Iran to tighten banking ties with Russia!
Market News
– In his return from Russian Federation, Iran Central Bank chair, Vali Allah Seif, herald for the two nations to ease the banking relations. On the first step, it seems that “Shaparak” and “Mir” payment systems are to connect in order to facilitate the purchases for the both countries tourism sector. After the technical processes are done, the utilization of credit or debit cards on P.O.S and ATM would be easily accessible either in Iran or Russia. The nest turn would be for two nations to use their very own national currencies in bilateral trades and commerce.
– Failing to deliver the required financials on time, it seems that “Saderat Bank” is on the verge of being dismissed from the main board of Tehran Stock Exchange and to be kicked over to the base market of Iran Fara Bourse as sign of retribution. Deputy publishers and members of Tehran Stock Exchange cited in an interview that Saderat Bank failed to meet the deadline on being transparent and declined to disclose the audited budget estimations for new fiscal year asked by the SEO. It is to be decided on Apr-May 2017 whether that the giant bank will kept on TSE or not.
Bulls dominated the Last Trading day
In the Market
On the last day of New year unofficial holiday party the stock market closed on a slightly higher note. TEDPIX (+0.03%) won on a narrow range and stood on 77,584.40 (+35.90 points). IFEX (+0.44), indebted to its large cap tickers was also closed higher at 887.5.
The chemical sector (+0.1%) took the reigns in today’s session, recouping a sizable portion of its last plunge with the Iranian Petrochemical Investment Group (IPTR1, +2.17%) being the leader. More than 6 mn shares of the ticker changed hands to make the closing at IRR 1,084. Almost all the other Med to Large caps of the sector followed the trend with more or less power.
To be fair, the oil products sector’s performance was more of a response to crude oil’s declines rather than the sector’s fundamentals. Most of the tickers in the space ended the day in red due to the fact that the future profitability is highly dependent to the advances of curd oil price and with current levels there are lots of doubts over the global energy market further performance.
Finally, on the other side of the board, “Iran Transfo” (TRNS1, +3.54%) made it back to TSE after its recent halt and stamped the most positive points on the index (+18.42 points) with less than a million traded shares.
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