Iranian Banks to lower the overnight rates!
– Central Bank of Iran‘s chair, Vali-Allah Seif, announced that Iranian Banks agreed on dropping the overnight lending rate down to 18%. According to Dr. Seif, CBI’s past experience meddling for lower rates was successful to take down the figure from 28 to 17 percent and it was only logical for CBI to act in the middle this time again. Moreover Iranian Banks shall be cautions towards their resources and consumption since central bank is now watching over their shoulders looking for inappropriate overdrafts.
– “11 tickers listed on Iran Fara Bourse base market board C are to be pushed down to board D due to their incapacity towards disclosing decent financials” Said Amir Hamouni the CEO of IFB. Apparently the companies have been warned to deliver financials before the deadline and failure to carry the task caused the punishment. Isfahan Petrochemical (PESP1), Shahr Bank (BSHP1), Pars Behesht Trade (BHEP1), Mashhad Cardboard (KMSP1) and Falat Iran Mining Group (FLTP1) aقe among the list of deportee.
Equities Continued the Week on a Higher Note!
In the Market
The major averages finished in green territory for the second day in a row on today’s session, adding to their gains for the week. The IFEX overall index led the advance, jumping for +0.33%, while TEDPIX (+0.07%) gain was with less juice.
The Metal spaces finished at the top of the day’s leaderboard, trading for almost USD 3.0 mn. The heavy weighted Auto underpinned the Iron Ores group, jumping 0.47%. The commodity based sectors benefited from ongoing worldwide rally again and stood tall on today’s trading affair.
As for the remaining sectors, Construction (-1.33%) eked out a giant loss while Pharmaceuticals (-0.33%) and Telecommunications (-0.24%) also finished in the red.
After the vote of confidence in almost all of the proposed cabinet members, it seems the markets will finally come to their sense in the coming days.
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