Fund managers reluctant to get deep with equities on Tehran Stock Exchange!
– Forasmuch as Tehran Stock Exchange has an urgent need for fresh liquidity, while ago the SEO tried to meddle, forcing fixed income fund managers to invest a minimum of 5% of the assets in equities. Despite the hope that the news brought, two months past and it is obvious that the investment committees are trashing the idea and refuse to put their money in. Excusing that the new directive shall be in run just after their current active period ended, it seems they are sending the equity obligation on a fool’s errand.
– Tejarat Bank finally sold the controlling 49.7% block of “NIKI1”. The lock was for more than 3.486 bn shares at a base price IRR 4,253. Having a crucial role in the future of Auto tickers like Sipa and IKCO, it seems the new buyer is a limited liability named “South Mines Development”. Selling the block made Tejarat Bank relieved from management of National Investment Fund.
– Easing the process on foreign currency loans repayments, the administration ratified a bylaw allowing the debtors to be free of the below limitations, if and only if they settel at least 25% of their liabilities.
- Restrictions on LC opening;
- The limitation on re-borrowing fresh facilities; and
- Limited access to check books and new current account openings
Averages Eke Out Losses on Today’s Session
In the Market
The major averages finished today’s affair below their flat-lines as investors continued to digest the latest remarks from companies’ Q4 reports. The TEDPIX (-0.44%) performed worst than expected and stood on 77,135.10 (-340.12 points) while the IFEX (+0.16) finished with a slim gain.
According to the global futures market signals, it appears that more correction has to be expected over the commodity based industries. National Copper (MSMI1) was placed first in short lost of worst performances of the day with near 22 mn traded shares and a closing of IRR 2,002 (-3.29). It is safe to day that almost all the others followed the trend made a “deep in red” day for the sector. Analysts believed that merely a hike in the global prices can blow fresh air in to its lungs.
In the wake of a decline in oil prices over the Iranian weekend the chemicals sector hit hard today. Khark petrochemical (PKHA1) ended the day with orders stocked up in the sell queue. Being played mostly by institutional traders recently the ticker closed at IRR 15,447 (-3.18%). After an extra ordinary gain of +50%, the micro cap “Saina (SYNZ1)” faced with massive sale orders almost all by individuals.
Finally the newly doomed Auto sector extended the inattention to all the international good vibes coming its way. In the absence of “Blue” big brother, Saipa ( SIPA1) changed hands for 33 mn which ended in a closing of IRR 1,175. IKCO diesel (KAVR1, -3.58%) and Pars Khodro (KAVR1, -1.55%) followed the downward trajectory as well of course with much less volume.
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