- Oil price plummet made Iran and Russia to undertake negotiations for new petrochemical contracts. Due to falling prices there may be a petrochemical exports cut back to Europe. Accordingly, Russia appears to be the new market for Iranian petrochemical products.
- Consumers and producers protection organization has authorized a 6% rise in the price of three dairy products; Milk, Yoghurt and Cheese. According to the notification, all dairy factories are bound to add 1000 IRR to the current milk purchasing price per kilo and mutually the products price shall get raised.
In the Market
TSE stocks sold off sharply on today’s trading session breaking the bottom of 61,000 again after holding up for two months.
The selloff was largely blamed on continued weakness in the oil and the Fed’s decision to raise the rates. The TEDPIX, 0.66% dropped (413.28 points) to 61,734. The 30 blue-chip companies’ index booked a 0.98% loss over today’s session standing at 2,590.10.
All the major sectors ended in red. Esfahan and Bandar Abbas Oil Refineries had the most impact on overall index with 49.48 and 48.18 negative points respectively.
Banking has the most trade volume and number of trades today, Followed by Auto and petrochemicals sectors.
Most of the IFB stocks fell as well following the whole market trend.
TSE at a Glance
Summary of Trades
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