Iran PMI report publishes for the first time!
Market News
– The statistics centre of Iran chamber of commerce published, for the first time, Iran PMI report (Purchasing Managers’ Index). Being known as one of the most accurate economic indicators, this index has been calculated for the third quarter of 1397 (2018/19) fiscal year. Below table has the details:
Data shows that despite the Contractionary status of the Iranian Economy, production expectations grew over the Q3 which is a sign of better days for industries.
– In a report carried out by Santa Economic Indicators, the share of each Iranian citizen from the proposed budget bill has been analyzed. According to the data, each Iranian individual bears a figure of IRR 4,550,000 (cUSD 43.33 – USD/IRR 105,000) per month from the next year’s budget. The composition of per capita share of the budget is as below:
– Iranian parliament members have decided to exempt businesses whom will raise capital from the revaluation surplus for 5 years. In today’s open session this was ratified with 143 votes in “ay” and 33 votes in “nay” in order to be an incentive for banks and automakers to amend their capital structure after all.
In the Market
Stocks started today with a disappointing performance of oil in global markets mainly due to higher than expectations oil production of the US along with concerns over the world economic recession fears. TEDPIX (-0.58%) fell for almost a 1,000 points to close once again below the 160K level while IFEX (-0.37%) nearly did the same with much lower trading volume and value.
Banking (+1.21%) sector was once again in the spotlight as investors showed much appreciation towards the newly re-opened Bank Pasargad (BPAS, +4.97%). Almost half of today’s trades volume and value were for the mid-weighted sector and a huge pile of fresh cash was injected into the sector by mostly retail side investors. Day traders sold their stake on Mellat Bank (BMLT, -1.39%) today in an attempt to take a position in the newcomer. Analysts believed that the sector needs the absolute support of CBI on the FX translation rate issue for further bullish trend.
On the flip side and as always, investors’ reactions to global downturn of crude were more than needed. The heavy weighted Oil Products (-2.39%)sector was once again faced with sale pressure as market participants have lost their confidence in any good performance of the global oil market for the year 2019. Isfahan Oil Refinery (PNES, -3.18%) stamped –122.15 negative points on the overall index solely.
Source:
2019, Iran PMI report publishes for the first time!, Wednesday, Jan 02 p.1,<https://agahgroup.com>
