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Iran Market

Reporter

ADDRESSING THE NEEDS OF INVESTORS

19

Volume 2 ISSUE 11 NOVEMber 2012

IRAN MARKET REPORTER Is produced by Mofid Securities Co. Distributed electronically via email.

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Contents 3

Overview In November 2012, the TSE All Share Index (TEDPIX) rose 4.0 percent after 6.4 percent increase in the prior month. The index increased for the third consecutive month thanks to a rising trend in basic metals and chemicals sectors and a rebound in car industry.

6

Stock

8

Fund

The stock markets continued their significant performance in the prior months. In November, daily trade value of FaraBourse almost doubled compared to last month.

The All Funds Index rose by 4.3 percent compared to October. Pishtaz and Pishro— managed by Mofid— have revised their strategies and became amongst top three in November.

12 Commodity

The IME total trade value had a 50 percent fell during November due to noneconomic factors. Industrial and Mineral products and Oil and Petrochemical group experienced 64 and 28 percent fall in their total transaction value and we did not have a transaction in Agriculture ring.

14 News

The 2nd On-site Training Course attended by the members from the Federation of the EuroAsian Stock Exchanges (FEAS) was held in Tadbir Pardaz Computer Group on Tuesday, November 13.

The Federation of Euro-Asian Stock Exchanges (FEAS) was established on 16 May 1995 with 12 founding members; currently there are 34 members and 15 affiliate members, including both post trade institutions, dealers associations and regional federations.

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Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2) en.emofid.com


Overview TSE Main Sectors (Nov 2012) INDEX

31-Nov

Monthly Year to Change (%) Date (%)

10,236.70 16.3 Metallic Ores 2,053.20 7.7 Chemicals 79,405.50 6.4 Petro. Products 5,307.20 4.6 Vehicles 25,094.40 4.3 Basic Metals 32,339.50 4.0 TEDPIX 3,063.10 3.6 Conglomerates 316.30 -0.5 Cement 289.10 -0.6 Banks 1,348.00 -0.6 Pharmaceuticals 644.80 -0.9 Financial intermediation 537.90 -1.4 Real Estates 274.60 -5.2 Telecom 1,052.40 -13.0 Foods ex. Sugar 88.78 3.1 Crude Oil (WTI) 7,952 2.8 Copper 1.2999 0.3 EURUSD Global prices for comparison only

81.2 93.2 118.9 -23.9 78.7 32.5 41.3 38.4 -6.9 -8.2 12.8 13.5 -16.3 26.2 -10.4 5.5

recent improvements in global markets in addition to supports from some economic policies at home could even further benefit the stock market.

Global Markets in a Better Shape despite Uncertainties in Advanced Economies Investors expect no significant change in monetary supports from the Federal Reserve after Barak Obama beat the Republican’s candidate Mitt Romney in Nov 6 presidential elections. Recent economic reports also point to improvements in housing sector while concerns about employment and consumer spendings remain elevated. But undoubtedly, the main source of uncertainty for now is the ongoing negotiations between two parties to overcome the so-called fiscal cliff which, if not addressed, could potentially stall the fragile growth or even push the economy into another recession by eliminating 600 billion US dollars from the economy through the government spending cuts and tax increases. Nevertheless, the recent increase in stocks and commodities indices around the world suggests that

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In November 2012, the TSE All Share Index (TEDPIX) rose 4.0 percent after 6.4 percent increase in the prior month. The index increased for the third consecutive month thanks to a rising trend in basic metals and chemicals sectors and a rebound in car industry. TEDPIX was hovering around 31000 for most of the month before breaking the resistance and climbing above 32000 in the final week. TEDPIX ended November at a historical record of 32339.50, bringing its 2012 total return to as much as 32.5 percent. Some investors think that

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Overview investors still bet on a last-minute deal. In addition, good news from China, the second largest economy, overshadowed weak reports from other major economies, specifically from Japan and Euro-area.

Domestic Policies to Support Production From the domestic point of view, officials showed more willingness to support national production. A special parliamentary commission recommended for more export rewards. A member of Tehran Chamber of Commerce also said that exporters are allowed to exchange foreign currencies with Rials at rates close to the unofficial market. Imports of raw materials is also an important factor for many local industries and the good news is that the customs office is to lower import tariffs to compensate for higher exchange rates.

Basic Metals and Metallic Ores Advance After Stability in Prices The index of Metallic Ores rose as much as 16.3 percent in November, making it the best performing sector among the main TSE industries. The index, which includes main iron ore producers, is in its fifth consecutive month of growth and its return exceeds 81 percent in eleven months of 2012. Steel makers, to which the revenue of iron ore producers are linked, were fluctuating earlier this month as a slow decline in local steel prices put investors on hold. Stock prices started to rise again after buyers soon came back to the market and prices became stable. It is also worth noting that steel market should be balanced by imports when a stronger dollar in recent months affected both price and demand. So the domestic production must fill any gap between supply and demand. Finally, base metal producers benefit from rising

4

Based on market capitalization, Basic Metals and Metallica Ores together comprise for half of Tehran Stock Exchange (TSE).

global prices. The semi-annual reports are encouraging too. A main copper producer, INCI [MSMI], raised its EPS forecast by as mush as 77 percent to 11 cents a share while almost half of the forecast is realised in the first half of its fiscal year. Metals & Mins [MADN] and Omid Investments [OIMC], two holdings with investments in minerals and basic metals, also raised their EPS forecasts by 38.2 and 2.7 percent respectively.

Chemicals Stocks Rise for the Seventh Month this Year Stocks of chemicals producers rose 7.7 percent in November, capping the seventh month of increase in 2012. The sector however was in a defensive position as base prices for many products fell between 5 to 10 percent in Iran Mercantile Exchange (IME). Not all companies affected by the decline in local prices. Pardis Petrochemicals [PRDZ], a main urea and ammonia producer, is an example. Pardis this

Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2)†en.emofid.com


Overview provements as well. An official report this month showed a slight increase in production. The local foreign exchange market is also stablised. Finally, main carmakers made significant progress to meet conditions set by the central bank in order to get financial aids.

Food Producers Erase Gains on Exports, Price Control month raised its EPS forecast by 24 percent to 82 cents a share. Pardis gets 92 percent of its revenue from the overseas and a stronger US dollar plus an increase in global prices caused Pardis to positively adjust its estimates four times this year. It is interesting to see that price of natural gas, the main feedstock it gets from local refineries, has been completely stable throughout the period.

Stocks of food producers fell as the authorities put some limitations on exports of food products. Other market stabalising policies, like restriction on price increase, is another reason behind reducing expectations. In response, the index of foods ex. sugar fell 13.0 percent in November, erasing most of 19.9 percent increase in the previous month. However, the index is still 26.2 percent high for 2012 while the underlying inflationary pressures could eventually bring attentions back to this small-cap non-cyclical sector.

Shiraz Petrochemicals [PSHZ], another urea producer, raised its EPS estimates by 136 percent because of better exchange rates and increase in sales volume. The company successfully increased its exports from 35 to 56 percent of sales.

Refineries to Adjust Selling Prices Stocks of main refineries rose for the fifth consecutive month on speculations that they soon will adjust selling prices offered to chemicals plants to better reflect higher exchange rates. A 3.8 percent increase in gasoline prices (FOB Persian Gulf) also contributed in raising investors’ expectations.

Car Makers Rise as Production Rebounds The index of vehicles and auto parts rose 4.6 percent in November after a dramatic swing of more than 20 percent in the prior two months. The car industry is hit by falling demand, rising costs, and liquidity squeeze but there are signs of im-

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Monthly changes in consumer price index (CPI) for the year ended in Oct 2012.

*Effective exchange rate: 12260 Rials per USD.

Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2)

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Stock | Market Summary Trade Value (M USD) TSE1 Farabourse2 1Tehran Stock Exchange 

2OTC

Trade Volume (M)

Number of Trades

Number of Trading Days

1,299

5,385

445,889

17

2,290

2,011

109,683

17

Market

Tehran Stock Exchange Value of Index

High

Low

32,340 32,340 30,737 TEDPIX1 26,119 26,119 25,077 TEDPIX (FM) 49,279 49,279 45,085 TEDPIX (SM) 2 39,372 39,372 37,668 FFI 27,261 27,261 25,654 Industry Index 1,813 1,813 1,723 TEDFIX 30 1TSE Dividend & Price Index (All-share Index)  2Free Float Index

Average

Compared to Compared to last month % last year %

31,290

4.04%

24.74%

25,353

3.24%

18.40%

47,111

7.11%

58.23%

38,191

3.51%

17.60%

26,240

5.00%

37.18%

1,750

4.05%

12.70%

TEDPIX

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Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2) en.emofid.com


Stock | Average P/E Highest P/E Sector

Average P/E

Market Weight

Refined Petroleum Products

9.31

6.09%

Metal Ores Mining

5.91

10.58%

Food Products and Beverages except sugar

5.47

1.21%

Post and telecommunications

5.45

7.57%

Pharmaceuticals

5.25

1.85%

Lowest P/E Sector

Average P/E

Market Weight

Technical & Engineering Services

3.44

1.24%

Banking

4.01

14.23%

Cement, Lime & plaster

4.54

2.85%

Chemicals & By-products

4.68

12.87%

Motor Vehicles And Auto Parts

4.85

2.93%

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Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2)

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Fund | All Funds Overview The All Funds Index rose by 4.3 percent compared to October. Pishtaz and Pishro—managed by Mofid— have revised their strategies and became amongst top three in November.

Top 10 Best Funds of Month Working Days

NAV (Rial)

1,001 2,592,912 Maskan Bank 2 1,668 5,695,670 Pishtaz 2 592 1,446,554 Pishro 1,714 2,852,553 Hafez 645 1,696,753 Aghigh 840 1,930,049 Firoozeh 958 2,405,869 Bahman 671 2,173,586 Sina 1,106 3,070,374 Farabi 993 2,028,736 Pars 3 All Funds Index 1USD to Rial exchange rate: 12,260

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Asset Under Man- Last Month Last 6 Last 12 Since Inception agement (USD)1 (%) Months (%) Months (%) (Compound Return) 1,183,768

14.90

35.60

73.80

41.60

4,303,834

12.80

24.10

42.50

46.40

8,952,202

12.70

25.80

51.10

25.70

1,979,772

9.50

16.10

57.40

25.10

2,086,215

9.40

35.40

57.90

34.90

2,850,082

9.20

16.30

55.00

33.20

1,946,248

9.20

14.80

27.80

39.80

1,795,106

8.40

28.10

82.40

52.60

1,494,861

8.20

20.70

43.00

44.90

1,348,777

7.40

13.10

30.90

29.80

4.30

2.00

14.50

2Managed

by Mofid

3Including

64 Mutual Funds

Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2) en.emofid.com


Fund | Pishtaz Mutual Fund Commentary Last month Tehran stock exchange main index (TEDPIX) had a rise of 4.04 percent. TEDPIX Second Market index had an even higher rise of 7.11 percent and was one the best indices of the month. Large chemical producers such as Parsan Oil & Gas Development Co. [PASN] and Pardis Petr [PRDZ] are listed under TEDPIX (SM). Pishtaz had a rise of around 12.8 percent in November and its NAV set a lifetime record of 5,695,869. The fund ranked the 2nd amongst 64 mutual funds for one month performance and 5th for lifetime return with annual yield of more than 46.4 percent. We have a balanced portfolio of export oriented stocks which we expect to rise in the next months. We use our best expertise to manage the risk of our positions as we expect the market to slow down after recent increase in prices.

Fund’s Composition Metal Ores Mining Chemicals & By-products Holdings Basic Metals Farabourse Other Industries

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Pishtaz Mutual Fund Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Months Hight Low

May. 9, 2008 1,668 52,765 12.80% 36.10% 24.10% 42.50% 46.40% 5,695,471 5,695,869 3,997,740

Percent 20.24 19.96 6.43 6.18 5.72 41.48

Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2)

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Fund | Momtaz Mutual Fund Commentary Last month Tehran stock exchange main index (TEDPIX) had a record of 4.04 percent rise in one month. Our fund also did very well and set a new NAV record since its inception. Momtaz had a rise of 4.80 percent over November but it was not good enough to place this fund in top 10 list. The average P/E ratio of the market has decreased to 5.03 over the last month. In October we expanded our positions in Holdings and sold a small portion of Metal Ores Mining sectors.

Momtaz Mutual Fund Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Months Hight Low

Feb. 16, 2010 1020 141,188 4.80% 36.10% 22.20% 42.60% 45.20% 2,828,010 2,828,010 1,982,874

We have a balanced portfolio of export oriented stocks which we expect to rise in the next months. We use our best expertise to manage the risk of our positions as we expect the market to slow down after last month increase in prices..

Fund’s Composition Chemicals & By-products Metal Ores Mining Basic Metals Holdings Telecomunication Other Industries 10

Percent 23.86 16.68 7.33 6.31 6.12 39.70

Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2)†en.emofid.com


Fund | Pishro Mutual Fund Commentary In November, all of TSE indices experienced a rise of around 4 percent due to the relatively increase in stock prices. Trade value of the market fell by 19 percent compared to October. Pishro had a rise of 12.7 percent and placed the 3rd in the list of top 10 best mutual funds of November. Its NAV also set a new record of 1,446,807 due to its well performance in the last month. Pishro has a balanced portfolio consists of Chemicals & By-products, Metal Ores Mining, Basic Metals and other industries. All of them have a great potential of profiting by higher rate of foreign currencies.

Pishro Mutual Fund Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Months Hight Low

Apr. 20, 2011 592 109,754 12.70% 36.50% 25.80% 51.10% 25.70% 1,446,738 1,446,807 957,326

We expect this increase of prices to slow down in November but as we are getting closer to the 3rd quarter reports time, it is probable that some specific sectors will experience even higher prices.

Fund’s Composition Chemicals & By-products Metal Ores Mining FaraBourse Basic Metals Holdings Other Industries

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Percent 23.03 19.86 6.45 6.08 6.04 38.54

Iran Market Reporter No. 19, Nov 2012 ( Issue 11, Vol. 2)

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Commodity Iran Mercantile Exchange Summary The IME total trade value had a 50 percent fell during November due to non-economic factors. Industrial and Mineral products and Oil and Petrochemical group experienced 64 and 28 percent fall in their total transaction value and we did not have a transaction in Agriculture ring.

Groups of Products

Type

Value (Rials)

Industrial Export Ring and Mineral Domestic Ring Total

Value (USD)

Volume (MT) 0

0

7,280,222,576,000

593,819,133

392,802

7,280,222,576,000

593,819,133

392,802

Agricultural Export Ring Domestic Ring Total

0

0

0

0

0

0

0

0

0

Oil & Petro- Export Ring chemical Domestic Ring Total

215,359,160,000

17,566,000

31,200

6,601,240,870,000

538,437,265

455,232

6,816,600,030,000

556,003,265

486,432

14,096,822,606,000

1,149,822,399

879,234

Total

Industrial and Mineral Agricultural Oil & Petrochemical Export Ring Oil & Petrochemical Domestic Ring

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Scan to download FREE MofidTrader5 for Mobile A QR code reader application may be needed to be able to download MofidTrader5 Mobile to your mobile device. QR reader software is available on most but not all mobile platforms. Android Version 2.2 and higher in needed to install MT5 on your android device. Securities Products and services are offered by Mofid Securities Company, the leading brokerage firm in Iran Capital Market.

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News Providing Technical Assistance for Credit Rating Regime November 24, 2012  Source: dailytimes.com.pk

Pakistan Credit Rating Agency (PACRA) and Iran’s Securities and Exchange Organization (SEO) entered into a Memorandum of Understanding (MoU) in Tehran on Friday wherein PACRA will provide technical assistance in establishing a credit rating regime in Iran. Under the MoU, PACRA shall prepare regulatory framework for regulating the credit rating business in Iran and in establishing rating agencies in Iran. PACRA is one of the two Pakistani Credit Rating Agencies (CRAs) that provide credit rating services in various countries. In order to enhance cooperation and assistance to each other in the areas of interest, Securities and Exchange Commission of Pakistan (SECP) and SEO had constituted a Liaison Committee that is entrusted with the task of exploring areas of assistance to each other. During a meeting in October 2011, SECP arranged a meeting of both the domestic CRAs with an Iranian delegation visiting Pakistan and the Iranian delegation desired to seek assistance of SECP for the development of regulatory framework for regulating the credit rating business in Iran. To take this process further, SEO then interacted through SECP with CRAs from Pakistan. Subsequently, SEO solicited technical and financial proposals from interested consultants and then short-listed PACRA for framing of the said regulatory framework. PACRA visited Iran and held meetings with SEO Iran and other market participants and agreed to undertake assignment. On invitation of the SEO, SECP Commissioner Imtiaz Haider participated in the said signing ceremony and also addressed the seminar held in Tehran on the topic of ‘Role and Importance of 14

PACRA, Iran’s SEO sign MoU

Credit Agencies in Economy’. While addressing at the occasion, Haider stated that CRAs plays vital role in the development of corporate debt market and so in the overall economy of a country. He further emphasized that CRAs have become an important part of the modern capital markets; globalization of the financial markets has made it necessary to expand role of CRAs; increase in number of issues and the advent of new and complex financial products has enhanced the importance of independent third-party opinions. He stated that the primary role of CRAs is to enhance transparency and efficiency in the capital markets by reducing the information asymmetry between borrowers and lenders; independent, fair and timely dissemination of rating opinion gives confidence to the investors and so they are encouraged to invest their surplus money in the capital market. Haider lauded the efforts of SEO Iran and PACRA for this significant achievement and emphasized on further cooperation between the two regulators.

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News The seminar was also addressed by Minister for Economics and Finance Hoseini and SEO President Salehabadi. The ceremony was attended by more than 300 participants including chief executives mostly

from all the capital market top-ranking authorities including SEO, Tehran Stock Exchange, Securities Depository Company of Iran, the Central Bank of Iran, the Commercial Banks and the insurance companies.

Tehran Stock Exchange Closes the 2nd FEAS On-site Program November 22, 2012  Source: TSE.ir

The 2nd FEAS On-site Training Program was closed on Wednesday 21 November 2012 in Tehran. The ceremony was coincided with the 7th anniversary of the Iranian Securities Market Act ratification date. The program was closed in attendance of Dr. Hassan Ghalibaf Asl, Tehran Stock Exchange (TSE)’s CEO, Mr. Mustafa Baltaci, FEAS Secretary General, as well as participants of the On-site Program and some authorities from the Iranian capital market. Ms. Maryam Ebrahimi, the Legal Affairs Director at TSE, and the executive secretary of the program provided a detailed report about the event’s planning, implementation and statistics. “The organization team included foreign affairs and communication experts, as well as project planning authorities. We also had a committee to pick up what content was most relevant and should be presented during this program. They also played the role of quality control of the content of presentations. A designer for the themes of slides, supporting team and financial sponsors also helped us. A colleague was also an extreme help taking all the worries with regards to transportation and fun events off our shoulders”, she mentioned as how TSE had arranged the event. “For planning, we first studied last year experi-

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ence. Thanks to the information provided to us by FEAS secretariat. This year nine delegates from seven countries attended the program. Over the past 14 days, we have had very useful presentations and discussions. There have been 37 presentations on processes and practical experience accomplished during the last two weeks, which I hope helped our participants to get to know the Iranian capital market and learn our processes. These were presented during approximately 50 hours. All the speakers were chosen among the experts who were working in the Exchanges and financial institutions. Some of the areas of presentations were as follow: macroeconomic trends in Iran, foreign investment rights in the Iranian capital market, listing & issuers department activities, futures & option commodities contracts, on-line trading, all activities of the Iranian CSD, duties and authorities of Securities and Exchange Organization of Iran, market microstructure, market surveillance, Sukuks in the Islamic capital market, introduction to investment bank industry and types of funding in Iran, investment consulting services and the Iranian mutual funds…”, Ms. Ebrahimi added. Mr. Baltaci also spoke to the audience and talked about the importance of such events for the capital markets’ relations and recognition. He pointed out that the content is an important part of any pro-

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News gram, but the people involved, and their motivations give the real spirit to any event. At the end, Dr. Ghalibaf Asl provided the closing speech, and appreciated his colleagues’ efforts, as well as FEAS secretariat support to hold the

program. He also reminded the Iranian Securities Market Act ratification anniversary and gave a brief history of the recent developments in the country’s capital market. Mr. Baltaci finally joined him to present the certificates of the 2nd FEAS On-site Training Program’s participants.

Capital Market Transactions Above Rls. 560 Trillion November 20, 2012  Source:Iran-Daily.com

The value of capital market transactions surpassed 560 trillion rials since March 20, announced the head of the Securities and Exchange Organization of Iran on Monday.

He named the rise in the liquidity and value of the market as well as the increase in public access as the major characteristics of capital market in recent years.

Ali Salehabadi said the value of three bourse entities namely Tehran Stock Exchange (TSE), Over-the-Counter Market (OTC), and Commodity Exchange stood at 620 trillion rials during last Iranian year (ended March 19), IRNA reported.

Spread of online transactions has pushed some branches of banks to render bourse transactions, which increases public access, he added.

He estimated that the capital market will hit a new record this year. Salehabadi also put the value of TSE and OTC at 1,420 and 370 trillion rials respectively.

Saying it is possible to trade bond futures in Commodity Bourse, he added the companies can receive their money in cash. “However, they should deliver the commodities between three months and one year to customers.”

Tehran and Karachi Exchanges Ink MoU November 20, 2012  Source: TSE.ir

A Memorandum of Understanding (MoU) was signed between Tehran Stock Exchange (TSE) and Karachi Stock Exchange (KSE). The document was signed by Dr. Hassan Ghalibaf Asl, CEO of TSE, and Mr. Nadeem Naqvi, Managing Director of KSE. The MoU is intended to facilitate the development

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of channels of communication between the parties, explore business opportunities for market participants of both Exchanges, facilitate knowledge and expertise sharing regarding the products of the Exchanges’ securities markets, and to foster a continuing relationship between the parties for the respective benefit of the financial services industry in Iran and Pakistan.

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News 2nd Onsite Training Course of FEAS held in Tadbir November 14, 2012  Source: emofid.com

The 2nd On-site Training Course attended by the members from the Federation of the Euro-Asian Stock Exchanges (FEAS) was held in Tadbir Pardaz Computer Group on Tuesday, November 13. The course which is scheduled to be held annually in each member country aims at an introduction to Iran’s capital market covering the whole operation and functionality of the financial and commodity markets institutions and firms from 10 to 21 of November. This year’s participants came from stock exchanges of Turkey, Croatia, Armenia, Pakistan, Oman, Macedonia, Uzbekistan, Kazakhstan and Syria. A workshop on Online Trading was held by a team Tadbir experts to present the main features of Online Trading in Iranian Capital Market. After a brief presentation in the first part, the

workshop followed by real trading in TSE using Online Trading platform in divided groups. The delegation then paid a visit to the company’s building where they got familiar with the whole operation of Tadbir and its advanced technologies for Capital Markets. Tadbir Pardaz Computer Group was established by Mofid’s founder in 1999 in order to provide IT solutions to the entities active in capital market from exchanges to brokers and even banks. Tadbir also benefits from affiliation with Mofid using their expertise in financial markets. Through these years Tadbir has played a significant role in development of Iranian Capital Market providing the market with advanced technologies.

Feas Members’ representatives visited Tadbir Pardaz Computer Group.

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About Mofid Mofid Securities Company is the leading brokerage firm mainly active in Iranian Capital Market. Mofid creates financial products and offers financial services to its clients and investors. Having a qualified and diverse management team enables Mofid to benefit from coupling local knowledge and presence with global expertise. Mofid publishes this newsletter, Iran Market Reporter (IMR), in order to keep its readers updated on the latest news and events of Iran capital market, especially Tehran Stock Exchange (TSE), as well as valuable information for individual and institutional investors. Iran Market Reporter is distributed exclusively via email or hard copy amongst Iranian analysts and potential investors who have worked closely or have been in contact with Mofid Securities Company. Subscription to this newsletter is by referral only or through an online request sent to: imr@emofid.com

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Disclaimer This material is for information purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any specific securities. All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, MOFID SECURITIES COMPANY accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and MOFID SECURITIES COMPANY makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. This publication does not provide individually tailored investment advice and may not match the financial circumstances of some of its recipients. The securities discussed in this publication may not be suitable for all investors. The value of an investment can go down as well as up. Past performance is no guarantee of future success.

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