Market News

– After the successful issuance of corporate Sukuk Ijarah for Tose-e Etemad Mobin Co., now Iran Fara Bourse offered a new round of equity-backed (2,224,199,289 shares of Iran Telecommunication Co. @ IRR 2,248 per share) securities on the exchange today. This round consists of 3 tranches with the following details and all the issued volume has been sold on the first day of the underwriting period:

– World bank published its latest report on MENA region situation for the year 2019 and degrade Iran’s economic growth for -3.6% contrary to previous forecasts. This is while the overall regions growth rate would extend by 1.9 per cent and the Persian Gulf  Cooperation Council members will enjoy the growth of 2.6%.

– After the other day news on the easement of trades between Iran and India now the financial model of these transactions has been revealed by both parties officials. Oil sales proceeds will be paid 50% in Rupee by India and the rest would be dedicated to imports of goods from the nation to Iran. The details of such goods are not out yet, however, the transfers will be through Bank Pasargad newly opened branch in Mumbai. In other news, the chair of UCO bank announced that the process of transferring Indian refineries’ liabilities to Iran via 9 Iranian banks who have accounts with UCO.

In the Market

Equities rose moderately on today’s session, notching the fifth straight day of gains. The benchmark index, TEDPIX, jumped almost 1,500 points on mid-session due to the reopening of a halted ticker, however, after its trade got canceled by the supervisor it settled at 164,829.40 level. IFEX (+1.13%), on the other hand, had a strong start from the beginning with so signs of slowing down throughout the end.

Hopes of a win-win settlement between the US and China and their trade war along with higher than expected enthusiasm for some “off the charts” Q3reports kept the bull goblins in the closet today.

Banking (+0.04%) sector being the leader, rumours of a fundamental a change in the nations banking situation made investors once again be hopeful for a free market rate FX translation. Despite reaching their technical resistant levels, trade of the tickers showed no signs of disappointment in near future. Once again the segment owned first place title in terms of best sectors of the day.

Elsewhere and on the small-cap Auto (-0.26%) sector, early news about the governmental support from automakers made fading excitements amid investors that could not hold on enough to hear the closing bell. Saipa Co. (SIPA, -0.81%) as the sector’s hot-shot went through some early green trades yet ended in a mild red at the end.

The late advancements of global commodities markets brought hope for heavy weighted Chemicals (+0.43%) and Metals (+0.71%) after all and traders have their eyes on the weekend prices for the next trading session on Saturday.

Source:

2019, New pieces of corporate Sukuk Ijarah on Iran Fara Bourse!, Wednesday, Jan 09 p.1,<https://agahgroup.com>