Market News

– Today a new issue of Islamic T-Bills has been offered on Iran Fara Bourse. Being the first of a whole new round, TB281 has a due date of fewer than 2 months now but the original maturity of securities was 5 months. The total size of the issue reaches IRR 5,000 bn (USD 118.4 mn) and the below table demonstrate all possible pricing scenarios, however, the securities priced at IRR 967,000 which made the YTM stand at 24.45%. With returns now more than 24% these days, Islamic T-Bills have become among the top choices of investment amid market participants again.

– With the stock market breaking all-time highs, mutual funds investment returned to the top again amid market enthusiast who has minor or no capital market expertise. Being under the supervision of a professional manager along with regular SEO monitoring, the Iranian mutual fund ecosystem is now one the best viable solutions for both domestic and foreign investors. The below table sorts mutual funds with highest weekly gains.

Source: RasamFunds.com

– The SEO’s head of markets and exchanges supervision announced that the ratio between supply-demand is now reached to more than 5 times (in favour of demand) while a fresh volume of IRR 1,000 bn has been injected into the market just over the previous session.

In the Market

Iranian equities record yet another surprising super jump today despite the fact that over the ending bell the sale pressure was sensible more than ever. TEDPIX hiked + 2.03% to stand at 104,533.54 while IFEX did a moderate run and closed +0.87% higher.

The weight of Metals sector (+2.46%) was significantly higher contrary to the previous session and Iron Ores (7.29%) outperformed today as well. Chador Malou Co (CHML1, +16.47%) reopened after a week and faced with a tremendous demand from the investors’ side. Gol-e-Gohar (GOLG1, +4.93%) were in high demands after the opening bell, however, the trades were leaned moderately through the closing. Super-giant of the Metals, Isfahan Mubaraka Steel (FOLD1, +3.56%) surpassed Persian Gulf Petrochemical Co. (PKLJ1, +1.69%) in terms of market cap and placed first as the Iranian most valuable company.

Oil Products were the big losers of today massively insane rally mostly due to recent drops in global crude prices. Tehran Oil Refinery (PTEH1, -2.77%) was the lead in today’s disappointing performance with almost 10 mn traded share. Other names in the sector lost between 0.5 and 5% to make an almost entirely red session for the industry.

The poor Auto sector (+0.69%) suffered from lack of fundamental catalysts behind its previous jumps and in line with the other day’s analysis dropped hard despite its early hikes. The sale pressure was stronger near the closing and it made most of the tickers to close beneath their flat lines.

Finally, the Chemical sector (+2.79%) stood hard on its position after all and closed the day with its head held high. The speculations of a third FX rate for some exporters along with stronger anticipations of a brand new FX regime for the nation drove the sector component higher yet with a moderate pace.

Source:

2018, Islamic T-Bills to yield +24% again!, Monday, June 18, p.1,<https://agahgroup.com>