The 15 Commandments!
Yesterday, the new SEO chair addressed the press. After a quick Q&A, Mohammadi described his plan for the capital market thoroughly. Amid the statement he mentioned the scheme to change the deposit cap of fixed income funds in banks which pour the fresh liquidity to TSE & IFB. Mohammadi testifies to prioritize the following in facing the market challenges ahead:
- To improve the trading and settlements platforms
- To amend the administrative procedures
- To utilize new financial instruments
- To improve market transparency (Monthly mandatory disclosure of financials)
- To enhance the market making
- To establish FX market after rates unified
- To ease the Cooperatives firms market entry
- To collaborate with credit rating agencies very soon
- To issue “Salam” contracts on wheat
- To establish “SAMTA” platform for individual investors’ dividends claims
- To launch the text (sms) platform for investors to get informed on their trades
- To sign MoUs regarding knowledge transfer, dual listing and etc. with international giants
- To change the fixed income deposit cap on banks
- To interact more efficiently with all market participants
- To assign more power to following institutions
More T-Bills to come!
The head of new financial instruments market announced the 7th and 8th series of T-bills to issue very soon. With the value of IRR 30,000 bn, these securities are to settle more of government debts to creditors.
More than IRR 300 bn worth of securities changed hands on today’s trading affair and nearly one-third of the total value was owed to treasuries. The substantial trading value of fixed incomes is a proof of the market thirst towards them.
In the Market
The stock market ended today’s affair on a slightly higher not but with a sharp fall in the value and volume. The TEDPIX settled in-line with the other day and stood on 76,643.90 (0.00%). Major indices ended today with losses between 0.5% and 2.5%.
Global oil price downside caused the related industries to fall behind their highs. Most of the giants in Oil Products sector lost more than 1.5% on the closing. Bandar Abbas oil refinery (-1.24%) stamped 20.31 negative points on the index with only near 1.6 mn traded shares. Isfahan and Tabriz refineries followed the trend as well and closed at IRR 2,512 (-0.71%) and IRR 4,271 (-1.36%) respectively.
As participants responding to a negative set of economic data and news and also considering the fact that tomorrow will be a religious holiday in Iran, almost all the sectors witnessed low trade volume and torpid trading trends.
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