Banks loaned more than USD3.5bn on the first third!
- CBI stats show a 37.8% increase on loans granted in 2016/17 first four months. Facilities paid as working capital had a 67.8% share from the total figure and grew 42.6% contrary to the same period last year.
Increasing Banks money creation capacities via capital raising and improving capital adequacy is essential to continuity of the growing trend.
Incentives needed to boost the markets!
- SEO’s chair, Mr. Mohammadi, shown interest in reviving capital market fraction in the parliament. “There are much to gain on ratification of market related bills for development of TSE and the support from the legislature is vital to reach the goal” He added. The head of Majlis economic committee also stated that a review on SEO regulations is fundamental and they are eager to hear suggestions from market participants.
In the Market
The stock market ended a relatively quiet session on a slightly higher note as mid-cap and small-cap stocks hold the ground while majors shown relative weakness. TEDPIX rose 0.03% and stood on 77,879.00
The future path of global metals prices was in focus in the sector. National copper industries lost 1.41% on the closing the stamped the worst performance on today’s affair (-28.97 points). Almost all the other giants were traded in red with moderate volumes. More than 15 mn shares of Isfahan Steel changed hands and the ticker closed at IRR 2,617 (-1.21%). “Foolad” Also lost narrow and stood on IRR 1,320.
Despite a late rise in Ghadir Investment price, the whole climate in conglomerates was foggy. All the sector’s tickers lost big on last trade prices. Good news was the low trading volume compensate some damages over the industry.
In the automobile space, “Saipa” outperformed the giants who tried a desperate temped to become the market leader once again. More than 450 mn shares traded made the price closing at IRR 1,216 (1.67%). IKCO & Pars Khodro finished below their flat lines and stamped a thin-iced loss.
Finally after a series of depressed sessions, Pasargad Bank compensated a little and regained some of its losses. 130 mn shares of Pasargad changed hands and the ticker closed at IRR 1,077. In the absence of sector leaders climate over the industry was calm.
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