Oct 07 2007
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Iran: Top Firms Relegated In Bourse Rankings
Three giant companies including Fars-Khuzestan Cement Company , Bank Melli Investment Company and Arak Petrochemical Company were demoted from the list of top ten bourse companies. However the bourse has still maintained 70 percent of its earlier structure, Persian daily 'Iran' wrote.
Ghadir Investment Company which was the largest bourse company in October 2006 with 4.6 percent of the total market share was overtaken by Khark Petrochemical Company last winter. Its downward trend continued and it finally dropped to fifth position during March-September. It further fell to sixth place in late summer.
Giant auto manufacturer Saipa used to be in lower ranking than Ghadir but now stands in fifth place.
Another leading automaker Iran Khodro dropped to 10th position from fourth place in one year. Its position is now threatened by Khuzestan Steel Company which has witnessed a surge in share transactions.
National Iranian Copper Industries Company (NICIC) and Mobarakeh Steel Complex currently occupy the top two places respectively in the bourse. They are in strong competition with each other.
NICIC was the first state company to register as per Article 44 of Constitution (which seeks large-scale privatization) on bourse display board last winter. It was considered as the largest bourse company until Mobarakeh Steel Complex joined the bourse in March overtaking NICIC.
Mobarakeh Steel Complex preserved the title during spring and summer. However, on September 25, NICIC regained its status with the block sale of shares.
Given the favorable situation of mineral companies in the market, two companies of Chadormalou Mining and Industrial Company and Gol-Gohar Iron Ore Company have occupied the third and fourth places in the bourse since March, up from the sixth and eighth positions respectively they occupied during March 2006-2007.
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