Market News

– Today a new piece of Islamic T-Bills was supposed to be offered on Iran Fara Bourse. Being the second issue of the new Islamic treasury bills IPO round on Iran Debt Market, the TB291 has a value of IRR 10,000 bn (USD 235.7 mn) and will be matured on Aug 14, 2019. The older issues with close maturity dates are TB181 and TB191 which has a YTM of 26.22% and 25.89% respectively. However, the new offer did not price at today’s session. The below table demonstrates issues with highest yields on the last trading session:

– The Minister of Roads & Urban Development has announced the issuance of IRR 1,050 bn corporate Sukuk Ijarah to finance the production of 50 domestic made locomotive. The Islamic Republic railways co. will be the guarantor of this private issue.

– Deputy Minister of Economic Affairs and Finance stated the latest figure of Iranian government debts to Central Bank at IRR 1,620,000 bn (USD 38.19 bn) and herald about disclosing the information and data to the public after classification. “The unbalanced budget is the most effective on this huge pile of liabilities and previous administration has always reached for more from CBI which now their access is terminated,” said Mirshojaian on the 28^th annual convention of Monetary and currency policies.

In the Market

Major averages ended the day at another all-time high record. With fresh money supply heading to the capital market, the TEDPIX jumped for 2.22% and stood above 108,000 level. This was while IFEX hiked as well for almost 2.31% mostly indebted to its giants reopening after a temporary halt.

Being on a witch hunt to reclaim the most valuable firm place again, Persian Gulf petrochemical (PKLJ1, +4.96%) enjoyed most of the day with heavy purchase orders in buy queue. With almost 135 mn traded share, the ticker stamped solely 347.24 positive points on the overall index. Most of the names in the Chemical sector (3.0%) ended the day in good green too as the capital market seems to sustain its bullish trend for a while.

Metals (0.69%) on the other hand, experienced moderate trades with its giant Isfahan Mubaraka Steel (FOLD1, +2.11%) reopened at the opening bell on +4.0% and got more rational towards the end. National Copper Industries (MSMI1, -1.29%) was the big looser of the sector today as investors tried to save some profit after the other day’s massive jump of 19.9%.

There was finally some good news on the Banking (+0.71%) sector which made the trades more favorable for the industry components. Saderat Bank (BSDR1, +6.37%) announced that the figure of annual losses is now reduced and it is believed that by the next year this time the share would make some positive EPS after all. Middle East Bank (BKHZ1, +4.89%) announced an EPS of IRR 153 for the fiscal year ended Mar 21, 2018, and continued its profitability regardless of the crises happening in the whole industry. Being one the few Iranian Banks with actual international business and professional management, the ticker was highly demanded and left more than 6.5 mn purchase orders on the queue.

Its seems that with recent support from all administrative bodies, the capital market index is on its mission to capture the technical target of 120,000.

Source:

2018, Iran Debt Market enjoys +30% yields!, Wednesday, June 20, p.1,<https://agahgroup.com>