Economy, Business And Markets

TSE Losing Streak

TSE Losing StreakTSE Losing Streak

The stocks early rally in Tehran Stock Exchange evaporated at Tuesday close, pushing down the overall index to pile up more losses, and extending the benchmark’s losing streak for a third consecutive day.

The TSE witnessed yet another day of dizzying price swings, with the TEDPIX notching a new record low Since March 15.

The TSE’s gauge tumbled 247.7 points or 0.38 percent to stand at 64,168.1, erasing massive gains it piled up since the beginning of the new Iranian year, which started on March 21.

The first market index notched down 238.2 points or 0.51 percent to 46,569.1. The second market index slipped 134.3 points or 0.1 percent to 130,705.7. The free float index slumped 318.3 points or 0.43 percent to 73,759.8. The industry index fell 210.3 points or 0.4 percent to settle at 52,738.3, and the blue-chip index plummeted 8 points or 0.27 percent to end at 2,947.1.

Around 402 million shares changing hands, valued at close to 1.01 trillion rials.

Dramatic ups and downs in trade volume and value underscore overreactions, bargain hunting, and scalping approach at the equity market.

Mobin Petrochemical Company, Bank Mellat, and Tamin Petroleum & Petrochemical Investment Company left the most positive impact on the TEDPIX. Bandar Abbas Oil Refining Company, Mobile Telecommunication Company of Iran and Esfahan Oil Refining Company were top market laggards.

Shaky investors are tracking earnings season, as the limping economy is weighing on the listed companies performance.

Mine and Metals Development Investment Company (MMDIC), which was once among high-yielding companies, reported minus 19 percent adjustment in its earnings to spur concern among its investors on Tuesday. The MMDIC has experienced a 39 percent decline in its share value within the past 4 quarters.

 IFB Echoes TSE

The Iran Fara Bourse (IFB) also extended its losing streak for a third consecutive day, with its overall index notching down 3.79 points or 0.52 percent to settle at 723.31 at Tuesday close, with Jam Petrochemical Company leaving the most positive impact on the benchmark.

More than 119 million shares changed hands, valued at around 1.79 trillion rials to surpass the TSE trade value on Tuesday.

Hormozgan Steel Company with about 27.2 million shares valued at 40.84 billion rials, recorded the highest trade volume and value among all listed companies at the IFB. The highest price surge was registered for Afranet, Ravan Fan Avar, and Iranian Investment Incorporation. Niroo Sarmayeh Company, and Shiraz Oil Refining Company recorded the highest decline in their shares values.