“Mellat Bank” to ease Iran Investment!
Iran Central Securities Depository and Mellat bank reached an agreement easing the foreign trades on Tehran Stock Exchange. The most gigantic hurdle in the course of Iran Investment project is yet the FX transfers of foreign investors. Due to the difficulties opening an Iranian bank account caused foreigners, Mellat bank is to act as the catalyst amid them and CSDI. Mellat domestic and abroad branches are now offering the TSE, IFB or IME trade services to their clients.
The rising appetite of Koreans to enter Iranian capital market shall be considered as one of the most effectual factors of all made the policy makers to roll up their sleeves finally. From now on all the brokerage FX services, settlements, reimbursement of principals and interests and the foreign deposits, will be rendered under Mellat bank services.
CSDI is committed to have an IRR account with the bank while Mellat shall open accounts for foreigners and upon their requests, exchange the FX funds into Rial and deposit them to CSDI account immediately. The exchange will happen on the market rate and the imposed FX risk will be still on investors themselves.
Averages Modestly Higher in Final Hour!
In the Market
The major averages finished the day modestly higher as the giants in chemical sector rallied hard. TEDPIX rose for 392.08 points and stood on 80,018 (+0.49%).
Persian Gulf petrochemical stamped the highest positive points on the index. More than 15 mn shares of “PKLJ1” changed hands and the ticker closed at IRR 4,657 (+4.77%) with near 500 purchase orders left in the buy queue. It seems that the real catalyst behind sector’s rally is the appreciation of USD/IRR rate and the fact that whole industry would be affected by an expensive dollar.
On the other side of the board, Auto continued to disappoint investors with lower than expected trades. Near 24 mn shares of IKCO traded on (-4.12%) made the ticker closing IRR 2,894 (-2.98%). Other names outpaced the losses and the sector is desperate for a fundamental factor to weigh in and make the pressure go away. Only small caps like “RFNZ1” tried to compensate for the industry with low volumes and effectless values.
Finally, metal names traded higher across the board as the global prices showed relative strength. 16.12 mn shares of “Isfahan Mubaraka Steel Co.” changed hands today made the ticker closing at IRR 1,337 (+1.44%) and placed the company 4th in positive effect on Tehran Stock Exchange index (+33.96 points). “FRVR1” continued to dazzle investor with the amazing performance of near 93% in less than a month.
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