Tehran Stock Exchange Deep in Dividends!
– On the verge of general assemblies season, Tehran Stock Exchange covered ankle deep in dividend payments. Most of the listed companies held their GAs with best news available on new earnings and EPS coverage ratios. Almost every giant of each sector release new financials with great improvements on their per share earnings and imposed heavy adjustments to their forecasts. Below there is a list of most important DPS announcement of the day:
- Isfahan Mubaraka Steel: IRR 100
- Ansar Bank: IRR 150
- Hekmat Iranian Bank: IRR 21
- Fanavaran Petrochemical: IRR 2,750
- Pension fund Investment Co: IRR 240
– “Recent hikes in Steel price are real and there are no such thing as a bubble in the current market” Said Reza Shahrestani, a board member of Steel producers syndicate. “Since the domestic demand does not changed significantly, it is sade to day that the current run is mostly affected by developments over global markets”he continued. China reduced its low quality rebar productions by 50 mn tonnes and it led to price jump on the demand side which seems not to end very soon.
Stocks Ticked up!
In the Market
The major averages rode an early-morning rally to fresh session highs which later the day strengthened by reopening of a steel giant with 131% positive adjustment on foretasted EPS. Despite the falls of Chemicals’ blue-chips, the positive sentiments on newly released financials, moved the market to a new high that has been led by injection of fresh money into the market. TEDPIX (+0.24) rose for more than 190 points to stand on the verge of 81,000. The trend followed by IFEX (+0.04) of course on a much limited scale.
The chemical sector settled below the broader market, slipping -0.32%, with its largest components by market cap leading the retreat. Parsian Oil & Gas (PASN1, IRR 1,850) tumbled -2.27% and changed hands for 6.2 mn shares. Other segment components followed the trend as well.
The top-weighted Metal sector (+2.86%), which houses Isfahan Steel Company (FOLD1, +8.02, IRR 1,602) managed to settle much higher than its flat line with the broader market indebted to its giant better than expected EPS coverage and DPS announcement. The ticker advanced TEDPIX more than 223 points solely.
In general it seems that the better performance of most of listed tickers on Tehran Stock Exchange after the release of new financials, injected fresh capital to the market and herald for better days of prosperity over Iran capital market.
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