IFRS framework on Tehran Stock Exchange!
Just days after the Central Bank announcement obliging all listed and non-listed banks and financial institutions to present their financial statements with regards to IFRS standards, today the deputy exchanges supervision, Hossein Amiri, drew the outlines for all issuers on Tehran Stock Exchange. The new statements are to be out with an eye on IFRS standards no longer than 6 months after the release of their locally audited ones for the current fiscal year. International financials shall be audited and in Persian. Publishing the English IFRS statements are optional for Tehran Stock Exchange issuers. It is worth mentioning that the decision making criterion on annual general meetings would be based on local financial statements.
IKCO to optimize investment portfolio!
In an attempt to improve the health of their assets and optimize the allocation of investment classes, Iran Khodro Co. deputy director announced the company divestiture policies of last fiscal year and stated that these measures are to be continued for the current year as well. It seems that more than IRR 3,000 bn of the company’s assets were sold and partly replaced with better quality holdings. Abbas Maleki also announced a hike in production volume over the spring of 1396 (2017-18)
TEDPIX, unable to break the top!
In the Market
The stock market closed the day on a negative note with the TEDPIX (-0.05%) and IFEX (-0.11%) both declined from their previously achieved highs. Despite an early morning advance the giants of Information Technology (-1.29%) and Metals (-0.08%) blocked the road to a green day after all.
The National Copper company (MSMI1, -1.25%) was the second leader of today fall stamped -29.84 points solely on the main index. The newly recovered Metal sector, just after a late hike in global prices, sent mix signals today. The other giant of the industry, Isfahan Mubaraka Steel (FOLD1, +0.84%) traded for more than 25 mn shares and advanced the index by 24.24 points.
On the flip side, just after the good news came out on interest rates, Banking sector influenced directly with Mellat (BMLT1, + 1.31%) being the leader. It seems that finally after all the dramas of the poor banking industry its going to be picked up and dusted off.
Finally, Technology – the only sector with actual influence over the past few weeks – also slipped on today’s affair which pushed the index for 34.11 points down by its giant Informatic Services (INFO1, -1.84%). Other players of the sector showed relative weakness and kept a lid on the sector’s bullish influence over the last month.
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