Foreigners guaranteed Market Rate FX on Iran Stock Exchange!
– “Foreigners willing to invest in Iran Stock Exchange can now enjoy a free market rate, converting FX, entering and repatriating their capital” Said Bahador Bijani ,deputy director of SEO in international affairs. Before this, according to foreign investment promotion and protection act (FIPPA License), the government only guaranteed to provide investors with the required FX based on the official market rate, realizing a loss of near 20% only at the entrance. Now with the new directive, once foreign investors acquire a FIPPA license, it is promised that they can import and take back the funds on the free market rate. This is considered as a huge step towards reforming Iran Stock Exchange.
– Mellat Bank is to reopen one of its most important branches abroad. According to the bank’s officials, the branch of “Seoul” South Korea is ready to be operational again. The branch is allowed to open accounts is the local currency ,”South Korean won”, along with carrying out trades with Iranian counterparts.
Fever Abated on Iran Stock Exchange!
In the Market
After posting its record one-day more than expected performance over the recent months, the stock market continued the week with a bounce-back on value-weighted index that left the index with just a modest loss for the day (-0.59%). The main index, TEDPIX (+0.14%) , chose a different path and post its second advance this week. It seems that after the presidential election excitements, now the market is back on the logic track and will respond to future comings more cautiously.
Auto sector was top on the list of “most traded” tickers on today’s session despite the fact that its orange giant was halted early morning for a very important EPS adjustment. “SIPA1” (-0.85%, IRR 1,407) traded only for 4.5 mn shares before the market supervisor announced the stop. However, The company’s EPS adjusted 158% positively so that it can bring hopes to investors again. The analysts believed that a huge part of the adjusted EPS is from unfrequented sources which made the share vulnerable.
Most of the sectors were balanced out today after the positive sentiment that lingered on Yesterday’s session granting their averages modest gains and losses at the opening bell.
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