TSE All-Share Index
The Tehran Stock Exchange All-Share
Index edged up 0.08% to close at 77,658. The top performing sector of the day
was Utility Service Providers (+2.00%), while Metallic Ore
(-1.69%) recorded the weakest performance. Automotive (-0.29%) posted the
highest trading volume among sectors, with IRR 140 billion (approx. USD 3.6
million) of shares traded. Today the companies most influencing the All-Share
Index were Persian Gulf Petrochemical Industries Company (PKLJ +1.23%), Mellat
Bank (BMLT -2.83%) and Mobin Petrochemical Company (MOBN +2.85%). SAIPA Group
(SIPA -1.19%) was the most traded stock with IRR 60 billion (approx. USD 1.5
million) of shares exchanged. The total traded value of the TSE fell 54%,
reaching IRR 1,522 billion (approx. USD 40 million).
TSE30 Index
The TSE30 index of the thirty
largest companies by market capitalization closed at 3,132, down 0.23% from
yesterday. Mobin Petrochemical Company (MOBN +2.85%) was the biggest gainer,
while Mellat Bank (BMLT -2.83%) dropped the most. The top 30s total traded
value stood at IRR 317 billion (approx. USD 8.3 million), a loss of 41% from
the previous trading session.
Highlight
The tickers of a number of companies
were taken off the trading board today by order of the regulator.
On entering the last month of the Iranian calendar year various companies
have published their projections for the next year, which in many cases should
be surveyed by the market regulator. Following recent increases in commodity
prices and a strengthening of the US dollar against the Iranian rial, several
companies have projected higher profits for the next year.
Stocks to watch
The ticker of Paxan company (PAKS
+6.29%) reopened today and became the second top performing share of the day.
The hygienic products and detergent manufacturing company held its AGM
yesterday for the financial year ended December 20 and paid out almost 61%
of net profit. Paxan realized IRR 531 billion (approx. USD 14 million) net
profit last year, a gain of 52% over the previous year and 42% higher
than initial projections. The higher net income resulted from higher
sales volumes and prices, in addition to lower interest expenses. Washing
powders and soap are the main products of Paxan, making up over 81% of the
company’s total revenue. Despite being under the regulated price scheme, both
categories of its main products have recorded price rises of 13% and 6%
compared with the previous year. For the current financial year ending
December 21, the company has projected a fall of 11% in net income to IRR 448
billion (approx. USD 11.8 million). A projected 80% fall in investment income
is the main factor behind the forecast reduction in net profit. In addition
administrative and general expenses are forecast to rise 9%, while the
projected improvement for gross profit is only 2%. It should be noted that
Paxan sold two of its subsidiaries last year for IRR 68.7 billion (approx. USD
1.8 million), which was reflected in the investment incomes.
