Islamic T-bills to cut the rope with Korean market!
CSDI confirms that as the first step there will be T-bills to offer on Korean exchange following by Sukuk and other Iranian debt instruments next. Recently visited the KSD, the Iranian delegation of 9 highly ranked capital market officers, decided for the two nation’s debt markets to get close first. Negotiable commission rate is next on the list to be considered after initial stage. Two parties agreed on settlement processes and reporting schemes. “We are going to address the concerns amid Korean investors regarding the mutual custodian services to be provided and T-Bills rating by credible international institutes.
IRENEX first project fund to be operating soon!
Ali Hosseini, CEO of IRENEX, revealed by the end of November, the very first project fund raising money for electricity sector, would be operational. After three years finally with the great will behind from SEO new chair, subscription of the new fund’s unit is about to happen in less than a month. The sole purpose of mentioned fund is to ease the process of Iran’s power industry development.
Since the traditional finance sources (e.g. banks) are reluctant to invest in new ventures, it is only logical to expect alike vehicles to support brilliant ideas in line with development of current infrastructures.
In the Market
TEDPIX Ended Lower, Falling for the second Session
The stock market continued a downbeat week on a lower note as the TEDPIX surrendered its early day gain to extend its losing streak to second sessions. The benchmark index declined 0.15% today and stood on 79,173.50.
The market began the day on a modestly higher note as a mixed reading of the global oil prices and US election affect investors’ sentiment and forced them to realize some of the earlier gains. The second giant conglomerate, “Omid Investment – OIMC1” marked the highest positive effect on TSE by 41.85. The ticker traded over 9 mn and closed at IRR 1,775 (+3.38%). The situation over the others was disappointing. “Ghadir investment – GDIR1” lost 1.08% on the last trade and closed at IRR 1,887.
Falling oil prices amid uncertainties in future production and OPEC decisions forced almost all the chemicals to go under their flat lines. “Persian Gulf petrochemical – PKLJ1” stamped the most negative points on TSE (-27.48) and closed at IRR 4,804.
Finally, more than 9 mn shares of “Persian Asan Pardakht – APPE1” changed hands today on +3.98% to make the amazing near 70% performance since IPO for the company. The ticker closed at IRR 17,708.
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