Economy, Business And Markets

TSE Grappling With Lingering Jitters

TSE Grappling With Lingering Jitters  TSE Grappling With Lingering Jitters

All indices at Tehran Stock Exchange (TSE) helped drag down the TEDPIX at Sunday’s close to evaporate the prior trading day’s gains, with lingering uncertainties surrounding the ongoing nuclear talks weighing on unsettled investors’ sentiment.

Early rally at the TSE reversed down later in the day, and was accompanied by persistent downtrend, pushing the overall index to notch down 147.2 points or 0.23 percent to stand at 64,719.9, and spurring concern among investors waiting to see listed companies unleashed once a nuclear accord between Iran and the P5+1 is achieved.

President Hassan Rouhani has dispatched his brother and the Iranian Atomic Energy chief to Geneva to try to narrow down gaps in high-profile nuclear talks with the United States and five other major powers.

TSE data illustrates that the first market index lost 75.1 points or 0.16 percent to end at 48,002.8. The second market index pulled back 508.1 points or 0.4 percent to settle at 125,142.9. The free float index retreated 305 points or 0.41 percent to finish at 73,831.8. The industry index plummeted 96.6 points or 0.18 percent to 54,218.1.

As the TSE is suffering from low volume of trade, close to 405 million shares changed hands, valued at almost 823 billion rials to underscore lack of enthusiasm in garnering shares that have hit rock-bottom values over the past 6 months.

Telecommunication Company of Iran with close to 69.48 points was the top contributor to the overall index, and grabbed investors’ attention. Shazand Petrochemical Company, along with Pardis Petrochemical Company, with almost 26 and 18 points took the second and third place respectively.

Mobarakeh Steel Company (MSC) topped market laggards after it was announced that the MSC’s previously-expected earnings failed to hit the target and registered a 70 percent decline. Mellat Bank with almost 39 points came next, and Persian Gulf Petrochemical Industry Company, with the most market value, was the third biggest laggard.

 Brokers With Highest Volume of Trade

TSE’s data indicates that 5 brokers recorded close to 38 percent of trades among all registered brokers within the month that ended February 19, SENA reported.

Saba Brokerage with 11.98 percent, Melli Bank Brokerage with 11.19 percent, Mofid Securities with 5.47 percent, Hafez Brokerage with 4.9 percent, and Amin Avid Brokerage with 4.37 percent registered the highest volume of trade.

The report also cited that 94 brokerages among 102 active brokerages have been active in online trades within the past 11 months. In addition, more than 39 percent of electronic trades have been handled through 6 brokerages within the period. Mofid Securities with 23.21 percent, Agah Brokerage with 5.8 percent, Agriculture Bank Brokerage with 3.48 percent, Amin Avid Brokerage with 2.36 percent, Melli Bank Brokerage with 2.33 percent, and Hafez Brokerage with 2.16 percent were among the most active brokers that provided online services for their traders.

19.15 percent of the trades, worth more than 190 trillion rials, have been processed through online trades.