Market News

– In an analysis carried out by Bamdad economical studies, it is shown that despite the popular belief, money supply growth trend in Iran Economy has always been on the same track regardless of each administration’s political party. The below chart demonstrates that an inflated money supply trend with the aim of higher economic growth was on the policy makers big picture after the Islamic revolution. 

– On Saturday, the biggest Iranian mining company, Gohar Zamin Iron Ore Co., will be publically offered on Iran Fara Bourse for the first time. 5% of the company’s shares, equal to 615 mn, are going to be offered with a based price of IRR 6,500-6,800 via book building method. Gole-e-Gohar, Omid Investments and Qadir Investments are the major shareholders. This is the largest IPO on IFB this year which will dry the market for a figure of cIRR 4,182 bn (USD 99.57 mn – USD/IRR 42,000).

– As the last issue of Islamic Treasury Bills this year, on Sunday, 30,000,000 securities worth USD 714.28 mn under the ticker of TB37 will be offered on Iran Debt Market in order to complete the administration’s current fiscal year debt puzzle. The below table demonstrates the latest status of ITBs outstanding:

In the Market

Equities ended widely lower in a topsy-turvy session driven mostly by the downfall of global crude. Almost all sectors closed the day lower thanks to the herd-like behaviour of inexperienced market participants. TEDPIX (-0.66%) declined for almost 1,220 points and stood a tick below 182K level. IFEX (-1.84%) showed a harder reaction to global falling prices and closed at 1,957.15.

Energy components of Oil Products (-2.35%) and Chemicals (+0.75%) were deeply nested on the supply side as investors just needed a plea to blow out the candle in the current market situation. The total market sentiment has its effects on sectors like Banking (-1.36%) and Auto (-1.73%) as well.

In general, it shall be waited to see what will happen in the global markets over the weekend and predicts the short-term trend of the capital market then.

Source:

2018, Money Supply growth trend analyzed in Iran Economy!, Wednesday, Nov 14, p.1,<https://agahgroup.com>