4019
Stocks Extend Rebound
Business And Markets

Stocks Extend Rebound

Enthusiasm for buying shares in a buoyant Tehran stock market has significantly increased, after stocks persisted in making gains, pushing the TEDPIX to over 76,000 points on Wednesday.
The Tehran Stock Exchange (TSE) had another broad rally in the week's last trading day, with all indices finishing in green, helping TEDPIX hit a new record within the past 5 months.  
Stocks at the TSE are rebounding as the risk aversion fades, and more liquidity is being injected to the equity market from both retail and institutional investors.
According to the TSE's website, the stock market witnessed a broad rally starting at the very beginning of the trade, pushing the TEDPIX to 76,166.8 points.
The market indicator rose 798.2 points or 1.06 percent in a bustling trading day, ending at 76,166.8. The first market index was up 700.3 points or 1.25 percent to 56,739.5. The second market index gained 831.1 points or 0.57 percent to 145,665.1. The free floating index managed to surge 1,179.2 points or 1.35 percent to settle at 3,552.3. The industry index pulled higher by 460.8 points or 0.73 percent to end at 63,401, and the blue chip index climbed 48.3 points or 1.38 percent to 3,552.3.
As the equity market is witnessing the presence of non-traditional investors looking to get a slice of high yielding companies, the trades volume and value recorded a tangible increase compared to the past couple of months.
As registered by the TSE, almost 1.14 trillion shares changed hands on Wednesday, valued at nearly 2.78 trillion rials, which indicates a fresh growth compared to the previous trading day.
As was predicted, financial groups topped the boards again at the TSE and recorded the most volume of trades.
Tejarat Bank beat other banks and financial institutions and grabbed the pole position. Saderat Bank stood next in volume of trades, and Mellat bank had the third highest trades.
The Telecommunication Company of Iran had a spectacular role on the day pushing the TEDPIX into the green. In addition, MAPNA and Mellat Bank took second and third place respectively.
As the optimism over the nuclear talks between Iran and the p5+1 group of countries increases, and a brighter future for the economy looks more likely by the day, along with devalued stocks, investors are taking note of the change of atmosphere.
Market analysts believe the ongoing positive trend will continue till at least the beginning of the new round of nuclear discussions, which will be held on November 9 and 10 in Oman.
The TSE has regained from its former losses in January 2014, after the TEDPIX surged more than 6 percent within the past two trading weeks.
This unprecedented upsurge grabbed the attention of the equity market's unsettled investors, and non-traditional investors alike, who have changed their opinions toward the stock market, bringing their capital to the TSE.
People's inclination towards the auto industry and financial groups has put these groups under the spotlight.
"One of the most crucial factors of investors' tendency towards the banking sector shares was the announcement of the Eshagh Jahangiri, Vice-President of Iran on the necessity of lowering the reserve requirements and adjusting the country's interest rates based on the inflation," Alireza Asgari Marani, head of the National Investment Company of Iran said.
The new move has bolstered the capital market and portrays a more dynamic stock market. Investors are now beginning to wait for the time when sanctions against Iran's nuclear program lessen, which would be definitely a turning point in the country's industrial sector.

 

Short URL : http://goo.gl/hU1KFZ

You can also read ...

TEDPIX gained 1,076.50 points or 1.18% to end trade at 92,628.9, the highest it has ever been.
Tehran Stock Exchange's main index broke above the 92,000...
t-Lounge by Dilmah was officially launched in Tehran’s Sam Center by Dilmah Founder Merrill Joseph Fernando.
Dilmah Tea, the world-renowned producer-owned tea brand,...
The rial had weakened to its all-time low in the past week, reaching 42,000 per dollar before gaining some ground.
Governor of the Central Bank of Iran Valiollah Seif tamped...
No Hefty Leap in Home Prices Till March 2018
Home prices in Iran are bound to jump if the US dollar’s rally...
Jahangiri Inaugurates Kaveh Aluminum Company
Khuzestan Kaveh Aluminium Company was inaugurated by First...
IMF, NDFI Convene in Tehran
A delegation from the International Monetary Fund met with...
About 1.26 billion shares valued at $74.12 million changed hands at TSE on Dec. 12.
Tehran Stock Exchange’s main index gained 1,706.50 points or 1...

Trending

Googleplus