“Mobin One” went public on Iran Fara Bourse!
– Today 10% of “Kish Mobin One Co.” (MOBZ1, IRR 3,470) went public as the first IPO of the year on Iran Fara Bourse second market. The ticker was supposed to be priced in the range of IRR 3,400 to 3,470 through book building and finally 10 mn shares changed hands at +247% of its par. The P/E ratio stood on 6.5 which still is much lower than its peers like Atieh Data Processing with P/E of 14.0. The company is to provide value added services like VAS and IVR in the field of telecommunications.
– “Sector based mutual investment funds, to be introduced on Tehran Stock Exchange and Iran Fara Bourse soon, will give the market participant the ability to choose over which industries they are eager to invest in and mitigate their investment risks”, said Mohsen Khodabakhsh, director of SEO supervisory. The new financial vehicle is to be commercialized once the directive passed by the SEO board of directors.
Tehran Stock Exchange Turned Green!
In the Market
Tehran Stock Exchange continued its recently started roller coaster ride on today’s session as commodity based equities climbed to new record highs in the morning. The TEDPIX (+0.33%) hiked after the other day’s surge and stood on 81,579.30. Iran Fara Bourse main index, the IFEX (+0.15), indebted to the reopening of Sarcheshmeh Investment (“SARZ1, +23.77%, IRR 5,041), saved the day with a slim gain.
The worldwide commotion on commodity’s prices reached to TSE as well, pushed almost all the tickers in heavy weighted Metals sector and blew fresh breath into the market. The industry’s giant, Isfahan Mubaraka Steel (FOLD1, +4.63%, IRR 1,750) traded for more than 89 mn shares and stamped a positive point of 123.68 solely on the overall index. Khuzestan Steel (FKHZ1, +4.41%, IRR 3,934) joined the rally mid session and rewarded its patient investors.
Investors have had a muted response to price hikes for Copper over the past few sessions, however, the motion amid global markets is not deniable now. National Copper industries (MSMI1, IRR 1,890) faced the facts on today’s session and moved higher by +1.67% on closing. It seems that the movements over China and TSE market participants anticipations for the red metal is faster and higher than expected. Moreover, the better than expected fundamentals of the company herald for long term upward trend for the ticker.
On the flip side, the lumpish chemicals sector continued to disappoint investors for consecutive days. The lack of liquidity and interest amid participants, made the trades boring over the few months. Furthermore, uncertainties and concerns on the future path of oil price, made things even worse for heavily weighted sector.
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