Iran Mercantile Exchange Turned Gold!
Today secondary trades of Iran’s first commodity backed fund (ETC fund), Lotus Parsian, started on Iran Mercantile Exchange with a great interest from market participants. The fund units (LOTF1, IRR 10,300) performed more than 3% and changed hands 113,363 times. Since the fund’s units are trade-able on Iran Mercantile Exchange, the bid-offer orders can be placed via online trading platforms and the daily NAV is updating every 2 minutes.
The commodity backed fund incepted on May-June 2017 as its first kind and during the five days of underwriting all its IRR 158,790 mn units were sold to the market. The fund managers, Lotus Parsian investment bank, have chosen an active style for the fund management.
Stocks Settled Higher Following H1 Reports!
In the Market
Equity indices finished today’s session higher; the TEDPIX (+0.09%) advanced to a new high after the other day’s set back while the IFEX (-0.05%) settled a tick below its flat lines. Mostly indebted to better than expected H1 reports and the hike in global commodities prices, trading volume and value of the market lifted up after months of recession.
The heavy weighted “Oil Products” halted tickers opened today’s rally with a sizable gain. After re-opening of the industry giant, Tehran Oil Refinery (PTEH1, +10.64%, IRR 2,506), the sector complete its recent run and the company’s shares changed hands more than 17 mn times. It seems that the serial of positive adjustments on their EPS finally paid off and after months of sitting on its hands, the industry shown a happy face to its patient investors.
Beh Pardakht Mellat (PRKT1, -1.01%, IRR 22,365) negative performance took a toll on the IT sector (-0.45%), which finished near the bottom of the day’s leaderboard. After days of price positive strikes, Tehran Stock Exchange newcomer settled below its flat line and ended a stream of 25% profit to its investors. Other blue-chip players Also followed the negative trend and made a red day for the industry.
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