Iran-Austria to tighten the banking ties!
– In a meeting amid Iran Minister of economy and his Austrian counterpart both side reaffirmed the mutual consent to develop the two nations banking ties. In that regard, Über uns, the biggest of Austrian Banks is to dedicate a figure of EUR 1 bn to capitalizing Iranian investment projects. Hans Jörg Schelling aslo stated that all the Autrian banks are eager to develop bilateral correspondents with their Iranian bodies. Further this session the feasibility of a double taxation scheme between two countries discussed and both sides reached and agreement on most fundamental basics.
– According to the Central Depository CEO, Mohamadreza Mohseni, over the past month a total number of 17 new trading licenses has been issued for foreigner by the Security & Exchange Organization. This figure consists of 8 individuals mostly from Switzerland, Nigeria, Virgin Islands, Iraq and Afghanistan along with 9 Institutions from UAE, Pakistan, Cyprus, Oman, Iraq, Georgia and Armenia. Adding up the recent licenses to the one already issued, the total number of foreigners active on Tehran Stock Exchange will reach 180.
Rotation Trades Left the Averages Mixed!
In the Market
The major TSE indices closed the day on a mixed note as a sector rotation trade pitted the top-weighted Oil Products sector (-0.26%) against the Metals (+0.24%). The TEDPIX (+0.02%) finished slightly higher lower along with the IFEX (+0.14%) settled just a tick above its unchanged mark. Meanwhile, the market traded value and volume are still below the expectations and it seems that the other week disturbing events has not completely faded over.
The conglomerates sector (+0.91%) put together a solid show, with big names like Omid Investments (OIMC1, IRR 1,704, +2.04) and Pension Fund Investments (SAND1, IRR 1,501, +0.47) leading the advance; the first one added 25.05 points to the index solely. Likewise, the highly-weighted Metals (+0.24%) performed better than expected. The sector giant, National Copper (MSMI1, IRR 1,870, +0.70%) traded for almost 10 mn shares and stamped 15.97 positive points on TEDPIX.
Finally on the flip side, the Oil Products sector (-0.26%) underperformed as Tehran (PTEH1, IRR 2,520, -1.14%) and Bandar Abbas (PASN1, IRR 5,377, -0.61%) Oil Refineries led the downfall. It seems the sector is not somewhere safe technically and the global oil price is not helping the matter at all.
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