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Friday, 11 March 2016

IEA says oil prices might have bottomed out | Reuters

IEA says oil prices might have bottomed out | Reuters:

"Oil prices might have bottomed as output in the United States and other non-OPEC producers is beginning to fall quickly and an increase in supply from Iran has been less than dramatic, the International Energy Agency said on Friday.

The IEA, which coordinates energy policies of industrialized nations, said it now believed non-OPEC output would fall by 750,000 barrels per day (bpd) in 2016 compared to its previous estimate of 600,000 bpd.

U.S. production alone would decline by 530,000 bpd in 2016, it said."

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Gmail - #Iran Weekly Market Report - 10 March 2016

Gmail - Iran Weekly Market Report - 10 March 2016:

"The Tehran Stock Exchange continued with slight changes for the fourth consecutive week. The market witnessed positive returns this week. The TSE All-Share Index, after two weeks of minor negative returns, recorded a slight gain of 0.8%, closing at 78,312. It is the highest closing measure of the index in 2016 so far. The Automotive sector en­hanced its position as the marker leader this week. The sector regained its momentum in the current week and recorded a weekly gain of 9.4%. The Oil Products sector was the second top performer of the week, increasing by 7.7%. Surprisingly, the Base Metal and Metallic Ore sectors were the next top performers of the week as they rose by 7.1% and 6.1% respectively. The average weekly returns of the two sectors in 2016 were 1.8% and 1.5% till last week. Among the major sectors, the weakest performances were recorded by Sugar and Chemicals, which dropped by 5.1% and 4.1% respectively.


From a technical analysis perspective, the All-Share Index’s gap with its 50 day EMA de­clined to 4% (from 5% the week before). The market benchmark finally surpassed 78,200 with minor daily gains. The current prospect at the moment indicates higher pace of growth or at least continuing the current limited moves. There is currently no indication for a negative trend. The TSE’s main index has one week to break the resistance at 78,500 before the Iranian Calendar Year ends.


The index of the thirty largest companies by market capitalization, the TSE30 index, rose by 2.1% after three weeks of poor performances. The TSE30 index closed at 3,345, the highest measure in 2016 so far. Parsian Bank (BPAR +17.6%), Iran Khodro (IKCO +15.03%) and Bandar Abbas Oil Refining Co. (PNBA +13.13%) were the leaders of the top 30s. The weakest performances were recorded by petrochemicals. Kharg Petrochem­ical Co. (PKHA -5.32%), Persian Gulf Petrochemical Industries Co. (PKLJ -4.91%) and Jam Petrochemical Co. (PJMZ -4.30%) had the largest drops among the top 30s."

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