Market News

– After the establishment of the first Iranian credit rating institute, Iran SEO is now authorizing the Iranian Debt Securities to be issued without a guarantor and based on their good credit status. This move can ease the process of debt securities issuance along with reducing the issue costs. Companies with good credit score can finance their capital need cheaper and investors would be more confident in their securities. 

– After the surprising advances of USD/IRR rate in the free market (third FX market), speculations over the new FX package of CBI got stronger. According to unconfirmed news, the CBI is about to take below measures in order to maintain the FX situation:

1. EUR based deposit accounts;
2. Clearing of CBI’s liabilities to banks in foreign currencies;
3. Amendments of NIMA platform
4. Establishing a dedicated clearinghouse for exchange houses
5. FX debit cards for travellers (a western union liked method)
6. Issuance of long-term FX certificates of deposits by banks)
7. Issuance of foreign currency debt securities by NIOC;
8. Open Market Operation (OMO) of CBI
9. Equity collateralizing in case of banks’ overdraft;

– Iran and France signed a MoU with regards to transferring the know-how and world-class production knowledge of tire production. This happened during the 12th Iran Plast exhibition between the French rubber and plastic syndicate and Barez industrial group (an Iranian tire producer). This MoU has 7 articles and tackles the followings as its objectives:

• Tire Design;
• Ingredients;
• Tire production management;
• Raw materials quality and standardization;
• Safety and hygiene concerns;
•  Repair and maintenance; and
• Logistics management

– In an attempt to reduce the effect of overnight decision makings with regards to the most important economic issues, the first VP of Hassan Rouhani, Issac Jahangiri, announced a crucial directive, ratified by the administration, preventing unexpected results of major policy changes. According to this new directive, all new directives, circulars or bylaws issue from influential ministries must be notified before enforcement. Ministries of industries and mines, health and agriculture along with CBI are the audience of this directive.

In the Market

Stocks had another super bullish rally today with the major averages settling high above their flat-lines. TEDPIX (+3.45%) jumped for almost 6,100points to close above 180K level while IFEX (+2.89%) performed even better and finished the day at 2,071.02 level. Analysts believe that new highs of US dollars and Bahar Azar gold coins that acted as the fuel of parallel markets meteoric rises after the speeches of both Iran and US presidents will have its effect on the capital market as well making the bed for further advances. USD/IRR reached +18,000 level in the free market today in an event only could be described as pure distrust of the nation to the administration’s policies.

Technical analyses experts now have new milestones for the advancements of the Tehran Stock Exchange and Iran Fara Bourse. TEDPIX have the goal of 220-240K ahead in the long-run and Price-value-weighted index also can conquer the 65K in a long-term view. Below Images show the details:

Source:

2018, Iranian Debt Securities to be issued based on credit ratings!, Wednesday, Sep 26, p.1,<https://agahgroup.com>