Halt, Suspension and Reopening to be amended on Tehran Stock Exchange!
Today a new directive placed into effect by Iranian SEO aiming to amend sever shortcomings of Tehran Stock Exchange in regards of tickers’ halts, suspensions and re-openings. Committing to its basic duties for a more transparent and liquid stock market, Securities and Exchange Organization, amended the main headlines on previous bylaw governing tickers closure and re-opening. According to the new directive, in case of crucial information from publisher, the ticker will be halted for 60-90 mins automatically and then it would be ready to trade again. If the released data are not in line with SEO standards or additional info are required, trades would be suspended for maximum of two working days.
In case of abnormal anomalies on stock price, the the ticker would be halted for fluctuations more than 20% in 5 consecutive days and no more than the end of trading session. Publisher then will be asked to deliver transparency notifications. If the share price goes up or down for more than 50% in 15 consecutive days, the ticker will be closed for 2 business days in order for the company to hold a press release. This scheme is to provide investors with sufficient time to analyse the company in more details and on a fundamental level.
The new bylaw, defines suspensions just for halts more than 5 trading sessions. In case the required transparency has no place in issuers reports or in case of delivery with delay, SEO will suspend the ticker for 10 working days with prior public announcement.
The most important part of today’s decree is the replacement of EPS forecasts with Executive Consensus Estimate Report in line with international standards. The report consists of financial statements and other statistics which the senior management team believed to be true for upcoming periods and its sole purpose is to demonstrate a vivid picture of company’s current and future status.
Ended on a Positive Note!
In the Market
Stocks finished near the bottom of their narrow trading ranges on today’s session, but still managed to eke out a narrow victory. The TEDPIX (+0.15%) finished at a new record high after recent declines while S&P 500 (-0.43%) settled just a tick below their record marks. Small caps over-performed, sending the weighted average higher 0.20%.
Metals dominated the front again on today’s affair. Isfahan Mubaraka Steel (FOLD1, IRR 2,002, +0.70) marked 26.3 positive points solely on Tehran Stock Exchange main index. Other steel makers also ended higher including Khorasan Steel (FKAS1, IRR 3,793, +2.51%) and Khuzestan Steel (FKHZ1, IRR 3,969, +0.66%).
The cooler-than-expected readings from global oil prices sent Oil Products into the green. The benchmark hiked 0.74%. At the closing bell, Tehran Oil Refinery (PTEH1, IRR 3,305, +1.69%) and Isfahan Oil Refinery (PNES1, IRR 3,257, +0.87%) were among the top 5 with most effect on the overall index.
Finally, the Iron Ore giants, opened the session with a sizable loss ranged from 0.5 to 2.0%, but bounced back through the session end.
DISCLAIMER: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.
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