a Russian official expressed hope that the Mir Payment System will start operating in Iran by the end of this year. In regards to further cooperation with Russia, negotiations are planned to discuss the electrification of a 3,000 km railroad with the Russian Railways, which requires an EUR 2-3 bn finance. According to official stats, Iran export to Russia has also grown by 30% in 2017, to reach from $303 bn to $392 bn.

In the Market

The ambiguity caused by yesterday news on forex market dragged the TEDPIX down by more than 400 points, leaving the majority of names in the red.

Despite the previous session, most names in the Automotive group, led by Pars Khodro and Zamyad, saw price fall and sell queues.

Symbols listed on the Oil Products space went through low volume trades, led by Esfahan Oil Refining. The sector failed to keep its green colour and eventually settled with slim losses. Iranol Oil, however, closed with a sell queue.

Except a few, the Metals industry closed beneath its flat lines; Esfahan’s Steel ticker got reopened 1.5% lower. A similar sentiment was seen in the Iron Ore group, although Chadormalu Mining & Industrial, as well as Iran Manganese Mines, managed to keep their head above the water.

The Chemicals space also finished in the red with many names losing more than 3%, although Fars Chemicals Industries went up by 4%. Having applied a +17% EPS adjustment and explaining details on its overhaul, Kharq Petrochemical returned to the market at IRR 23,888, 10% lower.

Source:

2018, USD/IRR Unification Aftermaths in Iran Economy!, Thursday, April 11, p.1,<https://agahgroup.com>