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trading at IRR130,000, the euro was down at IRR145,600 and the pound sterling at IRR162,050. Meanwhile, the Swiss franc traded at IRR130,800. According to the much used but banned Iranian exchange rates website Bonbast.com, the benchmark Azadi gold sovereign was selling for IRR 44,400,000 while the Imami gold coin was trading at IRR 45,600,000.
8.3 Stock market
Iran Energy Exchange (IRENEX) again fails to sell any oil
Tehran Stock Exchange on bullish trend
The 10th round of crude oil sales on the Iran Energy Exchange (Irenex) finished without any buyers, repeating the performance of the ninth, the Financial Tribune reported on May 21.
Iran has been holding auctions on the Tehran exchange in recent months to shift oil via trades that might beat US sanctions through a market of private buyers who sell consignments on to international markets.
In the latest auction, potential local and foreign oil buyers were either unimpressed with the offer of $67.28 per barrel, or there were other factors in play such as fear of reprisals from the US, which since May has adopted a strategy of trying to force Iran’s oil exports to zero.
At the previous auction last month, the price was set at $63.36.
The National Iranian Oil Company (NIOC) offered 1bn barrels of crude oil in the 10th sales round. The smallest possible order was for 35,000 barrels, as it was in previous rounds. A buyer was thus being asked to invest a minimum of $2.21mn to access the market offer.
Officially, NIOC has so far sold 1.1mn barrels of crude via Irenex.
The next auction has been scheduled for May 27, with a base price of $64.29 a barrel.
Irenex also offers trades in condensates . In a condensates deal that occurred on April 15, the barrel price was $67.85.
On the southern island of Kish, the Iranian government has opened the Iran Energy Bourse. It also attempts to sell oil on to the international market.
Iran has pushed for more people to enter its energy market since the US introduced heavy sanctions against the country’s oil, gas, petrochemical and other energy sector industries in early November last year.
Tehran Stock Exchange on the bullish trend as ordinary investors struggle to find investment options amid economic difficulties.
The local TEDPIX, the all-star index on the Tehran Stock Exchange (TSE), was up 550.33 points (0.35%) to reach 156,705.3 by close of trade in the Iranian capital on February 17.
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 Jun 2019 as of Jun 2018 as of Dec 2017
Equity market index: Tehran Stock Exchange (TEDPIX)
248,533 111,528.2 95,561.5
Market capitalisation: % of GDP
23.9% (2017) 25.7% (2016) 22.7% (2015)
Market cap: Tehran Stock Exchange (TSE) 224.85 100.66 105.98 (USD bn)
PE ratio: TSE 8.41 6.76 7.01 Source: CEIC
33 IRAN Country Report August 2019 www.intellinews.com