Did Bazardaran reach the shareholders of Palisah Ikem? – Tejarat News
According to Tejarat News, two ETFs, Dara and Parish 1, were launched by the then government in 1999. Finally, after two years of problems and the loss of people’s capital who had participated in these apparently discounted subscriptions on the advice of the government, the Supreme Council of the Stock Exchange approved amendments to the statutes of these two funds.
The most important aspects of this resolution were the addition of a market maker and the possibility of changing the portfolio by the management of these funds, in order to reduce the gap between the current price of the fund’s shares and its intrinsic value.
The performance of the first refining fund in the last three months
“Novin Prosor” fund, one of the sub-category funds of Novin Capital Funding Company, was selected as the trustee of the market management of the 1st Refinery Fund in its annual meeting.
Also, the amount of 1,800 billion Tomans was provided to the market manager of the 1st Refining Fund as the necessary financial resources so that the market manager of this fund could meet his daily obligations.
On November 24, the NAV of the first refining was 13 thousand 348 tomans and the distance between the final price of each unit and the NAV was about 4 thousand 23 tomans.
At the end of trading on Wednesday, February 20, the NAV of the first refinement is 13,375 Tomans, and the distance between the last transaction price of each unit and the NAV is about 1,775 Tomans.
This means that after about three months of establishing the market maker on the transactions of the 1st Refinement ETF fund, the daily value of each unit of this fund has approached its intrinsic value.
An important question in the minds of the shareholders of the first refinery
The price chart of Refining Ikem ETF, which is specified along with the volume indicator, shows that after the date of November 24, it took a month and a half for the price of Refining Ikem to cross the ceiling that was formed on November 24th.
It goes without saying that the volume of transactions had also decreased drastically during this period, and practically the goal of market management, which is to increase the volume of transactions and smooth the flow of transactions, had not been achieved.
At present, after crossing the range of 9 thousand 900 tomans to 10 thousand 400 tomans, which was considered a strong resistance range in front of the price, the refining fund corrected up to this range and after reaching it, buyers entered it.
Nevertheless, the question will be raised whether the decrease in the distance between the daily value and the intrinsic value of each unit of the 1st Refining ETF fund was influenced by the increase in demand in the capital market and the overall greening of the market during this period, or due to the good performance of the market operator and the approved reforms. by the Supreme Council of the Stock Exchange?
Although we cannot deny the role of the upward trend created in the Tehran Stock Exchange in reducing the gap between the daily price and the NAV of the first refinement, it should be kept in mind that adding the possibility of changing the portfolio to the powers of fund management and determining the market operator for the transactions of this fund also plays a significant role in Reducing this distance has played a role.
The importance of this issue becomes apparent when we examine another capital market ETF, Dara Ikham.
Currently, the NAV of Dara 1 shows the price of 16 thousand 785 tomans in its trading board, which is 6 thousand 40 tomans away from its final price at the end of trading on Wednesday.
This means that each unit of the low-end fund is currently trading nearly 36% below its intrinsic value.
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