Market News

– In an attempt to keep up the nations oil sales after US sanctions and put out other rivals like KSA, Reuters claimed that Iran sells oil on massive discounts in an unprecedented event in over a decade. According to this news agency, Iran is willing to sell its light crude production, for delivery in January 2019, a dollar under the market price. Other products like Iran heavy oil can be traded $1.25 below KSA prices while this figure for Forouzan field crude hovers around $1.10. 

– In a study carried out by Banker (telegram channel), the showcase market indicators of the Iranian economy have been analyzed over two periods of 1396 (2017/18)H1 and 1397 (2018/19)H1. The below table demonstrates the details:

– After months of controversies and with the official request of rubber and plastics producers, the Ministry of Mines and Industries granted the green light on the price hike of Motor Vehicle Tyres. According to officials, the base price of radial and bias ply tires will be increased by 20 to 32 per cent respectively. This is the reason behind the halt of all tyres type during the last couple of days and it could carry out better performance results for listed tickers of rubber and plastic industry.

In the Market

Stocks performed a disappointing show today in an impatient and boring session. TEDPIX (-0.41%) lost 680 points to continue its trend heading nowhere and closed at 166,235.02 level. This is while Iran Fara Bourse trading core came with fault today and stopped after the first 30 mins from the opening bell.

Today market was once again dominated by the highly demanded tickers of mid-weighted Auto (-0.01%) and Banking (+0.24%) sectors as the day trades rushed to these industries in the absence of a proper market path. Big names of heavy weighted industries were staled as concerns over the global commodities markets situations grew. The chance of a deeper trade war between the US and China along with falling oil prices made the perfect recipe for today sell off.

Analysts believed that domestic markets will stay in their current status for a while with a glance at the global economic situation waiting for the smallest signal to acquire a vivid path.

Source:

2018, Iran sells oil with the biggest discount in over a decade!, Tuesday, Dec 11, p.1,<https://agahgroup.com>