Economy, Business And Markets

Uncertainty, High Expectations Reign on TSE

Uncertainty, High Expectations Reign on TSE
Uncertainty, High Expectations Reign on TSE

Stocks slipped on the week’s first trading day as the TSE’s gauge shifted its 8 days ongoing consecutive uptrend to a downward trend.

According to the TSE website, the TEDPIX lost 85.9 points or 0.12 percent to 71,702.2. The first market index ticked lower by 60.6 points or 0.11 percent to 52,668.9. The second market index declined 184.9 points or 0.13 percent to 142,012.1. The free floating index tumbled 195.6 points or 0.24 percent to 80.803.9. The industry index was down 36.6 points or 0.06 percent to 60,825.

More than 357 million shares changed hands, valued at almost 957 billion rials to end the first trading day on Saturday with slight drop.

Fanavaran Petrochemical Company had the most positive contribution to the TEDPIX with a 16.37 percent. Gol Gohar Mining and Industrial Company and Parsian Oil and Gas Development Company stood next with subsequent contributions of a 12.41 and 12.01 percent respectively.

Persian Gulf Petrochemical Industry Company was the market laggard with the most negative contribution of 19.29 percent to the market’s main index trend. Bank Pasargad and Iran Khodro – Iran’s largest car manufacturer stood next and negatively influenced the market trend by 12.14 and 11.74 percent respectively.

Since investors are currently awaiting the outcome of the nuclear talks as the current round in New York ended without any tangible results - the skittish mood remained in the equity market.

Iran Khodro was a leading loser in the TSE on Saturday as the traders sold off their stocks over escalating concern that the auto industry could face sanctions.

The Central Bank of Iran recently announced that Iran’s GDP has hit 4.6 percent, which could trigger a fresh upward trend in the equity market.  Following the TSE’s short-lived indicators, the TEDPIX failed to resume its uptrend and finished in red.