Market News

– Indian government authorized its refineries to continue Iranian oil purchases by domestic carrier vessels and insurance policies. Indian carriers and insurance firms were banned like their western analogues to transfer/insure Iranian oil shipments and imposing the shipment liabilities to National Iranian Tanker Company, a subsidiary of the National Iranian Oil Company will allow India to continue its oil imports like other Iranian allies China and Turkey.

– The Federation of Euro-Asian Stock Exchanges (FEAS) is to announce the region’s top brokerages in its annual meeting to be held this year in Abu Dhabi and Tehran Stock Exchange has nominated its top-ranked brokers for FEAS champions league. Agah Brokerage Firm (the brokerage arm of Agah Group) along with Parsian and Mellat brokerages are the top 3 Iranian candidates.

– From today on, the offering of Parallel Salam Sukuks worth IRR 2,000 bn (USD 47.62 mn) financing South Kaveh Steel Co. working capital needs will begin on Iran Mercantile Exchange under the ticker of KVSQ. The secondary trades price, to be purchased by the market maker, is based on IPO quote plus 17% annual yield. These securities will return the investors an annual yield of 18.5% on maturity, however,  if south Kaveh steel Co. executes its call option the yield figure would reach maximum 19%.

– In a report published by the CEO of National Petrochemical Company, it was announced that in a period started from late April 2018 until August 7th a figure of EUR 2.26 bn has been offered to importers in Nima platform by petrochemical companies (their export revenues). Adding to that the EUR 754 mn of last two weeks, a total amount of more than EUR 3 bn has been sold in the platform so far. a USD/IRR rate of 75,000 can be the base for the recent FX sales.

– Iran SEO joined the Fin-Tech committee of  International Organisation of Securities Commissions (IOSCO) in an attempt to develop the nation’s financial technology know-how according to international standards. Main activities of this committee can be categorized as below:

• Considering legal frameworks and rule of law;
• Bedding the proper infrastructures;
• Considering smart platforms and their implementation processes;

In the Market

Equities performed way better than expected today thanks to rising prices of commodities and global crude. TEDPIX (+2.02%) stamped 2726.23 green points on the index while IFEX (+2.72%) closed on a new record high of 1,568.71. Trading volume and value were a bit lower than other days, however, there are no signs of cash withdrawal from the market.

Today’s session was mostly driven by Metals (+2.60%) as its commodities trades were better than anticipations over IME. Isfahan Mubaraka Steel (FOLD, +2.40%) placed 214.29 positive points on the index solely despite the fact that sale pressure was stronger on the ticker towards the ending. National Copper Industries (MSMI, +2.98%) sold its copper products higher and faced massive demand during the session. The ticker changed hands for almost 40 mn shares and placed 4th in growth ranking.

Oil Products (+4.50%) hit on the most wanted listed again as crude prices reached near 80$ per barrel on global markets. All the sector components, except lube cut producers, ended the day with orders left in buy queue. Bandar Abbas Oil Refinery (PNBA, +4.98%) was the leader which followed by Tehran (PTEH, +5.0%) and Isfahan (PNES, +4.99%) refineries. Oil Industry Investment (NAFT, +0.71%) and Pars Oil (NPRS, +0.18%)were the only tickers ended almost at their flat lines.

Finally, Chemicals (+2.72%) of the market were good today as well and it is safe to say that almost all of its shares ended the day in green. Persian Gulf Petrochemical (PKLJ, +3.23%) and its sister Pars Petrochemical (+3.41%) were the most wanted of the sector today and had a hand in the market jump.

Source:

2018, Allies to continue Iranian oil purchases!, Tuesday, Sep 4, p.1,<https://agahgroup.com>