Economy, Business And Markets

Benchmark Tumbles Amid TSE’s Brittle Atmosphere

Benchmark Tumbles Amid TSE’s Brittle AtmosphereBenchmark Tumbles Amid TSE’s Brittle Atmosphere

Main indices at the Tehran Stock Exchange (TSE) resumed their retreat on Tuesday trading amid lingering ambiguities over the prospect of the nuclear talks between Iran and the P5+1 (the United States, Britain, France, Russia, China and Germany), with the overall index slipping 0.12 percent.

The TEDPIX extended its losing streak at the equity market, after irregular lineups along with investors’ shaky sentiment weighed on the benchmark. However, institutional investors scrambled to trim their losses.

Although institutional investors’ trades of shares that weigh heavily on the equity market, including Persian Gulf Petrochemical Industry Company (PGPIC), positively contributed to the benchmark, the TEDPIX briefly notched down at Tuesday’s close.

According to TSE data, the TEDPIX lost 76.6 points or 0.12 percent to end at 64,840.9. The first market index plummeted 53.6 points or 0.11 percent to stand at 47,763.7. The second market index dropped 168.6 points or 0.13 percent to settle at 137,536.4. The free float index slipped 144.3 points or 0.2 percent to finish at 73,839.8. The industry index was also down 72.6 points or 0.13 percent to 54,422.8, and the blue chip index edged down 1.2 points or 0.04 percent to 2,903.9.

Despite Tuesday’s downtrend, trade volume and value were up compared to Monday’s trade, with more than 878 million shares changing hands, valued at almost 1.5 trillion rials.

The PGPIC with the Price Earnings ratio (P/E) of 5.2, left the most positive impact on the TEDPIX with almost 27 points. Mellat Bank and Mapna Group, with close to 22 and 11 points took the second and third place respectively.

Tamin Petroleum and Petrochemical Investment Company (TPPIC) with almost 19 points topped Tuesday’s market laggards. Eghtesad Novin Bank and Esfahan Steel Company stood next to the TPPIC.

The uncertain direction of nuclear talks, along with the gloomy outlook of the economy due to the falling oil prices are the most crucial impediments squeezing expectations over the listed companies’ performance at the equity market.