DOCSLIB.ORG

June 2021 No 171, Volume 15

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

June 2021 - Volume 15 No 171 Summary Equity Markets The TEDPIX index declined by 5% and the junior Farabourse (IFB) index declined by 0.4% in IRR terms over the course of May 2021. Based on the unofficial exchange rate, the month-on-month loss in dollar terms was 7% on the Tehran Stock Exchange (TEDPIX) and 2% on the Farabourse market. This was partly due to the 2% depreciation of the IRR versus the USD over the month. Debt Markets For the start of the Iranian calendar year 1400 (March 2021) to the end of May, the total issuance on the fixed income market remained steady with no change from the previous month at 0.4 billion US$ based on the unofficial exchange rate. Yield to maturity (YTM) remained stable at 22% at the end of May. Economic Review This issue reviews the latest housing market statistics published by the Central Bank of Iran. In addition, we have included a separate report covering the latest macroeconomic data published by relevant organizations and senior macroeconomic strategists in a fact-sheet summary, as well as an economic calendar released by local and international statistics centers. Tabatabai House, Kashan, Iran Photo by: Shervan Karim 1 Iran Investment Monthly Table of Contents 3 Market Overview 5 Performance & Updates 6 Historic Trends & Sector Insight 7 Industry at a Glance 8 Market Snapshot 9 TSE & Junior Market Performance 10 Top Ranked Companies 11 Iran’s Fixed Income Market 13 Economic Review 13 Latest Updates 16 Macroeconomic Data 17 News & Views 17 Recent Brokerage Reports 17 Turquoise News 18 Turquoise Group 2 Iran Investment Monthly Market Overview Jun 2021 Volume 15 No 171 Market Overview After a severe decline of 9% in April, the TSE overall index turned positive in May and rose by 5.6% in Euro terms. This happened mainly due to a further appreciation of the Iranian Rial (IRR) in the official market against the Euro. The IRR reached its 9-month high against the EUR during May. Average daily trade volumes stood at 99 million USD; this is a roughly quarter of the amount at the last peak of the market in August 2020. The appreciation of the IRR stems from higher hard currency inflows to the country due to both higher commodity prices and also more oil sales (mainly to China). Euro CBI Market Rate Shervin Shahriari Chief Inves tment Officer 248,118 161,228 Source: CBI We anticipate that the current phase of IRR appreciation may have run its course, as our models show that the IRR is now trading close to its fair value. However, the gap between the free-market rate and the official rate widened to 20 percent in May, from a recent low of 1 percent in November 2020 . This is mainly because of the uncertainty surrounding the trajectory of the ongoing nuclear negotiations. In terms of the best performing sectors, Mining Ore and Basic Metals led the way in May. Their related sub-indices surged by 15% and 11% respectively in Euro terms. This rise was due to a rebound in global commodity prices, boosted by demand from China. Steel prices in Iran rose by more than 10% over the course of the month, which in turn fueled an increase in steelmakers’ shares on the TSE. For example, Mobarakeh Steel Company, the largest listed company by market cap on the TSE, rose 9% in May. Chadormalu, the largest producer of iron ore, was also among the top performers. Its price rose by 8% in IRR terms over the same period, reflecting the positive trend in global iron ore prices so far this year. 3 Iran Investment Monthly Market Overview Jun 2021 Volume 15 No 171 Performance of TSE Sectors in Euro May 2021 vs. April 2021 Source: TSE ,CBI However, we have turned relatively cautious on this space; we are mindful of its cyclicality and volatility, as well as being cautious overall about the near-term prospects for the global commodity markets. Looking at the recent tightening policies implemented by China, there are indications that the recent euphoria in demand for China-related commodities (e.g. basic metals) will not be sustainable. Iranian T-Bills YTM in IRR & YOY Inflation Rate Source: IFB ,CBI We believe that this is a prudent strategy considering the political uncertainties regarding the upcoming presidential election in Iran and ongoing nuclear talks with the world powers 4 Iran Investment Monthly Market Overview Jun 2021 Volume 15 No 171 Performance & Updates 11 - Year Average (2008-2021)1 Market Capitalization (billion US$) 132 TSE & Farabourse Junior Market P/E 8.1x TSE Dividend Yield (%) 3 10% TSE Market Cap / GDP 64% TSE & Farabourse Total Turnover (billion US$),Average Annual 31 TSE TSE Overall Index Average Annual Growth (US$) 24% TSE 1 Annual data from 2008 to May 2021 2 Calculated based on unofficial IRR per US$ exchange rates. Summary - May 2021 Market Capitalization (billion US$) 256 TSE & Farabourse Junior Market Free Float 21% TSE & Farabourse Junior Market Number of Listed Companies1 689 TSE & Farabourse Junior Market TSE Index Performance (US$)2,4 -5.2% (MTD) 18.2% (YTD) TSE Total Turnover (million US$)2 2,485 m$ TSE & Farabourse Junior Market Dividend Yield (%) 3 2.3% TSE P/E 12.4 1 176 companies are listed in Over-The-Counter (OTC) or off-exchange market named as “Base Market” in Farabourse junior market which trading of these companies are done directly between two parties. 2 Calculated based on unofficial IRR per US$ exchange rates. 3 Calculated based on the latest market data 4 TEDPIX Tehran Exchange Dividend Price Index (Dividend & Price Index) Tehran Stock Exchange & Junior Market Trade by Value1 - May 2021 Iran Farabourse (Junior Market) Trade Volume (million US$) Tehran Stock Exchange (Main Market)Trade Volume (million US$) Since the beginning of 2021, the market has contracted as the YTD performance of the TSE and IFB recorded losses of 18% and 10% in IRR terms respectively. The loss in hard currency terms was 13% on the TSE and 5% on the IFB on a year-to-date basis. In May 2021, the TSE equity trade volume value declined to 2’170 million US$ from the 8’433 million US$ average over the last twelve months. The total number of shares traded on the TSE decreased by 50% compared to a twelve-month average of 184 billion shares. US$ Million Source: Tehran Stock Exchange Iran Farabourse Company All figures in US$ are converted from IRR at the free market rate 1 Trading volume month on month in US$ term - TSE includes mainly equity while Farabourse has more fixed income instruments and smaller equities. 5 Iran Investment Monthly Market Overview Jun 2021 Volume 15 No 171 Historic Trends & Sector Insight Long-Term Overall Index (Normalized in USD) Long-Term Iranian Market Cap ( Normalized in USD) Historic Average: 202 Historic Average: 186 May 2021 : 407 May 2021 :405 TSE Best Performing Sectors & Overall Index (Normalized in USD) 100 98 96 92 Basic Metals Chemical & By Products Metal Ores Mining Overall USD TSE Large Sectors (% Market Capitalization) 22% 14% 9% 8% 7% 5% 5% 4% 3% 3% 20 Other Metals* Monetary Diversified Chemicals Refined Petroleum Source: TSE, Bonbast, as of May 2021 *Metals sector includes steel, copper and aluminum Motor Vehicles And Auto Parts Pharmaceuticals Computer & Related Activities Metal Ores Mining Telecommunications 6 Iran Investment Monthly Refined Petroleum Market Overview Jun 2021 Volume 15 No 171 Industry at a Glance - May 2021 YTD 1-Year Return 5-Year Return Top Performing Companies Market Cap Sector Trailing (%) Trailing (%) Trailing (%) in May 2021 (MOM %) (Million USD) in USD in USD in USD Iranian Zinc Ind 31 - - - Metals* Iranian Lead & Zinc Production & Development 31 - - - Iranian Aluminium Company 630 -27% -39% - Opal Mineral Pars Mining Processing Company 1,576 - - - Mining Sabanour Mining and Industrial Development Company 575 18% 52% 232% Mining and Metals Development Investment Company 2,774 -34% -46% -8% Lavan Oil Refinery Company 348 -23% -39% 3% Petroleum Iranol Company 370 28% 12% -35% Zangan Power Equipment Company 18 1% 166% 2212% Polyacryl Iran 157 6% 5% - Chemical Ghaed Basir Petrochemical Products Company (GBPC) 166 -29% -22% - Ghadeer Petrochemical Co.* 328 - - - Post Bank Iran 314 36% 7% 47% Banks Parsian Bank 1,684 -18% 2% -67% Bank Pasargad 4,098 40% 29% 83% TSE Large Sectors 5-Year Performance (Normalized in USD) Metals Mining Petroleum Chemical Banks 341, May 2021 275, May 2021 191, May 2021 150, May 2021 132, May 2021 Source: TSE, Bonbast, as of ending May 2021 *Metals sector includes steel, copper and aluminum *New IPO 7 Iran Investment Monthly Market Overview Jun 2021 Volume 15 No 171 Market Snapshot -May 2021 Iran & Regional Markets Iran: A 27-Year Snapshot, Asset Class Annualized Return in US$ (%) P/E Multiple Comparison MSCI Morocco 26.6 Kuwait 39.4 Qatar 18.2 11% MSCI Arabian Markets 21.6 MSCI GCC Countries 22.0 MSCI Egypt 8.2 6% 5% Saudi Arabia 34.6 UAE 21.7 Iran 12.0 % Turquoise Iran Fund 9.4 Sub Fund B/C, as of ending May 2021 Note: Annual data from 1995 to May 2021 Source: CBI, TSE, IFB All figures in US$ are converted from IRR at the free market rate Iran & International Markets 3 4 Tehran Stock Exchange MSCI Emerging Markets MSCI Frontier Markets Average P/E Average P/E Average P/E 12.0 19.3 17.5 1 1-Year Performance in $ 1-Year Performance in $ 1-Year Performance in $ -14.5% 51.0% 37.6% Annualized 10 Year in $ 2 Annualized 10 Year in $ Annualized 10 Year in $ 13.3% 4.1% 5.31% 20.0 Chemicals 20.4 Information Technology 35.2 Financials 13.7 Basic Metals 18.3 Financials 13.3 Communication Services 9.2 Investment Companies 16.9 Consumer Discretionary 10.9 Real Estate 7.6 Diversified Industrials 11.4 Communication Services 9.6 Materials 7.3 Metal Ores Mining 8.7 Materials 9.2 Consumer Staples Sector Breakdown (%) 42.2 Others Sector Breakdown (%) 24.4 Others Sector Breakdown (%) 21.8 Others 1.TEDPIX Tehran Exchange Dividend Price Index (Dividend & Price Index) performance calculated in US$ for the Period of May 2020 to May 2021 2.Overall Tehran Stock Exchange Index 10 year annualized performance calculated in US$ 3.MSCI Emerging Markets Index (US$) - May 2021 4.MSCI Frontier Markets Index (US$) - May 2021 Source: Tehran Stock Exchange - Central Bank of Iran - MSCI Inc., Kamcoonline.
Recommended publications
  • An Assessment of Valuation Methods of Stock Initial Public Offerings on Tehran Stock Exchange

    An Assessment of Valuation Methods of Stock Initial Public Offerings on Tehran Stock Exchange

    International Journal of Academic Research in Business and Social Sciences 2017, Vol. 7, No. 4 ISSN: 2222-6990 An Assessment of Valuation Methods of Stock Initial Public offerings on Tehran Stock Exchange Mohammad Kheiry 1, Sima Golozar 2,*, Ali Amiri 3 1 Department of Economic, Accounting and Management, Payam Noor University, Tehran, Iran. Kheiry Email: [email protected] 2,* Postgraduate student of Financial Management, Qeshm Institute for Higher Education, Qeshm, Iran. Email: [email protected] 3 Department of Accounting, college of human science, Bandar Abbas, Islamic Azad University, Bandar Abbas, Iran. Email: [email protected] DOI: 10.6007/IJARBSS/v7-i4/2822 URL: http://dx.doi.org/10.6007/IJARBSS/v7-i4/2822 Abstract Every day hundreds of companies all over the world are entering capital market for the first time by issuing stocks. By doing so, they decide to invest capital necessary for continuing activity and expanding operations accordingly. For this reason, it is important to the companies that price specified for their stock demonstrate real value of assets and their growth and development opportunities in the future. The purpose of this research is to study valuation methods of stock initial public offerings at the Tehran Stock Exchange. Population and study sample consisted of firms publicly offered their stocks for the first time at Tehran Stock Exchange during 2009-2014, and experienced no trading halt, i.e. 45 companies of which seven companies were eliminated due to lack of trading on the stock exchange and 38 firms were chosen. The research method is correlational-descriptive and the research is an applied research by purpose.
  • Iran Painting Tour

    Iran Painting Tour

    Iran Painting Tour Available from: January 1, 2021 To December 31, 2021 Tour Destinations: Tehran to Kashan Duration: 14Days Tour styles: Style painting Nature Artistic Cultural Historical Code: PIGP Tour route: Tehran Shiraz Yazd Isfahan Maranjab Desert Kashan Tailor made Tour highlights Travel through the art history of Iran from ancient times until modern era at museums of Tehran including Iran National Museum, Islamic Art Museum, and Contemporary Art Museum of Iran Learn different techniques of Iranian painting like the Gol o Morgh technique in Shiraz and Miniature painting in Isfahan, Enjoy painting the earthen alleys of Yazd historical city, the scenic landscapes of Maranjab Desert, and the glorious ruins of Persepolis, What you need to know about this tour Iranian art or Persian art including its philosophy, history and the remained masterpieces is one of the richest in world’s art history and the masterpieces in different media like painting, architecture, calligraphy and etc. are among the fantastic samples that cause Iran to attract more and more visitors and travelers as an amazing travel destination. Iranian painting includes diverse techniques invented in different cities during historical eras as main art movements, each opening a new window to the Persian art and aesthetic world. Iran Painting Tour is one of our unique Iran tours which is designed especially for painters and art lovers. On this tour, you’ll meet successful Iranian painters of different techniques in top cities of Iran, explore the best samples of Iranian architecture, paintings and handicrafts, and spend some hours on painting and sketching the beauties and charm of Iran.
  • Impact of Speculative Bubble on Stock Returns in Companies Listed on Tehran Stock Exchange

    Impact of Speculative Bubble on Stock Returns in Companies Listed on Tehran Stock Exchange

    Advances in mathematical finance Published by IA University of & applications, 3 (4), (2018), 115-127 Arak, Iran DOI: 10.22034/AMFA.2019.553492.1089 Homepage: www.amfa.iau- arak.ac.ir Impact of Speculative Bubble on Stock Returns in Companies Listed on Tehran Stock Exchange Soheil Ali, Hadi Yazdi* Department of accounting, Faculty of Management, Islamic Azad University, Arak,Iran ARTICLE INFO ABSTRACT Article history: Recent studies show that individual investors tend to speculate on stock markets Received 2 November 2017 and hold shares with a lottery-like return. For this speculation of people have a Accepted 10 October 2018 significant impact on stock returns, individual investors must trade the same shares with the same time. The purpose of this study was to investigate the effect Keywords: of the speculative bubble on the stock returns of companies in Iran. Following the stock returns design of the speculative bubble specification indexes, the transaction information speculative bubbles was collected from the stock market in the five-year period from 2011 to 2015 and market downswing a sample of 106 companies was selected by systematic elimination method, which totaled 530 year-company. In this research, linear regression and correlation anal- ysis were used to analyze the hypotheses of the research. To analyze the data and test the hypotheses, Eviews software was used. What can be said in the summing- up and conclusion of the general test of research hypotheses is that there is a spec- ulative bubble in the Tehran Stock Exchange index. In addition, the speculative bubble has an impact on stock returns, and this effect has been confirmed in con- ditions of market boom and downswing.
  • Investigating of Long-Term Performance the Stocksinitial Offeringin Tehran Stock Exchange

    Investigating of Long-Term Performance the Stocksinitial Offeringin Tehran Stock Exchange

    Special Issue INTERNATIONAL JOURNAL OF HUMANITIES AND January 2016 CULTURAL STUDIES ISSN 2356-5926 Investigating of long-term performance the stocksinitial offeringin Tehran Stock Exchange Mohammad Ali Molazadeh Department of management Kerman branch islamic Azad University,Kerman,Iran Valiollah Shahbazkhani Department of economic Kerman branch Islamic Azad University, Kerman, Iran. Abstract The aim of this research was to investigate the long-term performance the stocksinitial offering in Tehran Stock Exchange. This research was a kind of study of library and analytical reason and it was based on the ordinary least squares method (analysis of data compilation).In this research the financial information of 24 companies listed on the Tehran Stock Exchange during the period 2010 to 2015 that they had been initial offering were investigated (144 companies - year). To analyze the obtain results of research was used the 12 Stata software. The research results relate to confirming the first hypothesis have shown that the warm and cold type of market in the relationship between the volume of shares offered with the lower valuation of fact have the significant positive impact.Also according to the analysis made in relation to reject the second hypothesis of research reached to this result that there is not a significant relationship between the number of companies that are initial offering with the valuation less than in fact of the Stocks in the previous period. In the following the research results in relate to confirming third hypothesis indicate that there is a significant relationship between the number of companies have Initial offering, with the kind of warm and cold market.Also according to the analysis conducted in relation to confirmation the fourth hypotheses of research conclude that there is a significant relationship between the grouped companies in the same industry in the initial offering with the kind of warm and cold market.
  • Download Tour

    Download Tour

    Iran Food Tour Available from: January 1, 2021 To December 31, 2021 Tour Destinations: Tehran to Tehran Duration: 11Days Tour styles: Style Culinary Cultural Historical Code: PICU Tour route: Tehran Rasht Qazvin Kashan Isfahan Yazd Shiraz Bandar Bushehr Tehran Tailor made Tour highlights Shopping at Rasht Bazaar, one of the biggest local markets with a thriving atmosphere where they sell fresh and colorful vegetables, fish, and homemade pickles. Learning about the mouthwatering sweets of Iran like the Gaz nougat in Isfahan, brittle Sohan of Qom, and Baghlava in Yazd. Learning to cook chili and tasty Ghaliyeh Mahi (fish stew) in Bushehr, the city of spicy cuisines and southern music! Visiting the top attractions of Iran including the glorious Persepolis, Naqshe Jahan Square and the lush Persian gardens. What you need to know about this tour Charazterized by the fragrance of saffron, spices, and aromatic herbs, Iranian culinary is one of the most delicious and rich cooking styles in the world and this rich food culture comes from the abundance of agricultural products, the diversity of climate, culture and rituals, and also the connections with neighboring countries. From north of Iran to south, as you note changes in climate and culture, the magic of Iranian culinary and cuisines change too. On our 11-day Iran Food Tour, we have tried to cover the major culinary cities of Iran so that you can learn about the most diverse styles and highlights of Iran culinary including kebabs, stews, rice, seafood, and sweets at local cooking classes or taste them around dining tables with local families, along with exploring the top historical and cultural highlights of Iran.
  • Data Collection Survey on Tourism and Cultural Heritage in the Islamic Republic of Iran Final Report

    Data Collection Survey on Tourism and Cultural Heritage in the Islamic Republic of Iran Final Report

    THE ISLAMIC REPUBLIC OF IRAN IRANIAN CULTURAL HERITAGE, HANDICRAFTS AND TOURISM ORGANIZATION (ICHTO) DATA COLLECTION SURVEY ON TOURISM AND CULTURAL HERITAGE IN THE ISLAMIC REPUBLIC OF IRAN FINAL REPORT FEBRUARY 2018 JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) HOKKAIDO UNIVERSITY JTB CORPORATE SALES INC. INGÉROSEC CORPORATION RECS INTERNATIONAL INC. 7R JR 18-006 JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) DATA COLLECTION SURVEY ON TOURISM AND CULTURAL HERITAGE IN THE ISLAMIC REPUBLIC OF IRAN FINAL REPORT TABLE OF CONTENTS Abbreviations ............................................................................................................................ v Maps ........................................................................................................................................ vi Photos (The 1st Field Survey) ................................................................................................. vii Photos (The 2nd Field Survey) ............................................................................................... viii Photos (The 3rd Field Survey) .................................................................................................. ix List of Figures and Tables ........................................................................................................ x 1. Outline of the Survey ....................................................................................................... 1 (1) Background and Objectives .....................................................................................
  • Exploring the Effect of Emotional Intelligence on Methods of Trading the Investors of Melting Company’S Stokes

    Exploring the Effect of Emotional Intelligence on Methods of Trading the Investors of Melting Company’S Stokes

    Exploring the Effect of Emotional Intelligence on Methods of Trading the Investors of Melting Company’s Stokes Masoumeh Barmaki M.S. student, Department of Business, Tabriz Branch, Islamic Azad University, Tabriz, Iran Abstract Objective: The purpose of this paper is to investigate the effect of emotional intelligence on the trading methods of melting Company's shareholders. In this article, we will examine how the best emotional intelligence affects traders. Do traders have control over their emotional intelligence in trading or not? In fact, controlling emotional intelligence is the key to maintaining stability and controlling emotions against market fluctuations. Research method: In this method, according to the nature of the research, we have used descriptive survey research method and we have examined the size of the sample, which is 50 employees of the smelting company. A questionnaire was used to collect data. The descriptive and inferential analysis methods used simple linear regression using SPSS software to analyze the research hypothesis in both descriptive and graphical sections. Conclusion: According to all the analyses performed, the question was raised that emotional intelligence affects the way of trading of shareholders of Melting Company, right? Therefore, by designing this main question, the ground was prepared for conducting an accurate card in this field and a research hypothesis was developed. In terms of concurrency, stock prices will be very promising. Therefore, the researcher found that emotional intelligence is effective in increasing and decreasing the company's stock trading. Key terms: Stocks, Emotional Intelligence, Stock Exchange, Control, Tabriz, Melting Company 1. Introduction The word stock market is derived from the surname of a Belgian named Wonder borough, who lived in Belgium in the 15th century.
  • Analysis and Classification of Companies on Tehran Stock Exchange with Incomplete Information

    Analysis and Classification of Companies on Tehran Stock Exchange with Incomplete Information

    RAIRO-Oper. Res. 55 (2021) S2709{S2726 RAIRO Operations Research https://doi.org/10.1051/ro/2020114 www.rairo-ro.org ANALYSIS AND CLASSIFICATION OF COMPANIES ON TEHRAN STOCK EXCHANGE WITH INCOMPLETE INFORMATION Alireza Komeili Birjandi1, Sanaz Dehmolaee2, Reza Sheikh1 and Shib Sankar Sana3;∗ Abstract. Due to uncertainty and large number of companies in financial market, it has become difficult to choose the right stock to investments. Identifying and classifying stocks using fundamental criteria help investors to better understand the risks involved in selecting companies and better manage their own capital, thereby rapidly and accurately choose their preferred stock and make more secure profit. The main concern that capital market investors are facing difficulty to choosing the right stock despite the uncertainties in the market. Uncertainties in the market that lead to incomplete information are presented in this article to complete the reciprocal preference relation method. The purpose of this paper is to present a method for completing information to reduce the uncertainties in the market and finally classify companies in each industry based on fundamental criteria. The classification method used is acceptability/reject ability which is based on distance fuzzy analysis yields more accurate results. Finally, a case study on one of the most critical industries in Tehran Stock Exchange is presented to show the effectiveness of the proposed approach. Mathematics Subject Classification. 90B60, 90B50. Received August 5, 2020. Accepted October 6, 2020. 1. Introduction A major challenge that most investors face in stock market is choosing the stock with the best price at the best time possible [7, 31].
  • Momentum Returns in Tehran Stock Exchange: the Influences of Size and Liquidity

    Momentum Returns in Tehran Stock Exchange: the Influences of Size and Liquidity

    International Business Research; Vol. 5, No. 11; 2012 ISSN 1913-9004 E-ISSN 1913-9012 Published by Canadian Center of Science and Education Momentum Returns in Tehran Stock Exchange: The Influences of Size and Liquidity Samira Mansouri1, Reza Tehrani2 & Hojatollah Ansari2 1 Department of Financial Management and Insurance, Kish International Campus, University of Tehran, Iran 2 Department of Financial Management and Insurance, Faculty of management, University of Tehran, Iran Correspondence: Samira Mansouri, Department of Financial Management and Insurance, Kish International Campus, University of Tehran, Iran. Tel: 98-939-317-8968. E-mail: [email protected] Received: August 15, 2012 Accepted: September 21, 2012 Online Published: October 16, 2012 doi:10.5539/ibr.v5n11p43 URL: http://dx.doi.org/10.5539/ibr.v5n11p43 Abstract A study was carried out during 2001 to 2010 to illustrate the profit of momentum strategy in Tehran stock Exchange, and possibility of higher abnormal return based on past performance trends. In this study, the effects of two substantial variables including size and liquidity on profitability of momentum strategy in Tehran stock Exchange were investigated. The study was conducted in two sub-periods: 2005-2010, and 2007-2010. The first is due to a significant change in the number of stock companies after privatization, and the second is to cover the effects of global financial crisis on Iran’s economy. Our sample includes three separate samples of all stock market joined companies before the mentioned related periods that have been traded in at least half of the total trading days in the related period. Results showed that using momentum strategy in Tehran Stock Exchange created negative returns in all periods.
  • Master's Thesis

    Master's Thesis

    2006:64 MASTER'S THESIS The Impact of Online Trading on Customer Satisfaction in Tehran Stock Exchange Delbar Jafarpour Luleå University of Technology Master Thesis, Continuation Courses Marketing and e-commerce Department of Business Administration and Social Sciences Division of Industrial marketing and e-commerce 2006:64 - ISSN: 1653-0187 - ISRN: LTU-PB-EX--06/64--SE The Impact of Online Trading on Customer Satisfaction in Tehran Stock Exchange Delbar Jafarpour Tarbiat Modares University Faculty of Engineering Department Industrial Engineering Lulea University of Technology Department of Business Administration and Social Sciences Division of Industrial Marketing and E-Commerce Joint MSc PROGRAM IN MARKETING AND ELECTRONIC COMMERCE 2006 The Impact of Online Trading on Customer Satisfaction in Tehran Stock Exchange Supervisors: Dr. Moez Limayem Dr. M. Mehdi Sepehri Referee: Dr. A.Albadvi Prepared by: Delbar Jafarpour Tarbiat Modares University Faculty of Engineering Department Industrial Engineering Lulea University of Technology Department of Business Administration and Social Sciences Division of Industrial Marketing and E-Commerce Joint MSc PROGRAM IN MARKETING AND ELECTRONIC COMMERCE 2006 In the Name of God the Compassionate, the Merciful I dedicate this thesis to my dear mother and father. 0 Abstract Online services offer customers a splendid display of benefits such as enhanced control, ease of use and reduced transaction charges. Consequently, online services have grown rapidly and have emerged as a leading edge of service industry. Providing online services in developed stock exchange such as USA, France, Singapore and Turkey has lead market to become more competitive. Therefore, brokerages compete in offering superior service quality. Tehran Stock Exchange (Tehran SE) was established in April 1968 and has experienced quick expansion in recent years.
  • Re-Reading Iranian Vernacular Architecture from a New Perspective from 1961 Until Now Marjan Arbabzadeh1, Iraj Etessam2*, Seyyed Majid Mofidi Shemirani3

    Re-Reading Iranian Vernacular Architecture from a New Perspective from 1961 Until Now Marjan Arbabzadeh1, Iraj Etessam2*, Seyyed Majid Mofidi Shemirani3

    Bagh-e Nazar, 17(86), 59-74 /Aug. 2020 DOI: 10.22034/bagh.2019.193734.4209 Persian translation of this paper entitled: معماری بومی ایران در خوانشی نوین، از دهۀ چهل خورشید ی تا کنون is also published in this issue of journal. Re-Reading Iranian Vernacular Architecture from a New Perspective from 1961 until Now Marjan Arbabzadeh1, Iraj Etessam2*, Seyyed Majid Mofidi Shemirani3 1. Ph.D. candidate, Department of Architecture, Science and Research Branch, Islamic Azad University, Tehran, Iran. 2. Professor, Department of Architecture, Science and Research Branch, Islamic Azad University, Tehran, Iran. 3. Assistant Professor, Department of Architecture, Science and Technology University, Tehran, Iran. Received:17/07/2019; revised:25/12/2019; accepted:29/12/2019; available online: 22/07/2020 Abstract Problem statement: The lack of identity and a sense of attachment to place and lack of attention to climate, nature and history have led modern architecture to face major problems. This has encouraged contemporary architects to search for solutions to fix the predicaments caused by modern architecture. This research is an attempt to understand how the integration of architecture, history and nature can offer a design that can satisfy today’s needs while benefiting from advanced technologies. Research objective: The purpose of this study is to find the key ideas in vernacular architecture by focusing on climate criteria that can be combined with new technologies It is hoped that the ideas form the basis of contemporary concepts and pave the way for sustainable architecture. The possibility of examining the text of vernacular architecture from another perspective leads to the creation of a new language based on a direct reference to or a symbolic interpretation of the text This is also another question to which the response can help us achieve the goal of this study Research method: The study is interpretive-historical and it is qualitative in nature.
  • The Law Governing the Securities Market in the Islamic Republic of Iran Ratified by the Islamic Consultative Assembly on 22 November, 2005

    The Law Governing the Securities Market in the Islamic Republic of Iran Ratified by the Islamic Consultative Assembly on 22 November, 2005

    In the name of God The Law Governing the Securities Market in the Islamic Republic of Iran ratified by the Islamic Consultative Assembly on 22 November, 2005 Chapter One – Definitions and Terms Article 1- The terms and words applied in the present Law have the following meanings: - 1. Securities and Exchange High Council means a council convened based on Article 3 of the present Law, hereinafter referred to as the “Council”. 2. Securities and Exchange Organization means an organization convened based on Article 5 of the present Law, hereinafter referred to as the “Organization”. 3. Stock Exchange means an organized and self-regulatory market where securities are transacted by dealers and/or brokers according to the provisions of the present Law. Each Stock Exchange (hereinafter referred to as the “Exchange”) shall be established and administered in the form of a public joint stock company. 4. Arbitration Board means a board convened based on Article 37 of the present Law. 5. Association means self-regulatory organizations of brokers, broker/dealers, market makers, investment advisors, issuers, investors, etc., duly registered as per the approved guidelines of the Organization, in the form of non-governmental, non- commercial and non-profit institutes, regulating the relations between the parties which are engaged in the securities market based on the present Law. 6. Self-regulatory Organization means an organization which is allowed to set and implement professional and disciplinary rules and standards by observing this Law to regulate professional activities and create discipline in the relations 1 among its members for good performance of the tasks and duties entrusted to them by this Law.