Market News

– Today 10% (equal to 15,645,000 shares) of Qom Atrin Thread Co., a producer of PES, PA and twisting filament yarn, went public on Iran Fara Bourse under the ticker of ANQZ as the 6th IPO this year. The maximum of 300 shares could be bought by each investor through book building method within the IRR 4,680 – IRR 4,914 range. The company exports 5% of its production and Turkey is its main destination.

– Continuing its amendments of Iran FX market, CBI ratified a directive obliging non-chemical/steel exporters to bring their FX revenues within 3 months back to the country and utilize one of the below four ways to fulfil their currency commitments:

• Imports vs. Exports (by the exporter or third party);
• Payments for FX facilities like Finance, Re-finance and Usance;
• Seeling currency to banks and exchange houses;
• Depositing FX revenues with banks (currency deposits);

– According to the central bank’s stats, the total figure of Iran banking sector money supply has reached a surprising level of IRR 16,020,000 bn (USD 381.43 bn) showing a 20.1% rise contrary to the same period the previous year. Of which, a total amount of IRR 8,409,000 bn (USD 200.21 bn) is dedicated to foreign assets stamping a 41% rise. The below image shows the balance of CBI in the period ended June 2018. 

In the Market

Equities rallied strongly today and broke their all-time highs once again. In its super bullish move, TEDPIX jumped almost 4% to stand above 147K level. IFEX performed dazzling today as well and jumped 2.8%. Analysts believe that the unleashed money supply amid the nation now reached the capital market and this trend could go on for a while. The trading volume and value also recorded new highs today which show no sign of retraction from investors.

It seems that the money supply of the nation finally found its nest and is about to be productive after all. Today’s gains were broad-based since all, except one – Paper & Printing, of the industries, ended the day in green deeper than ever. The rumours of a free market FX rate for all the IME commodities hand in hand with rising crude prices all around the world made the heavy weighted sectors of Metals (+3.93%), Chemicals (+3.22%), Oil Products (+4.76%), Iron Ores (+4.80%) and Conglomerates (4.53%) highly demanded through the entire session.

Mega Caps of all industries like Isfahan Mubaraka Steel (FOLD, +4.92%), Gol-e-Gohar (GOLG, +4.58%), Bandar Abbas Oil Refinery (PNBA, +5.0%) and Persian Gulf Petrochemical (PKLJ, +1.23%) were the market leaders today and placed more than 1060 positive points on the overall index. Micro-caps of other small sectors were also deeply demanded which has an effect on the value-weighted overall index (+2.91%)

Source:

2018, Qom Atrin Thread went public on Iran Fara Bourse!, Monday, Sep 10, p.1,<https://agahgroup.com>