Iranian parliament votes “Ay” on
– In its attempts to reintegrate into the global economy by re-engaging the FATF and getting off its so-called blacklist after implementing the JCPoA, the Iranian parliament members voted “Ay” to a general reform plan for counter-terrorism financing standards with regards to FATF standards, details to be discussed on the session tomorrow or next Sunday.
– The head of the Majlis Economic Commission announced the formation of a double-urgency plan to organize Iranian forex market; this plan is to reduce the current legal gaps affecting fluctuations as well as strengthening the positive points of the government recent forex decision. Analysts believed the administration reached the conclusion that 42,000 unification level is somehow unrealistic and they are to make the bed for a change in near future.
– In yesterday session, markets saw significant changes such that Tehran Stock Exchange managed to upside down its bearish trend to retrace the 93,000-point level. Moreover, both gold coin spot and future trades along with USD/IRR rate experienced a descending trend, despite their rallies on Sunday. Factors, including share prices reaching their rock bottom, better than expected commodity trades on Iran Mercantile Exchange floor, rumours about a floating forex rates scheme, global crude price growth and pre-digested systematic risks of the market were behind the stock market turnaround.
In the Market
Stocks were rocket fueled for much of today’s session, cruising towards what looked like a victory, but uncertainties around US president decision tonight prompted a wave of pessimism through the end. The market bounced back again for its second consecutive days but still finished far off its highs on golden days. The TEDPIX and the IFEX settled with gains of 0.47% and 0.73% respectively.
Just like the previous session, the Metals space was highly demanded. Kimia-e Zanjan Gostaran Mineral Company ticker got halted due to its auction ad to sell about 14.2 tons of minerals. The Iron Ore industry settled with slim gains as well.
Despite oil price decline, the Oil Products space benefited institutional clients’ support, contributing the most to the All-Share Index rise right after the market opened. Eventually, the sector ended with moderate gains.
The Automotive group also saw positive movements with the majority of names facing a buy queue early in the session; the sentiment was balanced the more we approached the end.
The majority of symbols on the Chemicals group also went up. Having held its AGM and paid IRR 350 dividend per share, Kermanshah Petrochemical returned to the market at IRR 3,012, with no significant change. Kharg Petrochemical Company’s ticker also got reopened at IRR 23,350.
The Banking group saw rather balanced trades. Having come back to the market after a long halting period, Bank Gardeshgari (Tourism) announced the sales of its excess properties; the ticker got halted again.
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