Market News

– According to SEO brokerages’ trades stats over Farvardin month (March-April 2018) and out of the 105 active brokers in Iran capital market, Agah Group brokerage arm managed to place first in terms of the highest value of trades; furthermore, 41% of online trading (electronic trades) was conducted by 5 brokerage firms, among which, Agah was placed 2^nd with 7.42% market share.

– Via a letter to ministers of Industry, Agriculture and Health, the head of Plan and Budget Organization issued the license for allocating foreign currency at subsidized rates (USD/IRR 38,000) for import; this FX subsidy will be capped IRR 30,000 bn and distribute to the core goods mentioned in the table below only. This statement seeks the purpose of addressing concerns raised for importers on the exchange rate they shall utilize on their trades.

Source: donya-e-eqtesad

– The largest financing scheme based on Iranian corporate Sukuk securities is to take place on Tehran Stock Exchange. According to Lotus Parsian investment bank, the first equity-backed Sukuk Ijarah, worth IRR 8,000 bn (cUSD 190.5 mn), will be offered to the market soon. These securities have a 4-year maturity, quarterly coupon payments and eyeing the market rates now, they can yield their investors around 20%.

In the Market

The stock market wobbled on today’s as investors finally braced for all the good news out on the future of Iranian economy. The TEDPIX (+0.29%) and the IFEX (+0.48%) each finished a step higher, ending their recent losses respectively.

With the global oil price surpassing the $75, the Oil Products industry saw a rise in demand, led by Esfahan Oil Refining (+2.55%). Added 37.23 green points on the index solely, the ticker changed hands for almost 11 mn times.

Fortunately, sales pressure has reduced in the Chemicals space and Zagros, Kharg and Shazand Petrochemical companies experienced slim price growth.

The Metals space went through balanced trades, headed by Esfahan Steel. While Esfahan’s Mobarake Steel Company’s HR steel plates average price was IRR 22,200 in the past year, today, it was priced at IRR 28,400, 12% higher on Iran Mercantile Exchange, which directed investors’ attention to this ticker.

The Iron Ore group also witnessed positive trades; Iran Manganese Mines ticker was halted after experiencing 20% growth in 4 consecutive sessions.

According to official data, the sales of excess assets of both state and non-governmental banks in the last quarter of 2017/18 grew up by 370% to reach IRR 33,660 bn, while this figure stood at IRR 100,000 bn over the previous 33 months. The Banking space settled with balanced trades.

Finally, except Electric Khodro Sharq (-4.99%) and Mehvarsazan Iran Khodro (-0.7%), the entire Automotive group ended above their flat lines with names like Irka Part, Saipa Azin, Iran Tractor Casting and Iran Lent growing by more than 4%.

Source:

2018, Agah Group share of E-trade reaches 7.42% in Iran capital market!, Tuesday, April 24, p.1,<https://agahgroup.com>