Mofid Securities Co
Iran Market
Issue 03
Member of TSE ( Tehran Stock Exchang Member of IME ( Iran Mercantile Excha Member of Farabourse
Reporter
ADDRESSING THE NEEDS OF INVESTORS
VOLUME 2 ISSUE 5 MAY 2012
14th Year
13
IRAN MARKET REPORTER Is produced by Mofid Securities Co. Distributed electronically via email.
ments, the market seems to be in a correction mode at least in the short term. The First Ranked Broker in 2007, 2008, 2009, 2010 Top Mutual Fund Manager in 2009
2012 June
Overview
Top Ranked 2010
The First Ranked Brok in 2007, 2008, 2 Top Mutual Fund Man
of companies like INC Industries [MSMI], a main copper producer, fell along with global prices (see the chart below).
TCI Fell Even After Announcing Huge Dividends Top Ranked 2010
Another factor was the recent weakness of USD against the Rials which tends to reduce profitablity for export-oriented companies. Treat of falling Based on market capitalization, Telecommunication demand was probably the latest thing needed to Company of Iran (TCI) is the largest company in the keep the selling presure. In this case, a reports from TEDPIX. TCI held its annual meeting on April 30, a main Ethylene producer showed the revenue rose when it distributed more than 90 percent of earnings 50 percent in value while it is almost 10 percent between investors. However, there are some open lower in volume. cases against TCI which have potential to negatively affect calculations of liabilities and revenue. TCI shares fell almost 6 percent in May, so it contributed Banks Advance for the Second Month in a Row in pushing TEDPIX into negative territory. Investors continued to put money in banking sector for the second month in a row. Valuation probBasic Metals, Chemicals Follow the Trend in ably played a role as the Index is still 15 percent Global Markets lower than its all time high in September last year. Optimism about non-economic factors was anSell off in global markets accelerated in May as other reason. Furthermore, new laws announced to socialists won French presidnetal elections and pro- reduce possibility of bad loans in future and, as it bailout parties in Greece failed to secure majority in was mentioned, monetary authorities showed their parliment. Prices of crude oil and industrial metwillingness toward lowering interest rates which als also fell as US employment report fell short of could reduce pressures from competitions. expectations. Member of TSE ( Tehran Stock Exchange ) Member of IME ( Iran Mercantile Exchange ) Member of Farabourse
Contact Person: Mr. Seifollahi t 009821 8190 1165 f 009821 8190 1022 e seifollahi@emofid.com w www.emofid.com w www.mofidkala.com
Negative impacts eventually felt here, especially in in Basic Metals and Chemical sectors, where shares
Other sectors With 14.6 percent increase, the Cement industry was the best main sector in TEDPIX. In previous report, it was noted that a draft is discussed in parliament in order to limit the increase in energy prices. The draft finally signed into law by the speaker of parliament which probably helped reducing concerns over this energy-intensive sector. In addition, lower rates of USD reduce costs of imported parts so it positively affects earnings estimates. Vehicles fell for the second month as the horizon for the industry remains unclear. An official said this month that production fell as much as 28 percent in April from the same period last year.
IBC4DIRECTORY
Market Reporter No. May 2012 THE MOSTIran COMPREHENSIVE DIRECTORY OF IBC13 MEMBERS IN UAE
( Issue 5, Vol. 2) COMING SOON
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