Tehran Stock Exchange Industries to be Standardized!
– In an attempt to make Tehran Stock Exchange more favorable to global taste, it seems that a new classification of market sectors are now on the regulator’s high priority list. Having more than 35 diverse industries on the TSE, the market is considered as one of the most scattered in the world. The new ICB based classification is to retire the old familiar ISIC standard and new indices are going to born with regards to new changes.
– “Bank Maskan”, a stated owned entity specialized in housing development, is granted by the cabinet to raise capital for IRR 50,000 bn. According to the new directive, the government shares in Maskan Bank will raise IRR to 100,000 bn. Needless to say that the administration share in Iran’s state owned banks will reach to IRR 292,500 bn.
Stocks Settled lower as Ramadan Continues!
In the Market
Today’s session on Tehran Stock Exchange was range-bound throughout with the major indices trending sideways at their marks from start to finish. It is now accepted as a tradition that with the Ramadan start, the markets will be in a hibernate mode with low traded volume and value. The TEDPIX (-0.26%) and the IFEX (-0.1%) eked out their earlier election related wins a bit.
Despite the general bearish sentiment ruling the market, analysts believed that the “Chemicals”, “Oil Products” and “Lubricants” would be on the center of attentions for now with mild positive trades. “Isfahan Oil Refinery” (PNES1, +1.4%, IRR 3,179) one of the leaders in Oil Products industry is a witness to this statement. Near 4 mn shares of the ticker changed hands today and trades included the big institutions.
“Tile and Ceramic”, “Construction” and “Cement” are also on the hit list of Tehran Stock Exchange hot stocks. Taking a closer look at these industries trades show positive signs of technical retraction on their indices. The two latter sectors were also closed with slightly higher traded volume and value.
On the flip side, the communication sector posted a notable loss with their giant “TCI” being the leader. The second highest in market cap size, registered solely 42.67 negative point on the index with 3.3 mn traded shares.
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