Finally Paid off!
The debt market finally paid off. CBI’s economic deputy announced that the capital market and foreign financing have doubled their shares of the nation’s fund raisings since the last year. “Developments of the debt market have driven down the banking network share by 10%” said Peyman Ghorbani during his keynote speech at Kish Invex 2016. Pointing out the Pro-cyclical effects of recent years’ fiscal policies, Ghorbani pictured the second relic of debt market deepening as the rebate of “business cycles” over the boom and bust periods. Counter-cyclical role, Liquidity Pro-cyclical role along with creating price and credit information are the bold of duties debt market can fulfill.
In the Market
Stocks Slid as eyes are on US election!
The stock market ended the Wednesday affair on a slightly higher note as equities endured a broad-based selloff. The downturn was stoked by rising political uncertainty over US election and further losses in crude oil mostly. The TEDPIX ended up +0.01% while the IFEX Composite finished with wider win (+1.40%).
Equity indices stumbled in the first minutes of trade as a move higher in some market giants happened. The utility provider Fajr Petrochemical – BFJR1 (+1.93%) registered the second most positive effect on the index while the general trend over the whole sector was moderate. Damavand Power house – BDMZ1 (+1.29%) traded above the previous averages and closed at IRR 9,876. Omid Taban Hoor – HORZ1 (-0.48) lost narrow with near one and a half million traded shares.
Mixed data over the Auto sector along with the absence of the giant, halted a retreat in the most of the industry’s tickers and made trade complex this morning. IKCO (-1.15%) stamped the second most negative point on TEDPIX and closed at IRR 3,254. Part makers on the other hand, compensate a little with Iran Tractor Casting – RTIR1 (+4.71%) being the leader.
The chemical sector carved out a session low in the opening hours of trade, pressuring defensively-oriented oil prices, and continue to disappoint investors until the session’s end. Near 3.2 mn shares of Parsian Oil & Gas – PASN1 (-0.69%) were traded today to make the ticker register 13.75 negative points on the index. Other big names also followed the trend, made the day not so happy for the sector.
Finally, MCI – HMRZ1 (0.27%) continued the previously started positive trend and closed at IRR 34,250 while the parent, TCI lost 1.05% on the last trade.
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