Iran Capital Market to turn Gold!
– In an unprecedented event, Iran Capital Market is to witness its first investment fund with gold being its underlying asset. The new investment fund would be exchange trade-able (ETF) with an asset composition of both derivatives and securities based on gold as their asset. The initial capital designated for the fund is IRR 100 bn (USD 2.7 mn) and the minimal units to invest shall be no less than 10 mn. It is believed that the “Lotus” gold fund will start the underwriting process in a the upcoming month.
Stock Market continued the Week in Red!
In the Market
Tehran Stock Exchange major averages continued today’s affair in red for the second day but with modest losses. The TEDPIX (-0.05%) ended the day lower and stood on 79,660.90 while IFEX (+0.41%), thanks to its large cap giant “Maroon Petrochemical” (PMRZ1, +2.81%), finished at new record high at 932.90.
Oil Products had a slight edge from the recent drops in oil price, yet after the global markets stroked for weakness again, buyers did not hold up to their purchases, hence the purchase pressure added up forced most of the tickers in the sector to close lower. Tehran Oil Refinery (PTEH1, -0.3%) had a busy day with almost 6.5 mn traded shares. Lavan (PNLZ1, -3.43%) and Tabriz (PNTB1, -0.82) followed the trend as well with lower volumes. The only last minute survivor of the day was Isfahan Oil Refinery (PNES1, +1.13%) whose institutional major shareholders showed strong support throughout the end.
Finally, Information Technology registered a much needed “stop-growing” performance on today’s session, diving for 3-4% on most of the tickers closings. After a longer than expected rally the sector was desperate for a correction. Only “Informatics Services” (INFO1, +3.93%) could put a dent on today’s section trend and ended the day with orders left in the buy queue.
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