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TSE Gauge Nosedives to 18-Day Low
Economy, Business And Markets

TSE Gauge Nosedives to 18-Day Low

Close to 75 percent of listed companies at the Tehran Stock Exchange (TSE) underperformed amid bearish sentiment at the equity market, with the overall index stumbling 0.95 percent to its 18-day low at Monday close amid overreactions, a lucrative Initial Public Offering (IPO), and lingering jitters.
Part of panicked selloffs on Monday trading is attributed to the Mobin Petrochemical Company (MPC)’s IPO on Tuesday, which is considered to be a bargain trade for both individuals and institutional investors. Prevailing overreactions, and mixed perspective toward the economic growth in the mid run are also to blame.
The MPC is one of the biggest utility complexes in Iran providing tailor-made services to other petrochemical complexes in a bid to diminish irregular energy consumption. Market analysts believe that the newcomer in the stock market is expected to yield tangible dividends. In a bid to hedge their bets, there have been more selloffs on the part of the investors with the aim of shoring up their portfolios with the MPC stakes.
According to TSE data, the TEDPIX initiated a free fall on Monay, and lost 632.1 points or 0.95 percent to stand at 65,576.8. The first market index eked 502.4 points or 0.04 percent to 48,085.4. The second market index plunged 986.9 points or 0.75 percent to end at 130,413.1. The free float index slumped 980.7 points or 1.28 percent to settle at 75,932.8. The industry index was down 408.3 points or 0.75 percent to 53,705.1, and the blue-chip index also dragged down 44.2 points or 1.44 percent to 3,026.7.
Despite the TSE downward trading day, trade volume and value rose in comparison with the prior trading day, with more than 556 million shares changing hands, valued at almost 1 trillion rials (around 35.7 million at official exchange rate).
Persian Gulf Petrochemical Industry Company (PGPIC) rebounded and topped the TEDPIX’s positive contributors, after the head of the most giant conglomerate at the TSE revealed the PGPIC’s plan to invest up to €1 billion in the company’s exploitation plans. Pardis Petrochemical Company, with close to 33 points, stood after the PGPIC.
Islamic Republic of Iran Shipping Lines and Bank Pasargad, with close to 68 and 65 points dramatically weighed on the benchmark. Tamin Petroleum & Petrochemical Investment Company with about 49 points downbeat performance took the third place.

 Farabourse Benchmark Tumbles
Meanwhile, Iran Farabourse (over-the-counter market)’s overall index shed 5.71 points or 0.76 percent to settle at 741.98, dragged by bearish sentiment at the equity market.
According to Farabourse public relations, more than 214 million shares, valued at $25.2 million, changed hands within 22,336 transaction rounds.
Iranian Investment Petrochemical Group with about 29 million shares, valued at close to 50 billion rials, topped the highest trade volume and value. The report also noted that more than 152,000 rental bonds of Mapna Group were sold out. Atlas, as one of the listed Exchange Traded Funds at Farabourse, with about 88,000 shares, recorded the highest trade volume.

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