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TEDPIX Snaps 7-Day Losing Streak
Economy, Business And Markets

TEDPIX Snaps 7-Day Losing Streak

After seven consecutive days of downbeat performance, the Tehran Stock Exchange’s overall index notched up 0.19 percent at Wednesday close, with contribution from the second market index.
TSE data illustrate that the TEDPIX was up 125.9 points or 0.19 percent to stand at 65,634.1. The first market index, as the only market laggard, edged down 3.9 points or 0.01 percent to 47,893.3. The second market index jumped 859.3 points or 0.66 percent to 132,048.3. The free float index ticked up 46 points or 0.06 percent to end at 75,828.7. The industry index pulled up 112.7 points or 0.21 percent to 53,734.4 and the blue-chip index finished the week’s last trading day flat.
Up to 60 percent of listed firms at the TSE settled in red, however, a few giant companies with the highest market cap, including Persian Gulf Petrochemical Industry Company, managed to pull up the benchmark to settle in green territory.
Despite the tepid surge, which was mainly due to the massive lineups for Mobin Petrochemical Company and its owner, the PGPIC, the overall atmosphere of the equity market is still shaky, with unsettled investors eying the western sanctions against Iran (imposed over its nuclear energy program) to be phased out.
Close to 282 million shares changed hands in a sluggish trading day, valued at about $21 million to underscore the TSE’s bearish sentiment.
The PGPIC with around 112 points topped the positive contributors to the benchmark. Bandar Abbas Oil Refining Company along with the MPC took the second and third place respectively. Golgohar Mining and Industrial Company, National Iranian Copper Industries Company, and Bank Parsian were among leading market laggards.

 IFX Ticks Up
Meanwhile, a seesaw trading day at Iran Fara Bourse (IFB), was accompanied by a tepid surge in the benchmark (IFX) at Wednesday’s close.
More than 170 million shares changed hands in the over-the-counter market, valued at close to $20.3 million, with the IFX notching up 2.96 points or 0.04 percent to end at 740.79.
Oil and petrochemical companies outperformed on Wednesday, with Shiraz Oil Refining Company, Tehran Oil Refining Company and Fan Ava Company registering the highest price surge. However, Saman Insurance Company, KBC Company, and Sanat Fanavar Company underperformed and recorded the highest slump in their prices.
Hormozgan Steel Company shocked investors with close to 37 percent return just within 2 weeks from its Initial Public Offering. With more than 45 million shares, the company recorded the highest trade volume among all listed firms at the IFB. Close to 35,000 rental bonds changed hands, and ASAS Exchange Traded Fund with around 214,000 shares topped other ETFs.

 Tabriz Subway Project Bonds
The 22-percent fixed interest rate bonds of Tabriz Subway Project with maturity date of around 3 years is set to be offered at IFB as of May 4, with the aim of funding the project, IFB public relations reported.
The fixed-rate participatory bonds are expected to yield 22 percent dividend in an annual basis. Dividends will be paid every quarter and under the supervision of the Central Securities Depository of Iran.
Up to 2 million bonds, each valued at 1 million rials, will be offered within the said period, and Amin Investment Bank is appointed as its market maker. No limitation has been placed on individual and institutional investors in terms of buying the bonds.

 

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