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Stocks Wobbling as Investors Eye High Earnings
Economy, Business And Markets

Stocks Wobbling as Investors Eye High Earnings

Stocks at the Tehran Stock Exchange (TSE) failed to get a boost with all indices settling in red, pushing the TEDPIX to mark its third consecutive negative trading day at Wednesday close.
Listed companies are slated to reveal reports on their earnings and investors are waiting to vet the earnings in a bid to anticipate the firms' performance in the mid run in order to shore up their portfolios with the most lucrative stocks; however, lingering uncertainties about the prospect of the economy in the long run have dampened investors enthusiasm to garner undervalued stocks, which has weighed on the TSE's gauge.
According to TSE data, the TEDPIX piled up more losses and dipped 259.4 points or 0.39 percent to end a seesaw trading day at 66,569.2.
The first market index was off 161.8 points or 0.33 percent to 48,763.6. The second market index was down 132,714.8. The free float index fell 195.4 points or 0.25 percent to 77,313.7.
The industry index slumped 305.8 points or 0.56 percent to stand at 54,440, and the blue chip index was also down 8.1 points or 0.26 percent to 3,098.7.
The TSE has seen many irregular upwards and more often downwards on seemingly no specific news within the past few days, with prices careening up and down, keeping investors on the edge.
The low trade volume and value back the idea that no new inflows are being headed to the equity market. More than 573 million shares changed hands in a floppy trading day, valued at around 1.85 trillion rials.
Esfahan Oil Refining Company with almost 180 points recorded the highest positive contribution to the benchmark. Bank Mellat and Bank Saderat enticed investors once again and with around 30 and 22 points followed the EORC.
Bandar Abbas Oil Refining Company with close to 259 points heavily weighed on the benchmark. Mobile Telecommunication Company of Iran, and Parsian Oil and Gas Development Company with 43 and 32 points took the second and third place respectively.

  Equity Market Top Performer
The stock market's overall index wrapped up the month ending April 20 with solid gains of more than 7 percent, as the optimism about a comprehensive nuclear deal between Iran and the P5+1 attracted many funds from rival markets into the equity market.
The TSE had stellar performance in comparison with foreign currencies, gold coin, and real estate markets. The gold coin with less than three percent, foreign currencies market with less than one percent, and real estate market, which is grappling with a prevailing recession, were beaten by the equity market.
It should be noted that a few days after the unprecedented surge at the equity market, investors' overreactions and lingering laggards of the economy changed the TSE's bullish sentiment, with the TEDPIX wiping out around six percent of the total 13 percent gains it made within the month.

  IFX Inches Down
Meanwhile, Iran Farabourse or over-the-counter overall index (IFX) wrapped up an almost flat trading day in red territory on the week's last working day.
Following the TSE, Iran Farabourse also retreated on Wednesday trade, with more than 327 million shares changing hands, valued at close to 106 billion rials.
Hormozgan Steel Company with more than 188 million shares, and trade value of more than 352 billion rials, topped the highest trade volume and value among other listed firms, while Marun Petrochemical Company recorded the best positive contribution to the benchmark.
Mortgage-backed securities had a relatively stable trading day, and their price was swung between 570 and 750 rials.
Atlas Fund with close to 67,484 shares had the highest trade volume among the Exchange Traded Funds (ETFs).

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