Market News

– Privatization Organization of Iran announced that in a bill offered to the parliament it is suggested that Justice shares should be freed and tradable on Iran Capital Market in from on an ETF. This idea would eventually lead to the elimination of provincial investment companies. 

– A member of Majlis economy commission told that in line with supporting Iranian exporters policy, it is under consideration that the VAT for on their export revenue reduces almost completely to zero percent. “different scenarios have been vetted that a preferred VAT rate of 3% is also among them” he added.

– In a study carried out by RasamFunds, the best performed Iranian mutual funds for a period of 1 week ended Jul 22, 2018, have been announced. The below tables show the top performing fixed income and equity mutual funds:

– Armani Technology development VC fund is to offer its committed yet not paid investment units through Iran Fara Bourse. The VC fund with the ticker of VC031 is to offer 4,000 investment units (out of 600,000) in a period of 7 business day starting from Jul 28, 2018. The committed price for each unit is IRR 500,000, of which a figure of IRR 100,00 has been paid and the rest is to be raised via the offering.

In the Market

Stocks finished today with bewilderment raising from the two presidents, Rouhani and Trump, verbal disputes and threats. Contrary to the parallel markets of FX and gold coins, which hiked meteorically, the stock exchange performed poorly mostly due to instabilities rising amid the nation. TEDPIX ended the day 0.16 lower at 108,658.88 while IFEX (-0.26%) was not different in terms of sale pressure.

The reopening of some giants even could not help the “red day”, however, the bearish trend could be far worse than this. After better than expected Q1 reports of Metals (-0.67%) components, major names of the industry got back to the trading board with massive demands for. Isfahan Mubaraka Steel (FOLD, +2.51%) changed hands for more than 45 mn shares and recorded 171.51 positive points on the index solely. National Copper industries (MSMI, +0.95%) was next in line in terms of positive impact for the sector with 38.54 green points.

Elsewhere, the political tensions hit the Chemical (-0.87%) sector the most. Ambiguities towards Iran Oil sales along with volatilities of the FX market made the day disappointing for the industry. Persian Gulf Petrochemical Company (PKLJ, -2.01%) was the leader of the bearish trend with most negative points (-161.68) recorded on the index. Tamin Oil & Gas (PTAP1, -2.46%) was next in line with -77.48 points.

Finally, Oil Products (+2.05%) headlined the earnings front, climbing on the back of a better-than-expected quarterly report. Its outperformance helped the top-weighted sector get off to a good start, however, the bullish momentum faded as the day wore on. Tabriz Oil Refinery (PNTB, +8.41%)reopened today and pumped fresh blood into the sector’s veins. This good opening has its influence on other tickers as well pushed the industry higher towards the closing bell.

Source:

2018, Justice shares to be offered on Iran Capital Market!, Monday, July 23, p.1,<https://agahgroup.com>