Economy, Business And Markets

TSE Indices Rebound, TEDPIX Notches Up 0.38%

TSE Indices Rebound, TEDPIX Notches Up 0.38%
TSE Indices Rebound, TEDPIX Notches Up 0.38%

All indices contributed to an uptrend at the Tehran Stock Exchange (TSE), which helped the TEDPIX to keep rebounding at Wednesday’s close, though 0.38 percent won’t indicate that bulls are on their way to the stock market.

The TSE has been witnessing small rallies and seesaw flat trading days within the past 10 days. Despite speculations about manipulation of the benchmark via block offerings at the end of trading hours, or even low trade volume and value, winning streak at a time when ambiguities have surrounded the equity market, has managed to cool off investors to some extent.

The equity market’s data illustrated that the majority of the listed companies settled in green, however 32 percent registered downbeat performance, and weighed on the TEDPIX.

As the bulls are scrambling to make a comeback at the equity market, the overall index rose 248.9 points or 0.38 percent to end at 65,846.3. The first market index gained 156.8 points or 0.32 percent to 48,488.4. The second market index climbed 664.8 points or 0.52 percent to stand at 129,618.8. The free float index was up 449.6 points or 0.6 percent to top gainers at the equity market, and end at 75,176.3. The industry index pulled higher 179.7 points or 0.33 percent to settle at 55,112.2, and the blue chip index ticked up 8.9 points or 0.3 percent to 2,950.7.

Trade volume and value surged on Wednesday compared to the prior trading day, with more than 837 million shares changing hands, valued at almost 1.6 trillion rials.

Mobile Telecommunication Company of Iran outperformed and pushed up the TEDPIX with 100 points up. National Iranian Copper Industries Company took the second place and Arak Machine Manufacturing Company with close to 11 points was the third most positive contributor to the benchmark.

Among the companies that tried to drag down the benchmark, Pension Fund weighed the most, and Daru Pakhsh Pharmaceutical Manufacturing Company, and Golgohar Mining and Industrial Company took the second and third place respectively.

Risk-adverse investors want to snap up bargains, even when the market is grappling with low trade volume and value. 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 potential of the market.

The ongoing upward at the equity market, despite the gloom hanging over the economy, may draw attention of more investors to mull over bringing back their cash into the stock market.

 Farabourse on Wednesday

More than 234 million securities, worth almost 1.7 trillion rials changed hands at Iran Fara Bourse or over-the-counter (OTC), SENA reported.

The OTC’s overall index (IFX) crept upward with close to 10 points to settle at 747.5, with Iran Cultural Heritage and Tourism, Tourism Bank leading the gains.

The report also cited that Tehran Housing Investment Company with up to 36 million shares, valued at 95.1 billion rials, had the highest trade volume and value at Wednesday trading.

RighTel, with more than 35,000 corporate bonds valued at 35 billion rials, had the highest trade volume and value at the fixed rate bonds market.