Iran Energy Exchange Shows Enterprising Capacity
Value of trade at the Iran Energy Exchange surged in the first four months of current fiscal year (March 20-July 21).
Data from IRENEX shows more than 295.82 trillion rials ($1.2 billion) worth of commodities were traded via the energy exchange during the period, Securities and Exchange News Agency (SENA) reported.
The figure indicates strong promise with a whopping 540% growth compared to the corresponding period last year, the highest in the history of the relatively new market.
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Value of trade at the Iran Energy Exchange surged in the first four months of current fiscal year (March 20-July 21).
Data from IRENEX shows more than 295.82 trillion rials ($1.2 billion) worth of commodities were traded via the energy exchange during the period, Securities and Exchange News Agency (SENA) reported.
The figure indicates strong promise with a whopping 540% growth compared to the corresponding period last year, the highest in the history of the relatively new market.
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Iranian Petrcohems Increasing Market Share With Three New Projects
To help expand the value-added chain in the petrochemical industry, three projects that cost $1.6 billion will be inaugurated on Thursday, managing director of the state-run National Petrochemical Company said.
“Kaveh Methanol Complex in the southern port city of Bandar Dayyer, Bushehr Province, Middle East Kimia Pars Petrochemical Company in the 2nd phase of Pars Special Economic Energy Zone in Assaluyeh, Bushehr Province, and Lorestan Petrochemical Complex in western Lorestan Province will add 4,000 tons to NPC’s annual output that currently is 66 million tons,” Behzad Mohammadi was quoted as saying by IRNA.
Referring to the first venture (Kaveh complex), he said it would increase Iran’s annual methanol production (now 8.3 million tons) by 2.3 million tons.
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To help expand the value-added chain in the petrochemical industry, three projects that cost $1.6 billion will be inaugurated on Thursday, managing director of the state-run National Petrochemical Company said.
“Kaveh Methanol Complex in the southern port city of Bandar Dayyer, Bushehr Province, Middle East Kimia Pars Petrochemical Company in the 2nd phase of Pars Special Economic Energy Zone in Assaluyeh, Bushehr Province, and Lorestan Petrochemical Complex in western Lorestan Province will add 4,000 tons to NPC’s annual output that currently is 66 million tons,” Behzad Mohammadi was quoted as saying by IRNA.
Referring to the first venture (Kaveh complex), he said it would increase Iran’s annual methanol production (now 8.3 million tons) by 2.3 million tons.
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More Companies See Opportunity in Bourse
The CEO of Securities and Exchange Organization says 140 companies are in the listing process to join the Tehran Stock Exchange and Iran Fara Bourse, the junior equity market.
Hassan Qalibaf-Asl said efforts are underway to ease the listing process. Ninety companies are doing the paperwork to get listed on the IFB while 50 want to be listed with the TSE, IRNA quoted him as saying.
The government has eased the listing process in line with the declared aim to expand the bourse and strengthen the supply side to accommodate the ballooning liquidity flowing into the market.
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The CEO of Securities and Exchange Organization says 140 companies are in the listing process to join the Tehran Stock Exchange and Iran Fara Bourse, the junior equity market.
Hassan Qalibaf-Asl said efforts are underway to ease the listing process. Ninety companies are doing the paperwork to get listed on the IFB while 50 want to be listed with the TSE, IRNA quoted him as saying.
The government has eased the listing process in line with the declared aim to expand the bourse and strengthen the supply side to accommodate the ballooning liquidity flowing into the market.
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Small Enterprises Account for 45% of Iran’s Industrial Jobs
Small businesses account for 52% of the total number of industrial units and 45% of industrial jobs in Iran.
As of April 19, 23,550 small enterprises across the country provided jobs for 451,609 people.
A total of 1,047 large production units employed a total of 232,736 people, while 2,146 medium-sized businesses generated 139,079 jobs.
By definition, enterprises run by under 50 workers and under 100 workers are considered small- and medium-sized respectively, while large enterprises are the ones that employ over 100 workers, according to Iran’s Small Industries and Industrial Parks Organization.
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Small businesses account for 52% of the total number of industrial units and 45% of industrial jobs in Iran.
As of April 19, 23,550 small enterprises across the country provided jobs for 451,609 people.
A total of 1,047 large production units employed a total of 232,736 people, while 2,146 medium-sized businesses generated 139,079 jobs.
By definition, enterprises run by under 50 workers and under 100 workers are considered small- and medium-sized respectively, while large enterprises are the ones that employ over 100 workers, according to Iran’s Small Industries and Industrial Parks Organization.
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Stock Market Changes Trading Hours
Tehran share market trading hours will change to help ease pressure on the trading platform, CEO of the Tehran Stock Exchange said on Friday.
The change will be commence in the current trading week that starts today (Sunday), Ali Sahraee said, adding that shares of listed companies will be traded in two separate sessions, the Securities and Exchange News Agency reported.
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Tehran share market trading hours will change to help ease pressure on the trading platform, CEO of the Tehran Stock Exchange said on Friday.
The change will be commence in the current trading week that starts today (Sunday), Ali Sahraee said, adding that shares of listed companies will be traded in two separate sessions, the Securities and Exchange News Agency reported.
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Investors Pour $695m in Exchange-Traded Funds
The government earned 160 trillion rials ($695 million) by selling its shares in state companies via the stock market -- a figure far beyond initial projection in the fiscal budget (March 2020-21).
Head of the Plan and Budget Organization, Mohammad Baqer Nobakht, said this Friday in a virtual press conference with reporters on the occasion marking National Journalists' Day.
Pointing to projections in the annual budget, Nobakht said “the government expected to earn 119 trillion rials ($517 million) by ceding its stakes in several companies in this fiscal year. However, 160 trillion rials were generated in share sales just in the first four months March 21-July 20”.
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The government earned 160 trillion rials ($695 million) by selling its shares in state companies via the stock market -- a figure far beyond initial projection in the fiscal budget (March 2020-21).
Head of the Plan and Budget Organization, Mohammad Baqer Nobakht, said this Friday in a virtual press conference with reporters on the occasion marking National Journalists' Day.
Pointing to projections in the annual budget, Nobakht said “the government expected to earn 119 trillion rials ($517 million) by ceding its stakes in several companies in this fiscal year. However, 160 trillion rials were generated in share sales just in the first four months March 21-July 20”.
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Tehran Hotels Occupancy Rate at 5-15% Amid Covid-19 Pandemic
Hotel occupancy rate in Tehran currently stands at 5-15%, despite a 50% discount in prices, according to the head of Tehran’s Hotel and Apartment Hotel Owners Society.
“Due to the outbreak of the coronavirus pandemic, we have registered a 60% decline in the number of guests,” Mohammad Ali Farrokhmehr was also quoted as saying by ILNA.
The official added that some hotels in the capital city have either closed down or are selling properties to meet their expenses and stay afloat.
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Hotel occupancy rate in Tehran currently stands at 5-15%, despite a 50% discount in prices, according to the head of Tehran’s Hotel and Apartment Hotel Owners Society.
“Due to the outbreak of the coronavirus pandemic, we have registered a 60% decline in the number of guests,” Mohammad Ali Farrokhmehr was also quoted as saying by ILNA.
The official added that some hotels in the capital city have either closed down or are selling properties to meet their expenses and stay afloat.
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Home Vacancy Tax Revisions Approved
Iranian parliamentarians approved revisions to Article 54 of Direct Tax Code on Wednesday, which would make several changes to vacancy tax with the aim of returning empty properties to use as rental homes for people.
Under the new decision, empty homes in cities with a population of over 100,000 will be taxed after four months based on their assessed rental income tax on a monthly basis.
The owners of these properties will have to pay six times more than the rental income tax in the first year, 12 times more than the rental income tax in the second year and 18 times more than the rental income tax in the third year and the following years, IRNA reported.
New homes will be subject to vacancy tax after 12 months since the end of the construction project (as per the date printed in their construction permit). The proposal also pushes the deadline for vacancy tax of new homes built as part of mass construction projects; they will be taxed 18 months after the end of their construction project.
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Iranian parliamentarians approved revisions to Article 54 of Direct Tax Code on Wednesday, which would make several changes to vacancy tax with the aim of returning empty properties to use as rental homes for people.
Under the new decision, empty homes in cities with a population of over 100,000 will be taxed after four months based on their assessed rental income tax on a monthly basis.
The owners of these properties will have to pay six times more than the rental income tax in the first year, 12 times more than the rental income tax in the second year and 18 times more than the rental income tax in the third year and the following years, IRNA reported.
New homes will be subject to vacancy tax after 12 months since the end of the construction project (as per the date printed in their construction permit). The proposal also pushes the deadline for vacancy tax of new homes built as part of mass construction projects; they will be taxed 18 months after the end of their construction project.
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TEDPIX Climbs 2.2%
Renewed investor interest in large-cap stocks pushed the benchmark of Tehran Stock Exchange, TEDPIX, higher on Sunday while many smaller shares closed under sell-off.
The TSE’s main gauge gained 44,318 points to climb 2.18% and closed trading session at 2,078,511 points, further strengthening above the critical 2 million points.
TSE’s equal-weighted index gained less and finished 0.30% higher, indicating the rally affected a limited number of ticker symbols. The index gives the same weight to all shares irrespective of their market caps.
financialtribune.com/node/104734
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Renewed investor interest in large-cap stocks pushed the benchmark of Tehran Stock Exchange, TEDPIX, higher on Sunday while many smaller shares closed under sell-off.
The TSE’s main gauge gained 44,318 points to climb 2.18% and closed trading session at 2,078,511 points, further strengthening above the critical 2 million points.
TSE’s equal-weighted index gained less and finished 0.30% higher, indicating the rally affected a limited number of ticker symbols. The index gives the same weight to all shares irrespective of their market caps.
financialtribune.com/node/104734
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Tehran Market: Forex and Gold Fall Together
The US dollar dropped by 21,000 rials on Sunday, losing close to 9% against the rial. The decline soon extended to bullion market, causing gold prices to fall about 10%.
The greenback was traded at 215,000 rials at Tehran’s free market on Sunday, down from 236,000 rials quoted by moneychangers a session earlier on Thursday. The euro fetched 253,100 rials, down from 280,000 rials a session earlier.
The falling forex rates are possibly due to “declining expectations” in the market following statements by the Governor of the Central Bank of Iran Abdolnasser Hemmati on Friday evening.
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The US dollar dropped by 21,000 rials on Sunday, losing close to 9% against the rial. The decline soon extended to bullion market, causing gold prices to fall about 10%.
The greenback was traded at 215,000 rials at Tehran’s free market on Sunday, down from 236,000 rials quoted by moneychangers a session earlier on Thursday. The euro fetched 253,100 rials, down from 280,000 rials a session earlier.
The falling forex rates are possibly due to “declining expectations” in the market following statements by the Governor of the Central Bank of Iran Abdolnasser Hemmati on Friday evening.
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MSC Retains Largest Share of Domestic Steel Production
With an output of about 6.2 million tons, Mobarakeh Steel Company had the largest share of steel production in Iran during the first four months of the current fiscal year (March 20-July 21).
The steel mill produced 2.81 million tons of finished products during the period and registered a 4% decline compared with last year’s corresponding period.
More than 3.38 million tons of semi-finished products were produced by MSC, up 9% year-on-year, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report shows.
MSC’s total output over the month ending July exceeded 1.47 million tons: 684,559 tons of finished steel, down 2% YOY; in addition to 785,853 tons of semi-finished steel, up 7% compared with the corresponding period of last year.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer in Iran and the Middle East and North Africa region.
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With an output of about 6.2 million tons, Mobarakeh Steel Company had the largest share of steel production in Iran during the first four months of the current fiscal year (March 20-July 21).
The steel mill produced 2.81 million tons of finished products during the period and registered a 4% decline compared with last year’s corresponding period.
More than 3.38 million tons of semi-finished products were produced by MSC, up 9% year-on-year, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report shows.
MSC’s total output over the month ending July exceeded 1.47 million tons: 684,559 tons of finished steel, down 2% YOY; in addition to 785,853 tons of semi-finished steel, up 7% compared with the corresponding period of last year.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer in Iran and the Middle East and North Africa region.
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Iran's Housing PMI Drops in Fourth Fiscal Month
The Purchasing Managers' Index for Iran's housing sector in the fourth month of the current fiscal year (June 21-July 21) settled at 52.78 from 64.36 in the preceding month (May 21-June 20).
Iran Chamber of Cooperatives has measured the PMI for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, during the period under review.
The new data show the overall PMI settled at 52.78 from 64.36 in the third Iranian month, indicating an 18% decline month-on-month.
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.
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The Purchasing Managers' Index for Iran's housing sector in the fourth month of the current fiscal year (June 21-July 21) settled at 52.78 from 64.36 in the preceding month (May 21-June 20).
Iran Chamber of Cooperatives has measured the PMI for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, during the period under review.
The new data show the overall PMI settled at 52.78 from 64.36 in the third Iranian month, indicating an 18% decline month-on-month.
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.
bit.ly/2Can2RQ
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Stocks in Tehran Down 3.2%
Extending earlier session’s loss, the Tehran Stock Exchange fell 3.16% on Tuesday and its benchmark, TEDPIX, lost 65,261 points to retreat to the critical 2 million points reached on August 2.
The downturn is linked to the government’s abrupt decision to cancel previously announced plans to offer its shares in four refineries via an exchange-traded fund.
The announcement created nervousness in the market and sparked massive sell-off in majority of ticker symbols because investors interpreted the move as a sign that the government may no longer support the bourse.
financialtribune.com/node/104776
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Extending earlier session’s loss, the Tehran Stock Exchange fell 3.16% on Tuesday and its benchmark, TEDPIX, lost 65,261 points to retreat to the critical 2 million points reached on August 2.
The downturn is linked to the government’s abrupt decision to cancel previously announced plans to offer its shares in four refineries via an exchange-traded fund.
The announcement created nervousness in the market and sparked massive sell-off in majority of ticker symbols because investors interpreted the move as a sign that the government may no longer support the bourse.
financialtribune.com/node/104776
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Bonds Worth $132m Sold in Weekly Auction
The government sold 30.4 trillion rials ($132 million) in Islamic bonds in the interbank and stock market during the weekly auction on Tuesday. As per an earlier announcement, it was to offer Murabeha bonds worth 50 trillion rials ($217m).
According to the central bank’s public relations office, bidders this time were six banks who put in bids worth 20 trillion rials ($87 million). The Economy Ministry accepted bids worth 13.6 trillion rials ($60m).
Retail and institutional investors in equity market bought the remaining 16.8 trillion rials ($73 million) outside of CBI auction.
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The government sold 30.4 trillion rials ($132 million) in Islamic bonds in the interbank and stock market during the weekly auction on Tuesday. As per an earlier announcement, it was to offer Murabeha bonds worth 50 trillion rials ($217m).
According to the central bank’s public relations office, bidders this time were six banks who put in bids worth 20 trillion rials ($87 million). The Economy Ministry accepted bids worth 13.6 trillion rials ($60m).
Retail and institutional investors in equity market bought the remaining 16.8 trillion rials ($73 million) outside of CBI auction.
bit.ly/3kCJYKO
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Utilities Inflation at 22.7%
The Consumer Price Index of utilities (electricity, gas and water) in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 22.7% compared with last year’s corresponding period.
According to the Statistical Center of Iran, the CPI of "housing, water, electricity, natural gas and other fuels" among 12 groups of the basket of consumer goods and services purchased by households stood at 184.6 for the month under review, indicating a 6.9% increase compared with the month before.
The group’s CPI index, which has the biggest impact on total inflation rate with a coefficient of 35.5%, registered a year-on-year increase of 24.6%.
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The Consumer Price Index of utilities (electricity, gas and water) in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 22.7% compared with last year’s corresponding period.
According to the Statistical Center of Iran, the CPI of "housing, water, electricity, natural gas and other fuels" among 12 groups of the basket of consumer goods and services purchased by households stood at 184.6 for the month under review, indicating a 6.9% increase compared with the month before.
The group’s CPI index, which has the biggest impact on total inflation rate with a coefficient of 35.5%, registered a year-on-year increase of 24.6%.
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