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Iran Capital Market Insight 3
Capital Market Indices
The end of month figure of Iran capital market major indices including the TSE's (TEDPIX) and
the IFB's total return index (IFX) is compared with that of the previous month in Table 1.
Table 1: Capital Market Indices
Change (%) January 2018
February 2018
Index
-0.68% 98,817 98,149 TEDPIX
1.36% 1,084 1,098 IFX
The past year trend of the indices is illustrated in the following figure.
800
850
900
950
1,000
1,050
1,100
1,150
72,000
76,000
80,000
84,000
88,000
92,000
96,000
100,000
2/19
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Figure 1: Major Indices
TEDPIX - (Left Axis) IFB - (Right Axis)
Iran Capital Market Insight 4
In addition, the performance (annual return in percent) of TEDPIX is compared with MSCI
Emerging Market TRI and S&P/OIC COMCEC 50 SHARIAH TRI.
MSCI Emerging Market TRI: The index includes securities from 23 countries; however, excludes stocks from
emerging and frontier economies.
COMCEC: The S&P/OIC COMCEC 50 Shariah is designed to provide investors with a Shariah-compliant
benchmark that measures the performance of leading companies from the Organization of Islamic Cooperation
(OIC) member states.
TSE and IFB Market Capitalization
Share of the IFB and the TSE market capitalization in comparision with end of January is demonstrated below. The IFB is younger and smaller; yet, has differentiated itself in hosting state-of-the-art financial instruments.
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
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/27
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Figure 2: TEDPIX, MSCI, COMCEC Annual Returns in a Window
TEDPIX MSCI COMCEC
3,939,532
3,911,113
1,253,977
1,359,293
0 1,500,000 3,000,000 4,500,000 6,000,000
Jan-18
Feb-18
Billion Rials
Figure 3: TSE and IFB Market Capitalization Comparison
Tehran Stock Exchange (TSE) Iran Fara Bourse (IFB)
Iran Capital Market Insight 5
Industries Market Capitalization
Tehran Stock Exchange
The break-down of top industries' market capitalization in the IFB and the TSE is depicted in
the next two figures.
Iran Fara Bourse
Manufacture of chemical products,
22.0%
Manufacture of basic metals , 14.1%
Manufacture of coke, refined petroleum
products and nuclear fuel, 8.9%
Post and telecommunications,
7.8%
Banking and financial institutions, 7.4%
Mining of metal ores, 6.7%
Multidisciplinary industrial activities,
6.4%
Automotive and manufacturing parts,
3.9%
Computer and related activities ,
3.6%
Manufacture of pharmaceuticals,
2.9%
others, 16.300%
FIGURE 4: TSE TOP 10 INDUSTRIES
Manufacture of chemical products
25.2%
Manufacture of basic metals 11.2%
Banking and financial institutions
8.4%
Manufacture of coke, refined petroleum products and nuclear
fuel3.8%
Electricity, gas, steam and steam supply
3.1%
Investment3.1%
Insurance and pension funding, except compulsory social security
2.8%
Real estate activities1.7%
Manufacture of pharmaceuticals
1.3%
Manufacture of food products and beverages
1.4%
others38.00%
FIGURE 5: IFB TOP 10 INDUSTRIES
Iran Capital Market Insight 6
Exchanges' Trading Statistics
Value and volume of trades for each exchange is depicted in the following table.
Table 2: Value and Volume of Trades for Each Exchange
Date Exchange
February 2018
22,511 Trading Volume - Million Shares TSE
63,053 Trading Value - Billion Rials
7,347 Trading Volume - Million Shares IFB
43,462 Trading Value - Billion Rials
2,555,597 Trading Volume - Tonne IME
57,870 Trading Value - Billion Rials
13,801 Trading Value - Billion Rials IRENEX
178,186 Total Trading Value (Billion Rials)
Iran Capital Market Insight 7
Instruments' Trading Statistics
Trading value and volume of each instrument is depicted in the following figures.
Figure 7: Trading Value and Volume of Each Instrument
Commodity Markets Trading Statistics
0 10,000 20,000 30,000 40,000 50,000 60,000
Figure 8: IME Trade Value of Different Groups Feb
Jan
Billion Rials
29,017.6 97%
35.30%
0.20%
804.13%
Trading Volume (Million Stocks)
67,23663%
33,09631%
110%
6,1726%
Trading Value (Billion Rials)
Stocks
Sukuk
Derivatives
Exchange Traded Funds(ETFs)
Iran Capital Market Insight 8
Share of Institutional and Individual Investors in Trading Value
Figure 10 reveals the proportion of individual and institutional investors in total market
trading value.
0 2000 4000 6000 8000 10000 12000 14000
Figure 9: IRENEX Trade Value of Different Groups Feb
Jan
Billion Rials
69.98%
30.02%
Figure 10: Investors' Proportion in Trade Value of Four Exchanges
Institutional
74,593 Billion Rials
Individual
31,976 Billion Rials
Iran Capital Market Insight 9
Institutional and Individual Transactions
Institutional and Individual contribution for each catogery of instruments is demonstrated in
the following figure.
Figure 12: Comparing of Institutional and Individual Transactions Based on Markets
43.7%
25.8%
3.0% 4.2%
56.3%
74.2%
97.0% 95.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Stocks ETFs Sukuk Derivatives
Figure 11: Investors Trading Value of Securities
Share of Individual transactions value Share of Institutional transactions value
91.89%
4.97%3.14% 0.00%
Comparing of Individual transactions based on
markets
50.78%
6.15%
43.05%
0.01%
Comparing of Institutional transactions based on
markets
Stocks
ETFs
Sukuk
Derivatives
Iran Capital Market Insight 10
Sukuk Outstanding Sukuk
The outstanding value of each Islamic securities (sukuk) is presented in the following figure.
It is noteworthy that all instruments in the Iran capital market are Shariah compliant.
Number of Listed and Unlisted Companies Number of listed and registered companies on the TSE and the IFB are presented in the
following table.
Table 3: Number of Listed and Registered Companies on TSE and IFB
February 2018
325 Listed Companies in the TSE
96 Listed Companies in the IFB
160 Unlisted Companies in the IFB
11.8%
9.6%
1.0%
11.3%
44.6%
9.7%
11.9%
Governmental Musharaka
Governmental Ijarah Sukuk
Governmental Salam
Governmental Murabahah Sukuk
Islamic Treasury Bills
Musharaka Securities IssuedMunicipalities
Sukuk Issued by Corporations
Figure 13: Outstanding Value of Each Type of Sukuk Amounting 508,555 Billion Rials
Iran Capital Market Insight 11
Initial Public Offerings The detail of IPOs in the TSE and the IFB is shown in the following table.
Table 4: detail of IPOs
Offering Date
No.Shares Ticker Company Name Industry Exchange
2/6/2018 1,000,000,000 SHOY Behshahr Ind Manufacture of
chemical products TSE
2/7/2018 2,500,000,000 HSIP Hekmat Saba Ins
Insurance and
pension funding,
except compulsory
social security
IFB
2/17/2018 143,488,000 MFMP Man-madeFibres
MFR
Manufacture of
chemical products IFB
1/22/2018 3,570,979,000 POIP Polyacryl Iran Manufacture of
chemical products IFB