According to TSE data, the benchmark plummeted down 1183 points or 1.72% to stand at 67.644 during trading session ended on July 24. There were some reasons resulting in the index’s standstill and stopping it to go upper touching new ceilings. Some believed that the TSE authorities manipulated the gauge and controlled it not to experience new levels due to their own reasons.
The other element that contributed to the TSE’s parking in the red was because of the AGMs of the Banking sector that along with other main components of the thirty largest companies by market capitalization took the overall index down dramatically.
The first board of TSE index slid 854 points or 1.73% to close at 47,484. In parallel, the second board index plunged 2,442 points or 1.7% to settle at 141,627. More than four billion shares and rights offerings changed hands in 105,000 transactions to register 27.6% and 74% downtrend respectively compared to the prior trading week.
The TSE also witnessed the trade of 190,507 participatory notes valued at $5.8 million to record 23.4% and 23.7% pullback in volume and value respectively.
Medical& Measurement Products sector with 4.47% provided the biggest boost to TEDPIX followed by Machinery& Electric Equipment with 0.82%.
What we find out from the current circumstances is that the facts speak for themselves. It means that there is plenty of good news we read about foreign asset managers and investors who have already investigated the economic and infrastructural conditions of Iran and they have decided to finally enter their capital to a market which by their own definition is one of the last remaining fully potential capital markets deserving due diligence and attention because of its lucrative and promising future for those individuals and institutions in quest of on-going profit and prosperity.
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Extract from Newspapers
Banking Ties With Switzerland
Iranian president’s chief of staff, Mohammad Nahavandian, said Iran is ready to promote bilateral relations with Switzerland in finance. “Iran welcomes the expansion of economic and banking relations with Switzerland,” Nahavandian said in a meeting with Yves Rossier, secretary of state at the Swiss Foreign Ministry, on Wednesday. “The government is ready to do business with all countries in trade, banking, tourism and transportation areas based on a win-win relationship,” he added.
Germany Establishes Banking Committee with Iran
The German and Iranian governments have decided to establish a joint banking committee in a meeting between visiting German Vice Chancellor and Economy Minister Sigmar Gabriel and Iran’s Central Bank Governor Valiollah Seif. The two sides have discussed expanding banking cooperation vital to Tehran’s reconnection with the global financial community from which it was shut out for years under US and European sanctions.
CBI Signals Openness to Foreign Venture
The Central Bank of Iran signaled its interest in allowing foreign banks and financial institutions to team up with Iranian banks, showing a change in the bank’s past attitude.
Iran’s financial sector offers opportunities for cooperation between domestic banks and foreign investors, CBI’s Deputy Governor Akbar Komijani said on Thursday.
Hedge Fund Plans to Invest in TSE
Sturgeon Capital, which is based in London and oversees $80 million in frontier and emerging markets, is seeking to raise a fund to invest directly in Iran, which is set to emerge from western sanctions under terms of a nuclear agreement reached in Vienna last week.
South Africa Primes for Reviving Iran Ties
South Africa has welcomed Tuesday’s conclusion of nuclear talks with Iran, saying it wanted to resume trade with the Middle Eastern country as soon as possible. South Africa relied on Iran as the biggest supplier of oil before sanctions on Tehran halted the trade in 2012.
Iran News Daily
Iran seals over $2b in trade deals with European companies
Head of Iran’s Organization for Investment, Economic and Technical Assistance (OIETAI), Mohammad Khazaei, says more than $2 billion of projects have been secured in the past couple of weeks in Iran by European companies. Iran has already completed negotiations with some European companies wanting to invest in the country, he added.
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