Business And Markets

Stocks Wax and Wane

Stocks Wax and Wane
Stocks Wax and Wane

Tehran stocks were seesawing on Saturday mainly because of the continuous deflation of investors’ optimism but there was no major slump at the end. At Saturday’s close, the main index, TEDPIX, was lower 12 points or just 0.02 percent.

The anxiety over the ongoing recession in the major industries, which serve the country’s critical needs, coupled with investors’ reluctance to place their bids under uncertainty until a permanent suspension of the western sanctions against Iran’s nuclear program are still pushing the TEDPIX down.

According to the TSE website, the equity market had a sluggish trading day, which was marked by a lack of direction, as most indices ticked lower.

The TEDPIX inched down 12 points to 71,771.7. The first market index was relatively flat as it shed 1.2 points to finish at 52,686.2. The second market index slipped 72 points or 0.05 percent to end the day at 142,364. The free floating index, however, gained 53.4 points or 0.07 percent to 80,832 to be the only positive contributor to the stock market’s benchmark. The industry index was also flat as it edged down 0.2 point to close at 60,920.9.

Compared to last week’s trades, the trade volume and value fell on this week’s first trading day, as more than 386 million shares changed hands valued at 1.108 trillion rials.

Golgohar Mining and Industrial Company’s shares had attractive trades as they left the most positive impact on the market’s overall index by a 22.81 percent contribution.

In contrast, Omid Investment Group Corporation’s shares started to become unpopular as the company contributed negatively to the market index by falling 22.24 percent in value.

Although risk-adverse investors want to snap up bargains, the same approach goes for the scalpers in the equity market. Officials at the TSE are trying to make investors feel relieved about the long-run potentials of the market.

The ongoing downtrend is dampening the prospect of the exchanges, though most stock market analysts believe that the market is going to experience an upward trend in the near future.

Taking into account the global slump in some industries, and also the ongoing tensions in the neighboring countries, it is unlikely that there will be a sharp shift in the TSE’s curve anytime soon.

 15 New Companies Join OTC

Fara Bourse (over-the-counter) has enlisted 15 new companies, after analyzing more than 28 requests from various companies that were submitted to the admission board of the OTC within the past six months, SENA quoted Mehdi Alamolhoda, OTC’s deputy director for development as saying.

Alamolhoda also mentioned that the OTC’s admission board had held 6 meetings within the first quarter of the current year, and after several rounds of inquiries, 15 companies saw their requests approved, of which 4 companies joined the first market and 11 companies were added to the secondary market.