Market News

– International Monetary Fund has predicted in its latest reports that Iran Economy will rise three steps by 2021 and will be placed as the world’s 15th largest economies. According to released stats, the GDP of the nation (based on purchasing power index) stood at USD 1,664 bn for 2017 and the country placed 18th in rankings. IMF report suggests that Iran Economy will pass Spain, Suadi Arabia and Canada in terms of growth by a GPD of USD 2,095 bn by 2021. 

– The guardian council gave its consent with regards to ratification of an amendment to anti-money laundering act based on FATF request. The council speaker announced that FATF amendment bill has no contradictory with Iran’s constitution and Sharia law as well. Ratification of this amendment has major effects on the future of Iran-Europe businesses after the US withdrawal from JCPoA.

– According to the latest report carried out by Securities and Exchange Organisation of Iran Agah Group placed first in terms of trading value (by 15.46% market share), online Trading Value (by 19.26% market share) of Iranian Gold Coin future contracts for the month Tir (Jun/Jul 2018). Moreover, Agah placed first amid other brokers in terms of Saffron future contracts trading value (with 30.53% total market share and 34.02% online market share). The total trading value of Iranian gold coin future market reached IRR 59,081,666 bn (USD 1,3366.69 bn).

– In a study carried out by Donya-e-Eqtesad, the main factor to blame for the unleashed growth of money supply in Iran Economy has been announced. According to the trend of the money supply components, cash and near money, an unexpected rise happened on the cash part over the spring of 1397 (2018/19) which shows a major change in the nature of money supply (e.g. liquidity). The below image demonstrates the details:

In the Market

Despite all the good news from Iran Economy on both domestic and foreign climates, equities took another step in the correction path on today’s session. TEDPIX plummeted for 1.91% to close the day at 129,013.76 level. IFEX did the same as well and ended at 1,479.23, -1.36% lower. Analysts believe that a short-term correction is what the market needs the most right now and today’s trades trend show that coming next days, the market will be in better position.

The super heavy-weighted Chemical (-4.11%) ended the day with a sizeable loss as investors had benefited from the sector the most. However, through the ending bell, supportive trades from big institutions came into play and most of the tickers closed just a bit lower below their flat lines. Parsian Oil and Gas (PASN, -8.41%) got back to the trading board after being halted for more than 20% advance on 5 consecutive sessions and considering the general market sentiment, it faced a massive sell-off. Persian Gulf Petrochemical (PKLJ, -2.84%) also gave out some of its recent gains and changed hands for almost 8.5 mn shares.

The situation over Metals (-1.40%) sector was somehow the same except for the fact that supportive trades from institutional investors were specifically stronger. Through the closing bell, most of the sector components reclaim a big chunk of their losses and some even end the day moderate green. Isfahan Steel Co. (ZOBZ, +4.09%) was the only ticker highly demanded from the beginning and closed mid-session due to a more than 20% advance in 5 consecutive sessions. Isfahan Mubaraka Seet (FOLD, -2.06%) started the day a bit rough on the other hand, yet managed to end it moderately lower than its previous session closing.

Finally and on the flip side, the recent bullish trend of Banking (+0.26) extended its gains today with Mellat Bank (BMLT, +4.54%) being the leader. The ticker started the day with more than 100 mn orders in buy queue, however, trades calmed down through the session end. Other big names of the sector could not hold to their gains and one by one trapped in a sell-off scheme which dominated the whole market today.

Source:

2018, IMF predictions bring hope for Iran Economy!, Saturday, Aug 11, p.1,<https://agahgroup.com>