Market News

– The seventh line of Tehran underground network (metro) is to be financed via Iran Capital Market by the issuance of Municipal Musharaka Sukuk. These securities worth IRR 7,000 bn (USD 166.67 mn) and have a maturity of 4 years with a nominal yield of 20% and quarterly coupon payments. Tamadon Investment Bank will act as the underwriter and book runner to these Sukuks. 

– In a report published by Donya-e-Eqtesad, performances of Iranian Mutual funds have been analyzed and once again it was proven that these instruments did a great job delivering handsome returns to their investors between all instruments of Iran Capital Market. With the recent advances of the stock market, mutual funds, in a communal move,  performed better than major indices on average. The below table demonstrates the details:

– Trades turnover stats of Iran housing sector shows that once again the industry stepped into a full-scale recession. Figures indicate that the transactions volume has been plummeted 35% contrary to the previous month. This number is a solid 96% decrease in comparison to the same period last year. The +60% rise in housing prices can be considered the main reason behind this historic recession.

In the Market

Today was a record-setting day for the stock market, with the TEDPIX (+1.64%) notching its all-time record high close (138,582.58). The IFEX (+1.08%) also registered a fresh record finish as the commodity pricing disputes seems to be cleared finally and companies are about to issue explanatory amendments to their monthly performance reports.

The market stopped its opening loses opening after better than expected directive on IME pricing scheme came out and announced the free market FX rate as a pricing base for coloured metals like what happened for oil products. Iran stock market gains were broad-based today with many sectors advancing.

The heavily-weighted Metals (+1.94%) sector was the top-performing group, followed closely by the mid-weighted Oil Products (+5.74%) sector. National Copper Industries (MSMI, +3.68%) were highly demanded mostly due to a statement released by its management stressing that the US sanctions will impose no threats to the company’s exports and most of their agreements are long term. Moreover, the Industries and mines ministry announced that there will be no price cap for copper traders on IME which blazed the fire amid investors made the ticker to close with more than 10 mn purchase orders left in the queue.

Within the Oil Products space, refineries like Bandar Abbas Oil Refinery (PNBA, +6.53%) spiked 10.0 % after reporting better-than-expected earnings and revenues as well as an amendment explaining the profitability potentials with a free market FX rate. Tehran (PTEH, +7.74%) and Tabriz (PNTB,+9.21%) Oil Refineries had the same place amid investors and performed handsomely.

Finally, the Chemicals (-0.24%) sector was one of the lone decliners with its giants, Persian Gulf Petrochemical (PKLJ, -1.77%) and Pars Petrochemical (-0.34%) released disappointing monthly performance reports and faced with massive sale pressure at early hours.

Source:

2018, Tehran Metro to finance via Iran Capital Market!, ُSunday, Aug 26, p.1,<https://agahgroup.com>