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Bumpy Ride at TSE With Low Trade Volume, Value

Bumpy Ride at TSE With Low Trade Volume, ValueBumpy Ride at TSE With Low Trade Volume, Value

Stocks waxed and waned on Wednesday, with indices swinging between gains and losses, however the bumpy ride at the Tehran Stock Exchange was accompanied by the benchmark settling in green.

Despite the fact that most of the companies listed in the TSE underperformed, the Mobile Telecommunication Company of Iran (MTCI) outperformed and helped the overall index to end the seesaw trading day with tiny gains.

The TSE data illustrate that all indices helped lift the benchmark, with the second market index giving the biggest boost to the TEDPIX.

The TSE's gauge inched up 59.3 points or 0.09 percent to keep hovering at 63,000-point level on the week's last working day. The first market index edged up 19.2 points or 0.04 percent to stand at 46,076.2. The second market index gained 270.2 points or 0.21 percent to 130,741.2. The free float index rose 54.1 points or 0.07 percent to 73,153.2. The industry index ended up 61.5 points or 0.12 percent to 52,326.2, and the blue-chip index notched up 1.2 points or 0.04 percent to 2,919.1.

The dramatic low trade volume and value is deemed to be an indispensable part of the equity market as long as systematic risks weigh on the benchmark to keep investors on the edge.

More than 359 million shares changed hands, valued at close to 21.8 million. Shiraz Petrochemical Company with Price Earnings ratio of 5.4, outperformed and hit its volatility cap, recording the highest trade volume among other listed companies.

The MTCI, with PE ratio of 3.6 and about 35 points in positive contribution, topped the TSE positive contributors. Persian Gulf Petrochemical Industry Company and Bandar Abbas Oil Refining Company with 14.96 and 14.5 points followed the MTCI.

Pars Oil Company witnessed massive selloffs, and as the biggest market laggard met its negative volatility cap. Golgohar Mining and Industrial Company, and Islamic Republic of Iran Shipping Lines, took the second and third place respectively.

  IFB Market Cap at 1-Month Record High

The creation unit of Amir Kabir Petrochemical Company (AKPC) went public at Iran Fara Bourse on Wednesday, lifting the daily market cap to a new record high in one month, IFB public relations reported.

More than 492 million securities changed hands at the IFB, valued at around $77.2 million.

The IFB's benchmark wrapped up a fluctuating trading day in red and retreated 24 points or 0.03 percent to end at 727 points.

Tourism Bank with up to 60 million preferred shares, worth $1.08 million, recorded the highest trade volume and value among IFB's listed firms.

Alborz Distribution Company and Pasargad Oil Company experienced the highest uptrend in their shares' value.

51.71 percent of AKPC were also offered in block trade.

Moreover, 160,140 of participatory bonds (of fixed-income bonds) were traded at the IFB. Nasim Fund, with 181,729 shares, topped other exchange traded funds at the IFB.

Financialtribune.com