Market News

• Going up 379 units, the TEDPIX reached the 78,704 point level in the previous session, benefiting investors with an average 5.62% return in the 11 working days during Mordad month (Started 29 July). The most profitable sectors have been Iron Ore, Metals, Chemicals and Oil Products, mainly after their positive Q1 financial statements, caused by global commodity price growth, were released. In the past few sessions, the All-Share index has grown between 0.5%- 1%, mainly owing to high market cap companies activities, those which had disappointed their shareholders in the recent months. Since Tuesday in the previous week, however, shares worth more than $9.90 mn have been transferred from institutional to individual shareholders, moving the Overall index by 2.7% upwards. Besides, shares worth more than $1.41 mn in symbols such as Tamin Petroleum and Petrochemical Investment (Tappico), Omid Investment Management Group (Va-omid) and Tose’e Melli Investment Group (Vabank) also changed hands from institutional to individual shareholders in the session before. Despite the trend seen in previous actions, individual shareholders constituted the major buyers and block trades did not play a significant role in this growth. Purchases by institutional investors can be interpreted as a share-supporting signal and hinder stock price fall; since the share price trend is usually determined by individual investors’ liquidity, such a signal can also motivate individual investors to more participate in the market in the upcoming sessions. Under the current situation, it seems that we should wait and see whether such kinds of support will have the potential to attract retail investors’ trust or not and lead to more growth in the TEDPIX.

• According to a well-informed market practitioner, the required permissions have been obtained to launch a Gold Fund within the next month in the country. Referring to the constraints set by the Securities and Exchange Organization of Iran regarding physical gold trades, using gold certificate of deposit has been introduced as a solution. Considering the establishment of the foreign exchange fund, he also stated that the Central Bank’s policy of foreign exchange rate unification will accelerate the process.

In the Market

At the end of today’s session, most names in the Automotive space ended beneath their flat lines. Saipa Group (Khesapa) ended in the -0% zone after more than 50 mn shares changed hand and topped the industry in terms of the highest volume traded. Iran Khodro (Khodro) also went through negative trades after more than 15 mn shares traded. Saipa Azin (Khazin) turned into red after the 13% growth in the past week and shed 2%, too. Saipa Diesel (Khekave), however, went up 1% after trading more than 9 mn shares.

Rather negative trades were seen among symbols in the Metals group. Tuka Foolad (Vatuka) dropped 1% and after more than 28 mn shares traded, was titled as the highest volume traded share. National Iranian Copper Industries (Fameli) went down 3%; besides, 11.7 mn shares were also block traded in the retail market. Esfahan Steel (Zob) also notched down 2% and stood at $0.08. Iran Zink and Lead (Fasorb) and Khorasan Steel (Fakhas) faced a sell off during the session. On the contrary, Calsimin (Fasmin) ended in the green; more than 8 mn shares changed hands such that 61% of purchases were conducted by institutional investors. Arfa’ Metal and Steel (Arfa’) was another name ending in the green area.

Irrespective of the continuance of global commodity price growth, negative transactions were observed among symbols in the Iron Ore space such that many hit their lows. Saba Noor Industrial and Mining (Kenoor) faced a sell-off. However, Bafq Mines (Kebafq) faced a buy queue. Besides, Chadormalu Mining and Industrial (Kechad) and Gol-e Gohar Mining and Industrial (Kegol) were institutionally supported; 9.2 mn shares of Kechad were also block traded in the retail market.

Among tickers in the Investment sector, being faced with a sell queue in the previous session, Atie Damavand Investment (Va-ati) first shed 2% in its price; but it closed in the 0% area enjoying institutional shareholders’ support. Contrary to its buy queue in the last 2 sessions, Sepah Investment (Vasepah) faced a sell off; being traded at 70% of its NAV, this share is expected to grow based on iron ore global price and institutional shareholders’ support.

Bank Karafarin (Vakar) and Post Bank (Vapost) in the Banking group ended above their flat lines. Starting the session with a buy queue, Vapost was highly demanded during the session; more than 17 mn shares changed hands, 40% of purchases were done by institutional investors. In addition, Bank Khavar Miane (Middle East) also received its permission for its capital raise plan from the SEO.

Finally, except from Tehran Oil Refining (Shetran) and Pasargad Oil (Shepars), other names in the Oil Products group were negatively traded. After staying in the green for 4 sessions, Shetran turned into the red; trades worth about $2.57 mn were done, 91% of sellers were among individual investors; it eventually closed in the +0% area. Bandar Abbas Oil Refining (Shebandar) was warmly demanded by individual shareholders; it eventually went up 3% and was placed after Shetran. Oil Industry Investment (Vanaft) commenced the session in the 0% territory and after about 4 mn shares traded, individual shareholders constituted 91% of buyers, it finished in the -0% zone.

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TSE at a Glance

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Summary of Trades

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Top 10 Stocks

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Major Sectors’ Daily Performance

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Trading Halts and Reopenings

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IFB at a Glance

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