The main problem of the stock exchange is not “JCPOA” and “Ukraine war”.
According to Tejarat News, according to a capital market expert The main problem of the stock market Monetary and financial policies of the country are approved and implemented in different sectors.
Referring to the issue of inter-bank interest rates, Fardin Agha Bozurgi told Tejarat News: Recently, I raised some points on social networks about the increase of inter-bank interest rates. These articles were about the possibility of an increase in the interbank interest rate, which probably leads to an increase in deposit interest.
This capital market expert said: By looking at the return of the equal weight index in May 1401 and comparing it with the recent period, we can see the decline of the market. On the other hand, the growth of the whole stock market index also follows the same pattern. The yield of the index has been reduced by half compared to the first weeks of this year.
Where is the main problem of the stock market?
Aghabozuri further stated: There are main factors surrounding the market situation that play a vital role. For example, in December 1400, the weight of debt securities in our capital market was about 40%. This has a heavy shadow on our lack of liquidity. This situation continues this year. That is, 120 thousand billion tomans are traded monthly by carrying out transactions that are written off in the over-the-counter market.
He explained: The situation has become such that the supply of debt securities and the growth of interest rates have increased. Finally, the initial supply intensified in June this year. That is, a series of initial releases whose shape and image have been very different and transformed from previous years were done continuously. In such a situation, the attractiveness of the capital market decreases to a great extent. Because the playing field becomes the playing field of debt bonds and government dominance to attract liquidity and provide liquidity from the market.
No JCPOA, no war in Ukraine!
This expert stated: In fact, the main problem of the market is neither commodities nor the war between Russia and Ukraine! Even the JCPOA is not the main problem of the stock market. Fluctuations in the exchange rate or the channel of 32,000 tomans do not cause any problems for the market.
At the end, Agha Bozurgi pointed out: the main problem of the market comes back to the domestic monetary and financial policies of the country. This policy centered on debt securities and interbank interest rates and deposit interest and initial offerings that have an inappropriate allocation compared to the past are the main problem of the market. The collection of these defects has caused the market to change from June 1401 until now. What policies have we applied since the beginning of April until today, when the month has not yet ended, when the stock market suddenly faces a decrease in demand?