According to the Securities and Exchange Organization, Islamic Standard Parallel Salam Contracts (a type of Islamic loans), either through a brokerage house or an intermediate entity, will be made in the capital market aiming at financing automakers’ projects. In this regard, if the car manufacturer decides to use such contracts through a brokerage firm, the broker is merely allowed to sell securities on behalf of the issuer or act as a mediator between the seller and the buyer without owning them; otherwise, the intermediate entity must purchase the futures portfolio at first and then, sell the securities to the buyer. All in all, people can own cars through the capital market mechanism, although the price of the car might change at the due date.
In the Market
Positive trades and an ascending trend were seen among tickers in the Banking sector. After trading more than 400 mn shares, Bank Saderat ended with a 140 mn-share buy queue; the mentioned bank put up the 20% block of Neishekar Development Company for auction, respecting the Central Bank’s order for banks limiting their ownership of entities and realizing investment goals. Bank Day also faced a buy queue and Bank Mellat experienced a 4% growth after trading more than 95 mn shares. Bank Karafarin was the only ticker ending in the red.
Positive trades were witnessed among all symbols in the Automotive sector and all ended with buy queues. Being reopened, Saipa Company faced a significant and historical buy queue of more than 1 bn shares and even after supplying 40 mn shares by the institutional shareholders, a 914 mn-share buy queue was still in place. After trading 861,000 shares and facing a more than 200 mn-share buy queue, the status of Iran Khodro Company’s ticker became allowed-limited; as has been heard, SEO has done this after receiving some important information at 9 am about the respective company, whose effect on the company was not clear; however, the company’s ticker was completely halted around 11 am due to the company’s requirement to present complementary information about the financial impact of the compensation amount by Peugeot Company. In addition, more than 52 mn shares of Zamyad Company was traded and it ended with a 19 mn-share buy queue while Pars Khodro Company ended with a 44 mn-share buy queue after trading more than 48 mn shares.
Most symbols in the Metals sector ended in the green and tickers, including Esfahan’s Mobarake Steel Company and Esfahan Steel Company faced buy queues.
Finally, except from 3 symbols of Iranol Oil Company, Sepahan Oil Company and Pasargad Oil Company, all tickers in the Oil Products sector were positively traded. Experiencing a 5% growth, trades worth more than $3.42 mn were conducted in Bandar Abbas Oil Refining Company and it ended with a 2-mn share buy queue. Besides, after trading more than 33 mn shares, Esfahan Oil Refining Company also ended with a 14 mn –share buy queue and topped the sector in terms of the highest volume traded share.
TSE at a Glance
Summary of Trades
TSE’s Top 10 Stocks
TSE Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
DISCLAIMER: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.
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