Economy, Business And Markets

Bears Continue to Reign Over TSE

Bears Continue to Reign Over TSEBears Continue to Reign Over TSE

The Tehran Stock Exchange overall index pulled back from an early rally to a sharp decline, to notch a new record low in 2015 at Tuesday’s close.

Ambiguities regarding oil prices, Iran’s budget for the next fiscal year (to start March 20), lingering nuclear talks, and sagging global markets have led to dizzying price swings over the past few months, and an ongoing downtrend at the TSE.

The TSE data illustrates that a bear market has prevailed the TSE, barricading any persistent change in the equity market’s sentiment, with the benchmark retreating 182.4 points or 0.28 percent to end at 64,811.2, and settle in red.

The first market index was down 67.5 points or 0.14 percent to 47,955.9. The second market index plummeted 797.1 points or 0.63 percent to stand at 126,071.9. The free float index slipped 149.9 points or 0.2 percent to 74,100.5. The industry index tumbled 159.1 points or 0.29 percent to 54,358.8, and the blue chip index notched down 10.4 points or 0.36 percent to 2,902.5.

More than 692 million shares changed hands in a shaky trading, valued at about 1.4 trillion rials. Trade volume and value posted a downtrend in comparison with the TSE’s prior trading day.

Most companies had a downbeat performance, while just 36 percent managed to record positive trades. The Pension Fund was on track to extend its positive contribution to the benchmark, and topped the list. Saipa Group also registered positive trades and took the second place. Behran Oil Company with 10.2 points stood next to Saipa Group.

The Persian Gulf Petrochemical Industry Company, with the highest market cap at the equity market, dragged down the TEDPIX with 87.79 points negative contribution. The National Iranian Copper Industries Company (NICIC) kept weighing on the benchmark and took the second place, and the Tamin Petroleum & Petrochemical Investment Company with the Price Earnings ratio (P/E) of 5.1, had a major negative impact and stood after the NICIC.