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Foreign Fund Managers to Invest in TSE
Economy, Business And Markets

Foreign Fund Managers to Invest in TSE

Iran's equity market on Monday saw a number of European frontier fund managers pledge to invest after the removal of western sanctions imposed against Iran over its nuclear energy program, SENA reported.
During the three-day visit organized by ACL Asset Management, Renaissance Capital and Boursiran Public Securities Brokerage Company, a delegation of 10 fund managers from the United Kingdom, Switzerland, France and Russia met with Tehran Stock Exchange officials with the aim of identifying Iran's leading industries.
"They have pledged to invest €300 million on the listed companies with the highest market cap after the sanctions are lifted," head of Iran Industries Investment Company, Reza Soltanzadeh, told the Financial Tribune in a telephone conversation.
The fund managers have shown interest in companies with high market liquidity, including petrochemical companies. On Monday, they also paid a visit to Persian Gulf Petrochemical Industry Company –which has the highest market cap among all listed companies at TSE- to assess the investment opportunities.
The delegation is scheduled to visit giant Iranian companies, including Iran Khodro, Tehran Cement Holding, Jam Petrochemical Complex, Darou Pakhsh Holding Company and Minoo Group. Bank Mellat, Middle East Bank and Chadormalu Mining and Industrial Company are also on the list of companies the fund managers plan to study.
Soltanzadeh noted that once the sanctions are lifted, many industries will have the chance to absorb international funds that would help them expand and upgrade their equipment and technologies.

> TEDPIX Breaks Resistance Level

Tehran Stock Exchange's main index notched a record low since March 25, with nearly 85 percent of the listed companies settling in red on Monday. TEDPIX shed 234.2 points or 0.37 percent to break its 63,000-point resistance level and stand at 62,953.1.
According to TSE data, all indices squeezed TEDPIX, with free floating index leaving the most negative impact on the benchmark.
The first market index slipped 223.4 points or 0.49 percent to 45,237.5. The second market index lost 144.2 points or 0.11 percent to end at 131,040.8. The free float index plummeted 469.4 points or 0.65 percent to 71,610.5. The industry index fell 115.7 points or 0.22 percent to 52,070.4 and the blue-chip index was down 12 points or 0.42 percent to 2,862.6.
Trade volume and value surged on Monday trading amid Fars & Khuzestan Cement Company's selloffs that saw about 276 million shares changing hands to top TSE's trade volume among other listed firms.
More than 740 million shares changed hands at TSE valued at $42.3 million to post more than a 100-percent surge both in trade volume and value.

 

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