Market News

– Following the recent policies about making a secondary market for exporters to provide their FX revenues on a fair market price to importers, yesterday, the first trade of said kind was carried out Iran FX Secondary Market at USD/IRR rate of 75,230. Royal Exchange House was the buyer of 10,000 AED (USD/AED 3.67) at AED/IRR 20,500 on NIMA Platform. Said scheme will put back Iranian Exchange houses back at the track after a temporary suspension from FX trades. Also, the official rate of USD/IRR reported by the CBI stood at 43,010 level experiencing a rise.

– With last pieces of new T-bills series and corporate Sukuks on Tehran Stock Exchange and Iran Fara Bourse, Iran Debt Market puzzle is now more completed than ever and the rates have reached to an attractive level for domestic investors. However, the key decisions of CBI regarding the future of risk-free rates on bank deposits imposed a great risk to the future of this market. The below table demonstrates the details of outstanding treasury bills. You can also find all the data regarding Iranian debt securities, both governmental and corporate, on our partner’s website (www.cbonds.com) which publishes the data exclusively provided by Agah Group on Iranian debt market.

– The best performing Iranian ETFs of Tehran Stock Exchange has been announced for a 7-day period of the previous week. Managed by Agah Group, Hasty Bakhsh Agah ETF performed handsomely with a weekly return of 5.71% in the said period. Moreover, the fund performed 14.80% on the previous month which could be a sign of +100% annual return. The below table demonstrates the top 10 performers:

In the Market

The market stumbled for the second straight session today, with the TEDPIX and IFEX losing -1.21% and -0.95%, respectively. The heavy weighted sectors hand in hand with the small-caps ended lower ahead of general meetings season.

1Almost 90% of sectors finished today in deep red. Defensive groups, including Metals (-4.59%), Chemicals (-0.44%), and Iron Ores (-1.49%) led the fall with massive sell orders. The downfalls of the global commodity in gear of trade war between the US and China was the main drive behind today’s dive.

After the far worst than expected opening of copper, National Copper industries (MSMI, -11.79%) reopened recording more than 550 negative points on the overall index solely. Analysts believed that the outlook for global commodities does not look good and the industry might face even harder days in coming months.

Elsewhere, the drop in global crude prices after the US retraction from Iran oil ban for its allies made the day disappointing for Oil Products (+0.73%) sector giants, however, the industry managed to close above its flat line.

Source:

2018, USD/IRR priced at 75,230 on Iran FX Secondary Market!, Wednesday, July 11, p.1,<https://agahgroup.com>