Economy, Business And Markets

TEDPIX Notches Fresh Gains

TEDPIX Notches Fresh GainsTEDPIX Notches Fresh Gains

The overall Index posted a fresh uptrend at the Tehran Stock Exchange (TSE) to keep lingering at its 65,000-points mark at Tuesday’s close, though no practical change is expected to influence the TSE amid the uncertainties over the nuclear talks between Iran and the P5+1.

As the prospect of the equity market is tied with speculations over a potential comprehensive nuclear accord, the TSE’s benchmark dramatically dragged down to wobble at 65,000-point resistance level.

According to TSE data, the TEDPIX pulled up 41.5 points or 0.06 percent to stand at 65,597.4. The first market index gained 43.6 points or 0.09 percent to end at 48,331.6. The second market index edged up 3.4 points to finish at 128,954.6. The free float index was up 164.1 points or 0.22 percent to 74,726.7. The industry index notched up 28.5 points or 0.05 percent to 54,932.5, and the blue chip index ticked up 2 points or 0.07 percent to settle at 2,941.8. After a tangible growth in trade volume and value on Monday, Tuesday trading witnessed almost 100 percent decline for trade value, with almost 518 million shares changing hands, valued at 966 billion rials.

Automakers and financial groups had the most volume of trade, with Bahman Group leading the gains with almost 7 points contribution to the benchmark. Regarding trade value, Mellat Bank topped all listed companies at the TSE. Bahman Group and Iran Khodro took the second and third place respectively.

National Iranian Copper Industries Company (NICIC) had the most lucrative trade, with almost 45 points positive contribution to the TEDPIX. Pardis Petrochemical Company and Behran Oil stood next after the NICIC.

Parsian Oil and Gas Development Company dramatically weighed on the TEDPIX with close to 44 points negative contribution. Chadormalu Mining and Industrial Company took the second place amid the gloomy financial situation of the company. The Islamic Republic of Iran Shipping Lines was named the third market laggard on Tuesday.

 Refining Company En Route to TSE

The equity market is getting ready to reopen refining companies’ ticker symbol, as officials are scrambling to wipe out the ambiguities that have kept their symbol closed, and imposed massive losses on its investors.

In a meeting between oil ministry officials, managing directors of oil refining and distribution companies listed at the equity market, and the head of the Securities and Exchange Organization (SEO), executive measures were taken to maximize clarification in financial interaction between refineries and National Iranian Oil Refining and Distribution in accordance with the latest government bill, which indicates that the clarification of refining products should be fully implemented in a 5-year period.

After the meeting, the oil ministry was put in charge of formally announcing the refining products’ prices to the refining companies in a bid to help them prepare their financial statements to be submitted to the SEO. Hence, the reopening of their symbols is expected in the near future.