Page 32 - IRANRptApr19

investors struggle to find investment options amid economic difficulties
Gold sovereign coins are also following the bullish trend down on Ferdowsi Street in Tehran, where one Emami gold coin now retails for IRR44,500,000, up 3% d/d, and the Azadi currently trades at IRR42,500,000.
Iran - Financial market as of Sep 2018 as of Jun 2018 as of Mar 2018 as of Dec 2017
Equity market index: Tehran Stock Exchange (TEDPIX)
195,104.0 111,528.2 96,938.8 95,561.5
Market capitalisation: % of GDP
23.9% (2017) 23.9% (2017) 25.6% (2016) 22.7% (2015)
Market cap: Tehran Stock Exchange / 100.66 102.15 105.98 (TSE) (USD bn)
PE ratio: TSE 11.04 6.76 6.49 7.01 Source: CEIC
8.5 Fixed income
8.5.1 Fixed income - bond news
National Iranian Oil to issue IRR 20bn of fixed rate bonds in mid-March
Iran badly needs foreign investment to boost output from its oil and gas reserves because much of its hydrocarbon production has been restricted or crippled by years of Western sanctions.
A manager at National Iranian Oil Co (NIOC) said on March 12 there were 200 undeveloped oil and gas fields in Iran. “The recovery rate of Iranian fields is 10% lower than the average rate of recovery in the world,” Karim Zobeidi, NIOC’s deputy for planning, was quoted as saying by Shana.
The chief executive of NIOC, Masoud Karbasian, was cited as saying at the same time by the news agency that the company would issue 20 billion Iranian rial ($476,000 or $154,000 at the free market exchange rate) of fixed-rate (Manfa’at) bonds in mid-March.
The bonds would help finance the development of NIOC’s oil and gas projects, Karbasian said. They were to be sold on the Fara Bourse, an over-the-counter market for securities in Tehran.
32 IRAN Country Report April 2019 www.intellinews.com