\u2013\u00a0Indian National Oil Company\u00a0is now considering to import a daily figure of 180K barrels of\u00a0Iranian crude\u00a0after the US exemption. Reports have that the company is to sign a contract for the fiscal year of 2018\/19 on Iran oil purchases which will happen in\u00a0Indian rupee currency and through\u00a0UCO bank. Moreover, it seems that China, the biggest\u00a0buyer of Iranian oil, is to resume its purchases after one month halt and will import 360K barrels per day.<\/p>\n
\u2013 In light with the administration\u2019s new policy to amend\u00a0Iranian banks\u00a0structure, the new chair of CBI\u00a0gave the green light to banks translating their FX reserves with the\u00a0NIMA rate\u00a0currency.\u00a0The proceeds from this exchange shall be used only to raise the banks capital and are not distributable. According to Hemmat, this is the first step in the long-awaited battle to amend the disruptive banking structure in Iran.<\/p>\n
In the Market<\/h2>\n
Equities lost again on\u00a0today\u2019s session in what was a shortened, low-volume trading day on Iran Capital Market. Today\u2019s volatile session extended the benchmark index\u2019s weekly losses mostly indebted to the falling oil prices on global markets.\u00a0TEDPIX (-254%)<\/strong>\u00a0fall for almost 4,500 points to lose all its technical supports and stood at\u00a0171,252.93<\/strong>.\u00a0IFEX (-2.27%)<\/strong>\u00a0was exactly the same dragged down by its energy-related shares. The disappointing\u00a0performance of oil along with global commodities falling made the day red for stocks.<\/p>\n The oil-sensitive\u00a0Oil Products (-3.01%)<\/strong>\u00a0and\u00a0Chemicals\u00a0(-3.35%)<\/strong>\u00a0sectors greatly underperformed\u00a0both markets as oil prices continued to fall. All major names of these industries ended the day with losses between\u00a00.1 and 5%<\/strong>. The falling prices of Methanol and Urea to their new bottoms made the situation even harder on tickers once were the market unicorns.<\/p>\n On the flip side, with nearly settling for higher prices in sales, components of the\u00a0Auto (+3.92%)<\/strong>\u00a0sector were highly demanded by investors and most of them faced with massive but queues towards the closing bell. The situation was somehow the same for tickers of mid-weighted\u00a0Banking (0.93%)<\/strong>\u00a0sector, however, the demand power does not overcome the supply side and most of the components settled\u00a0near their flat lines.<\/p>\n The general belief in the market is that the days of giants have now come to an end and until the year-end small to medium-sized tickers will rule the market. Unless something extraordinary happens with the global markets of energy, the situation is believed to stay the same for the next year coming. Moreover, the\u00a0monthly performance reports<\/strong>\u00a0of companies along with\u00a0Q3<\/strong>\u00a0results<\/strong>\u00a0are now closer than ever and it is expected that should the firms performed handsomely after the US sanctions snap back, it could pump the market with fresh demand.<\/p>\n![\"\"](\"http:\/\/agahgroup.com\/wp-content\/uploads\/2018\/11\/2018-11-24_131206.jpg\")
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