Economy, Business And Markets

TEDPIX Notches Down

TEDPIX Notches Down
TEDPIX Notches Down

A seesaw trading day at the Tehran Stock Exchange (TSE) was accompanied by the TEDPIX’s tiny retreat at Sunday’s close.

Fragile atmosphere at the equity market due to the lingering uncertainties once again weighed on the overall index, with the second market index leading the losers.

According to TSE data, stocks waxed and waned and pushed the overall index to edge down 7.2 points or 0.01 percent to 64,924.9. The first market index gained 75.8 points or 0.16 percent to stand at 47,956.8. The second market index dropped 546.2 points or 0.43 percent to settle at 126,839.8. The free float index ticked up 18.4 points or 0.02 percent to end at 74,081.1. The industry index eked out 5 points or 0.01 percent to 54,470.1, and the blue chip index was up 2.6 points or 0.09 percent to finish at 2,910.5.

Like previous trading days, market leaders were reigning over the TSE as the valuation of the overall index is based on the laspeyres.

The TSE data illustrate that Pension Fund had the most trade volume at Sunday’s sloppy trade, however its share value posted a 3.98 percent decline. Iran Combine Manufacturing Company with a slight positive contribution to the TEDPIX took the second place, and Bahman Group, with a Price Earnings ratio (P/E) of 7, and a 5.76 point positive contribution to the benchmark stood at third place.

Regarding trade value, Pension Fund topped the listed companies at the TSE. Bahman Group and Ghadir Investment Company (GIC) took the second and third place respectively.

The GIC with close to 42.49 points topped the list of TEDPIX positive contributors. Pension Fund and National Iranian Copper Industries Company (NICIC) with almost 29 and 18 points stood next to the GIC.

Mobile Telecommunication Company of Iran witnessed shaky selloffs, and was named the leading market laggard with a 22 points negative contribution. The Islamic Republic of Iran Shipping Lines (IRISL) with almost 19 points negative contribution had a downbeat performance as well. The European Union has recently imposed fresh sanctions against the IRISL by banning Iranian vessels from using its ports and shipping lines despite the Geneva nuclear deal, which spurred concern among investors, and pushed them to get rid of their shares. Parsian Oil and Gas Development Company with a P/E of 1.8, and a 18-points negative contribution also weighed on the benchmark.

Sunday’s downbeat performance underscores the bearish trend at the equity market, which has led to sloppy trades during the past few months.

Government measures along with the Securities and Exchange Organization (SEO)’s strategies were expected to help the economy to start pulling out of its winter slump, however, fundamental analyses indicate that as long as the wobbling economy slashes expectations and the nuclear talks linger with uncertainties surrounding unsettled investors, bears will keep reigning over the equity market.