- Bank Maskan—Iranian major bank in financing house buyers—has announced plans to offer construction loans to those who happen not to have the necessary initial deposit with this large lender in the sector, as a compulsory prerequisite, said Mohammad Hashem Botshekan, Maskan’s CEO. He also stressed that the Monetary and Credit Council has authorized the bank to fund 80% of the construction projects. Botshekan went on to say that potential takers of these facilities in urban areas with more than 200,000 residents are allowed to borrow between $31,000 to $ 37000, Botshekan added. Other plans, namely, to finance around 80% of qualified SMEs expenses, active in the business, assisting manufacturers producing raw materials such as cement, steel and tiles, via using credit lines and employing new financing methods, for instance, by issuing Islamic bonds and sukuks– by the end of the fiscal year (March 20, 2017) — are among other measures to be taken for the sector to get revved up after years of being stuck in deep recession. Repayment guarantees to builders, intending to sell their property on installment policies, provided that the amount is less than $4300, is another step by the banker to help boost transactions in the housing sector.
- Foreign Policy, a US-based magazine, referring to negotiations on dollar currency transactions between Iran and America reported: The Obama’s administration, in a legal instruction, published on the JCPOA Implementation Day, has implicitly confirmed transactions in dollar terms. According to the report, Obama’s administration have been sending signals over the past few weeks that they intend to grant more and unexpected advantages to Iran. This includes letting Iran indirectly access to dollar transactions in international banking system.
In the Market
Stocks finished their session lower than prior week, as the All-Share Index is still correcting itself on the back of no fundamental news to intrigue the market for higher rallies.
In today’s activity, TEDPIX dropped 161 points or (0.21%) to 78,269. Names such as Va’omid, Khodro and Khesapa—companies’ Persian symbols— dropped the Overall Index by -56, 54.46, -54.11 points, each, while Shebandar and Vabank were among the players in the index, out-performing, with strengthening the benchmark index by +67 and +42, respectively.
Automotive: there is no big change in the game of this sector, as negative trades were the basic fact of this space. Saipa, with the symbol, Khesapa, was the leader of the group, with volume of trading, exceeding 65mn and registering a 4% decline in the price($0.3). Khodro,Khekaveh, and Khepars were among names on the flip side.
Meanwhile, with respect to down-trending of the TSE index and the bad climate in the sky of automotive manufacturers, there were some small tickers rallying up such as Kheshargh, Khahen, Khemehvar.
Metals: balance trades in the category is the best term to use to illustrate the activity, today. Zob began its trading affair in the positive territory and closed its day with 4% rise in its price ($0.07). Volume of transactions went over 40mn for Isfahan Steel Co. names such as Fasmin, Foolaj, Famorad and Arfa rallied up, ending their session.
Chemicals: most of the symbols were traded, witnessing price reductions. Tapico, starting its action around zero domain, finished the day around the same digit, but in the positive, influencing the Overall Index with +16 points. Shefara was the only name of the group, experiencing sell-off.
Oil Products: all symbols, excluding shenaft, were traded in the positive territory. Shebandar and Vanaft led the group with impacting the TSE Index 68 and 4 points, each.
Banking: the sector began its transactions with heavy sell-offs, but 2hours into the session hour rallied up. Vapost gained +5% and reached $0.05. This space is among those groups in the market which did not grow in parallel with other industries in TSE and is embedded with high potential to undergo price inflation.
TSE at a Glance
TSE Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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