the importance of elections in electing a strong parliament is the key, it is in the hands of the people. iranian coach sharaf iran has a telegram playing with the whole country. why are you setting prices this month? your question is an interesting question . you are a football manager. or in the name of god, greetings, politeness, respect, service to each of you , dear and respected viewers, especially the higher program of the leader of the revolution, in their recent meetings , real competition is one of the important pillars of you. the elections

were declared in the sense that the square for the presence of different views and currents of thought, economic and cultural and the politics should be open so that all these different views can form a real competition and have an active presence in the big election race. one of the issues on which different experts have different opinions and the discussion of this program is the subject of our debate is whether the governments specifically express themselves in the head market. whether they have input or not, intervene to support the market or not, as you know, the government has established various institutions in different years to support the capital market, if you remember, in one or two years. in the past, for example, we have the stabilization fund. in the previous years, we had the development fund. i would like to thank you for the development and stabilization fund that we have now . expression now one. one

of these funds does marketing work with other resources it has. one of these funds uses the national development resources of the national development fund and provides support in the market. some experts are against this entry of the government either for market management or to come and support from the market to the places where the capital market needs the support of the government , we are witnessing a decline in it anyway, and the government should compensate it. let's see what their opinion is about the issue that i presented to you, basically, why are they against the intervention of the government even to support it, and what are the other groups who are in favor of the presence and support of the government doing?

well, here in our studio, mr. masoumi, the manager of the fund the capital market extension is also present, mr. durvari , the capital market expert, with whom we will talk. do you disagree? what do you know about its damage? greetings and politeness and respect to you, dear friends and viewers. i would like to inform you that the capital market is a market in which financial assets are bought and sold, and the activists and investors of this market according to the evaluations they make the level of awareness, analysis, heard, they buy and sell and invest capital in this market, this capital in companies helps the growth of production and economic growth. it has a different effect on

the capital market and this system is the width of the demand and this information that the investors have causes a demand to buy or someone wants to supply it. it definitely puts this system out of balance . it seems that the government with the stabilization fund and the support fund it is doing is a bit of this cycle. the reason for this is that it has affected the investors' portfolios. it can be clearly seen , as expected, that the market has grown by 67% since the beginning of 1402 in the last year, but the capital portfolio.

it seems that the investors are losing something like 20, 30 or even 40, that there is this support of shaabi, which may support certain shares of a certain industry. in general, in my opinion, the government agent as an external agent should not interfere in this field . the government can direct its energy towards other matters, towards transparency, towards building the confidence of investors, towards making the economy viable. it should be predictable and investors should have a logical and accurate assessment of their investments . i am totally against both funds. i am totally against supporting and exerting the influence of market manipulation in the market. my reason is the capital market because there are many influencing factors in it. it fluctuates and this fluctuation is a part of the market

is inevitable, this fluctuation may even decrease, it may be useful and the prices will reach a certain limit and it will make investors to enter this market. whether for support or not in order to manage the market , there should be no capital in the market. well, i would also like to say hello and politely to your honorable colleagues, to all dear viewers . see, from one point of view, mr. durvari's statements are correct, because the structure of the capital market consists of, in fact, there is a demand for the estimates that are made from the stock price. this is the perspective that analysts have on these stocks and they look at the price, buy it, so to speak, they say they see it over or if they see the price higher, they sell it . this is the general rule. i

agree with this part of their order, but we must structure the capital market. ourself and the shape actually presented. supply and demand let's see in the market, anyway, because of the issue of the limit, in fact, the range of fluctuation that we have in the capital market, and other issues of the basic volume that is defined, sometimes the stocks are not really traded at the price, so to speak, they are either undervalued or overvalued. in fact, these issues cause our market to go out of balance. we do not claim that the market stabilization fund will restore balance to the market, and this is not the responsibility defined for the market stabilization fund at all. stabilization fund is a fund that supports and stabilizes the market. you

it is named in this way in its statutes and regulations. because we have similar ones in other countries. including china, south korea, thailand, singapore, these are the countries where we have a similar stabilization fund. there is also news that recently one of our news sites quoted from bloomberg that the china stabilization fund is re-equipping resources to re-enter the market and help prevent this extreme fluctuation that happens in the market. this fluctuation can actually be managed and controlled. i said that with the market as a whole, yes, currency and demand it should be determined by the market and it should be determined by the market , i agree, but we have to consider the economic conditions of our country, the conditions of countries similar to ours, the conditions of our region, and see if it is sometimes necessary

for us to provide support, and who should this support come from, so if yes, our market was fully matured, our market was actually functioning like the markets of japan, the european and american markets, in that case we would say that, sir , do we have a support fund in countries like this, and there is no concept of a stabilization fund, if we reach that stage and to that actually level of we say that your market stabilization fund has completed its mission. please let us have another solution from tomorrow to discuss our volatility management. how much do we agree with the fact that until we reach a state of economic stability, the government should come and support the capital market, at least at a certain point, they are referring to it, do you think it should not be at all, i have a problem with this story. we have a lot of finance

, investment funds, sabatgaran companies, investment consulting , provision of funds, assets under the management of these institutions, something around 70, this number is not less. definitely, these analysts have an investment manager and a board of directors. they decide for this fund , it seems that if there is going to be support , these analysts will definitely come to the conclusion that this point is a very attractive point for the price and they can enter this share, for example, if the fund comes to buy mobarake steel company in the range is 6006 tomans and the source of the old money, which these friends do not have, this money will run out, it is like a house. it seems that the government should take the solution elsewhere, as the market activists

are aware and you are also aware of it in 1402. the capital market was hit twice by the government. one was the issue of feedstock for petrochemicals . the stock exchange organization as a trustee and the government could have done much better , they could have prevented those strange events and those declines and falls in the market. it was not bad enough that this happened to the organization of the activists in that field at that age. he invited people to come and arrange work for this they prepared the story and themselves, but unfortunately

, due to the lack of transparency, a series of institutions started selling and later it became clear that they were asking dear friends from the organization what happened and they said that their friends are in sudan and they are investing in sudan. and they are identifying profits in khorhad. it became clear that the story was something else altogether and this is definitely damaging. the damage is that investors' trust is taken away and market development with market management could not be collected with support . one day, two days, stabilization fund, maybe one week he was able to provide a source, but they could not prevent that amount of money from going out, and in my opinion, it is another matter. what they are doing and what is happening now seems to be index creation. why did i say that your service

has a 5% to 10% drop index, but the investors' portfolio is 50% . how can this be justified? this money goes from one industry to another industry. now, according to the big companies and index maker, it seems that it is being supported if this happens. therefore, it seems that the government should not do this . these things happen, thank you, mr. masoumi , capital market, and now you, for example, in the development fund or your colleague in the stabilization fund, basically accept these things, that now indexing is done , support for special stocks is done , do you accept these indexed stocks or not?

now, as the manager of the market development fund, no , i do not accept it in any way. i have said this many times . i do not believe in this case at all, the philosophy of indexing and market manipulation, etc. the stock exchange organization does not accept the market registration fund capital is the same way. i think there is a little confusion here. we wanted to discuss the existential philosophy of the stabilization fund, now we went into the discussion. in fact , how is the stabilization fund functioning, and what does it do? regarding indexing, i would like to say clearly. prices, price reductions, and which stocks are the most traded, which stocks have the highest market value, what we did not discuss directly about indexing, but what we concluded was that 30 to 50 of our large companies

when the emotional market goes up , they grow less. the average we got for 30 big companies was 94, and i had dropped 25 due to the fever during the fall, in the form of an average between 20 and 25. i think the average was around 20. the ones you mentioned are in the extremes of some friends and loved ones, so they chose shares according to their risk level, and the share that has grown by 400 , the fall is much more. we did the work and got a price floor on november 8 last year. this shows that the shares from from november 7th of last year to may 16th, 1402, they had a growth in proportion to the same growth in their growth. now , when the average growth is 94%, our 30 largest companies have a 20% drop

. we checked, there is a report on our channel, friends can go and read it. the losses were much higher, so i am an investor. if i have arranged my portfolio in accordance with the market, i will take the index. if the weight of my valuable shares is more, i will take more than the index. highly traded shares.

somewhere, in fact, the process should be clear with him i completely agree with your statement that the government sometimes harms the market with the decisions it takes , that the development fund or the market stabilization fund cannot solve this issue, and i think we should reconsider the way they make decisions in those policies. their notification and even their implementation process and why should i actually change the feed rate of the refinery that i want to change , not consider a breathing period for it and not go up a ladder

, now the notifications are coming for the refineries on saturday of this week. giving the refining companies to publish it , now the date of the letter was 7 days ago. this it has its own merits. of course, three or four months ago , they had information. i mean , the expert he is preparing, the deputy he is preparing, they have access to confidential information, their information should be disclosed, they should be monitored. saying like a publisher who is part of information is actually one of those who have access to confidential information. these should be under your consideration and the important point is more important. don't let it be a lesson, that is, don't say from the first of 1402, say from the first of 143, these two months are for you to do your calculations, and step by step, every quarter, we will grow a percentage for you, and the company can become a shareholder. can he behave himself, not that we will excuse him for a moment, let's go to see a notification on our desk and our profit now is the average decrease of the profit of

the refinery companies by 26% compared to 26% of the profit of the refinery companies. if the index comes down, the government will come in , provide financial support or not. you say that it should be done temporarily, but you don't have a problem with it being temporary. no, i have a problem with support at all. the government can show its support elsewhere. the stock exchange organization can show its support elsewhere in this same letter that came for gas condensates and oil products and history. the stock exchange organization, as the guardian of the market, could

stop the symbols of refining and companies that get a lot of influence from this issue. and oblige these friends to clarify and disclose the impact cases, but this did not happen, the letter came to the market and said that something new is happening, considering that they have a history from ardibehesht and that market feed price started to sell and this the effect is still there, they have to do it, they don't trust, there is no other way to support, it is supposed to happen actively. dear capital market, this is going to happen, and such a decision is going to be made from another side to have the ability to predict that at once, according to mr. masoumi's words. you sleep at night and you wake up in the morning. there is a resolution that affects the entire capital market , so if you agree , let's see a report. my colleague in the stock exchange group of sed and

sima news agency is preparing a review of the opinions of the supporters and opponents of the issue we are talking about. mr. eshghi, head of the stock exchange organization, allocates resources from the national development fund to the capital market clearing fund in order to support the market. in the continuation of such an event, the process of market transactions will move in a direction where selling styles in the market will be accompanied by a decrease. to be mr. ali sarzaim, the economist, should pressure the government to increase the budget of the relief and welfare committee to cover these people , rather than spending the government's resources to make stock market investors richer. if money is to be spent so that the branch does not stiffen, this money should not be the money of banks, which is the trust of depositors and public money, but money. investments and types of financial institutions that earned astronomical income during these days. the beneficiaries of this market now have to

pay for maintaining this market, not the mass of people, some of whom have no interest in the rise and fall of the stock market, and by the way they have been damaged by the unconventional rise of the stock market due to its inflationary effects. mr. mohammad ghafouri , capital market expert. all over the world, when the stock market and financial markets are in crisis, such support is provided. certainly, such support is positive along with other adopted policies. if such support from the national development fund continues, the capital market will undoubtedly revive. mr. ahmed poyanfar, capital market expert. in general, i believe that instead of trying to inject financial resources in the stock market , the minister of economy, along with the head of the central bank, should fix the exchange rate. adjust according to estimates, the amount that the national development fund injects into the stock market is between 10,000 and 20,000 billion tomans.

considering the average amount imposed on the market on negative days, this number keeps the market positive for only one week. mr. ali abbas karimi, vice president of development and research of the tehran stock exchange, using the resources of the national development fund for the benefit of the capital market is a factor for improving the position of the capital market. mr. peyman molavi, secretary general of the iranian economists association , any influx of money without improving iran's economic conditions is a waste of nationalist resources. this kind of market will not leave the market, like making buttermilk using a bowl of yogurt and sea water , the size of the capital market is 172 billion dollars, how do we want to do something with 6 thousand billion tomans or any figure like this? iran's capital market is the output of iran's economy , well, we saw the report together, mr. masoumi, mr. durwari said

that the government's support should be in a different way to benefit the shareholders, to the shareholders who make up the majority of the capital market , how much do you agree with this? the activity that you and your colleague are doing is great the oil is their words and decisions. economically, i myself said that i agree with this story, that we should see the issues separately , the government's economic decisions are a matter of discussion, i also have complaints and criticisms about it, and i also said in different platforms that the part about the capital market stabilization fund is discussed. now, one of my friends is against it. i am completely against the national development fund , which is wasting its resources. it is actually an interview with mr. dr. ghazanfari raees. 36 billion dollars in the last 10 years to support the

production sector, 13 shares of billion dollars are overdue it is very big, how much to invest in the market stabilization fund depends on the price of our range, 250 to 400 million dollars, 13 billion dollars. millions of dollars here, investing money that has not been burned, bought shares, the financial statement of the stabilization fund is on kodal, it has yielded results for my friends, and in my opinion , the best way to preserve this wealth is the national development fund , which will be activated in the capital market, now what about through the arm of the stabilization fund. or bring resources through other institutions. here is an intergenerational resource.

we have up to the symbol in our portfolio, well, anyway , you can't really buy a series of shares due to the situation that we also have an investment framework, i can't go, for example , to buy a basic market share that is just a fancy land period and called a company . ok, so we put our base market next to our stock market , around 500 symbols or 400 symbols of our active method, in addition to a series of the first and second over-the-counter markets offered by the development fund. i think the stabilization fund is in the same way, it can be the industry that is disclosing it in its financial statement another characteristic is that it covers the entire industry and has the entire industry in its portfolio. in any case, this branch of indexing is really a problem that must be solved . my solution is that we are moving in this direction

to increase our transparency. it is transparent , and with more transparency, friends will understand how many icons and what quality we have in our portfolio, so this issue will be resolved. i will return to the same conversation regarding your opinion, josh. no, i have a problem with this mr. masoumi. the structure of the stabilization fund supports who wants it because its resources are limited. sell it this is the same support that you are talking about. is it 10% 55% 15% higher? finally , he has to sell again, he had to sell resources again , this is putting pressure. it will come , but it won't cause the investor to suffer a gradual death. look, let me tell you something. your words are the courage of your service. let's assume

that the market is a small-scale activist, that the capital market , your words are mostly behind the shop window, and it hurts the media. please let's talk expertly let's say, i said that my solution is to go towards more disclosure. i personally took some steps in the tesbit fund, we have not reached the ideal state , but we are trying to reach that state. . therefore, we will go towards disclosure, more disclosure will lead to more disclosure, so there is a question, mr. doctor , why should there be a question at all , it is quite clear that our activity is only aimed at helping the liquidity of the market. negative inverting mode to positive-going mode for what strata for all classes, no, in my opinion, this

will not happen, it will happen like this, mr. doctor , if you were to look at the capital market 10 years ago, we had shares, one page would be sold for a month and it would not accumulate. yes, and because we have the base volume, the base volume it doesn't work either. at that time, i said that we have the problems of base size and fluctuation range . if this is solved and we have reached economic, political, cultural and social maturity, maybe we can say, sir, you don't need to collect the fund and image anymore . in the best

way. i don't know whether the organization should act independently . mr. dolat, you came and did this. you are taking this resolution. this is hurting the market. investors lose their confidence. what happens this is how we have had money exit from the market since 1402 until today, except for the limited days. where does this money go? will you go to the parallel market? maybe he says step by step. as market activists, we say, sir, leave this market at all , let the market find its own direction, the market itself finds its own way, the market itself dedicates itself to economic conditions, environmental and political conditions.