The equity market’s systemic risks, and investors’ dented sentiment kept dragging down the Tehran Stock Exchange (TSE)’s overall index at Monday close.
A tentative nuclear deal between Iran and the P5+1 is not enticing investors to hunt the stocks that have hit their rock-bottom values, as each side has a different interpretation of the preliminary framework deal reached on April 2.
, individual and institutional investors’ short-term trade approach, aimed at selling risk at the first hint of trouble, and snapping up bargains when the TSE’s sentiment calms down, is also weighing on the TSE’s benchmark.
The TSE data illustrated that all indices tumbled, and pushed the TEDPIX to stumble 362.1 points or 0.54 percent to stand at 67,016.7.
The first market index lost 323.8 points or 0.66 percent to 49,078.6. The second market index slipped 343.2 point or 0.26 percent to end at 133,691.8. The free float index retreated 490.8 points or 0.63 percent to settle at 77,698.2. The industry index pulled back 196.6 points or 0.36 percent to 54,905.8, and the blue-chip index also fell short and wiped out 17.5 points or 0.56 percent to 3,115.1.
More than 523 million shares changed hands, valued at around 973.7 billion rials to underscore the downgrade of trade volume and value within the past few days.
Esfahan Oil Refining Company witnessed lineups for its share, and capped its daily market volatility, and recorded the highest positive contribution to the TEDPIX. The National Iranian Copper Industries Company and the Islamic Republic of Iran Shipping Lines, with close to 41 and 37 points took the second and third place respectively.
Mapna Group with 50.73 points in downbeat performance weighed the most on the benchmark. Bank Mellat and Persian Gulf Petrochemical Industry Company, with around 456 and 39 points were the second and third biggest market laggards on Monday trading.
IFX Settles in Red
The Iran Farabourse or the over-the-counter benchmark was down 7.15 points or 0.94 percent to end at 750 and follow TSE’s dented sentiment and stand in red territory on Monday trading.
According to Iran Farabourse public relations, more than 359 million securities changed hands at Iran Farabourse, valued at close to $51.7 million.
The Iranian Investment Petrochemical Group with up to 53 million shares, priced at about $2.8 million, registered the highest trade volume and value.
Hormozgan Steel Company topped the highest price change and outperformed. Esfahan Steel Company and Sina Port and Maritime Company followed the HSC.
Tehran Oil Refining Company, Novin Insurance Company, and Mina Group underperformed and were the most biggest market laggards.
Mortgage-backed securities market extended its downtrend. The price was swinging between 620 to 760 rials.
130 Companies to Go Public
The Iran Privatization Organization (IPO) has scheduled to publicly offer close to 130 companies within the current Iranian calendar year, which started March 21, deputy head of the IPO, Davood Khani announced during an interview with Eghtesad radio.
“The process of preparing the formal announcements is underway, though restructuring, price discovering and endorsement of the ‘transferring committee’ are essential before the announcement,” said Khani.
He further said that during the companies’ general annual meetings to be held in May and June; the IPO’s offerings will be diminishing, though soon after that, the volume of offerings is set to soar back to normal.
New Int’l Investors at Energy Exchange
The Central Securities Depository of Iran (CSDI) has reportedly issued news trading codes for two foreign companies aiming to pick lucrative bids at the Energy Exchange, CSDI public relations reported.
Two Indian and Armenian firms have successfully filed and are authorized to trade at the Iran Energy Exchange.
The Energy Exchange has already hosted companies from Russia, the United Kingdom, Indonesia, Georgia, Armenia, the United Arab Emirate, India, Pakistan, and Hong Kong.
According to the CSDI regulations, individual or institutional investors who are interested to acquire relevant trading codes in Iran equity market should refer to one of the authorized brokerages across the country.
