Market News

– Unofficial news tells about that the currency policy maker might add another rate to Iranian FX rates regime. From today’s morning, the order submission for third group of products (cellphones, Automobiles, Home appliances, Cosmetics, etc.) has been halted which heralds a change in NIMA platform rates. Speculations suggest that there might be three rates for USD/IRR in the market:

• 38,000 for staple goods;
• 42,000 for oil and its products sales (that must be registered into NIMA platform)
• 65,000 for retailers and non-oil exporters (which can be submitted into a new platform called SEMSA)
• In response, the capital market showed a super solid response which can be read on “In the Market” section.

– In an analysis carried out by Donya-e-Eqtesad, top 10 companies on Tehran Stock Exchange and Iran Fara Bourse in terms of best and worst information disclosure have been scored. According to the stats, banking sector has the most tickers with disappointing disclosure standards. The below table demonstrate the details:

– Over the last Persian Calendar year 1396 (2017/18), three mutual exchange tradable funds backed by gold have been established in Iranian capital market (Iran Mercantile Exchange). Said funds are to deliver services to investors whom are interested to have indirect exposure to the gold market. The below table sets a comparative analysis on their performance as of June 12, 2018.

In the Market

Following its growth in the previous session mostly due to fundamental factors as well as the historical meeting between US and NK presidents, the stock market registered an even greater victory in today’s session, gaining more than 2700 points for the TEDPIX to stand at 99,128-point level. It seems that with forex and gold coin markets recent surge, now is the stock market turn; besides, the talks on a secondary forex market have also played a significant part in absorbing liquidity into the market.

With the news on setting USD/IRR at 65,000, the Petrochemical companies listed on the Chemicals space were highly demanded, including Zagros, Kharg and Khorasan Petrochemical companies facing buy queues. The rumor has it that there are talks with government officials to reduce stock feed prices for these companies.

Despite degraded from the TSE (Chemicals group) to the base market in 2012, Henkel Pakvash Co. announced its new restructuring, which requires its leaving the capital market for good.

While Saman Kish E-Payment ticker had been halted the other session due to a 20% hike in 4 consecutive sessions, it returned to the market 7.26% higher, which was followed by a buy queue, facing the Computer space with even more demand.

Aside from a few ticking beneath their flat lines, nearly the entire Metals industry hit its high, led by Esfahan’s Mobarake Steel; Esfahan Steel Co. ticker was reopened 10% higher at IRR 1,020 with a 124-mn orders in buy queue. Having increased its EPS adjustment by 28% from IRR 385 to IRR 492 due to the cupper price growth in the LME intensified by US dollar index jump in the final quarter of the prior year, the National Iranian Copper Industries ticker got halted.

Finally, the positive atmosphere of the market spread to other spaces like the Automotive, leading many ticker touching their ceilings. Besides, an official in spare part mfg. area announced the probable 30% rise in prices relying on the fluctuations in other markets, which was another motive behind the sector hike.

Source:

2018, Rumors have that Iranian FX rates might be threefold!, Wednesday, June 13, p.1,<https://agahgroup.com>