Unsettled investors keep shrugging off the massive devaluation and the record low Price Earnings, exacerbating recent routs at Tehran Stock Exchange.
The state of economy amid enduring sanctions against Iran over its nuclear energy program, non-performing loans as well as liquidity crunch are stoking concern among equity market investors. However, the unprecedented bearishness at the equity market is expected to give way to a skyrocketing upsurge once Iran and the P5+1 reach to a comprehensive nuclear accord by the end of June.
TSE data illustrate that the fragile atmosphere at the equity market once again affected TSE’s indices, with TEDPIX slipping 77.4 points or 0.12 percent to 63,419.1 at Tuesday’s close.
The first market index fell 136.2 points or 0.3 percent to settle at 45,763.1. The second market index, as the only positive contributor to the benchmark, was up 339.2 points or 0.26 percent to end at 130,825.2. The free float index retreated 161.5 points or 0.22 percent to 72,742.2. The industry index pulled back 36.4 points or 0.07 percent to stand at 52,194.5 and the free float index was down 3.9 points or 0.13 percent to 2,907.7.
More than 323 million shares changed hands, valued at around $23.1 million to record yet another day of lousy trade both in terms of volume and value amid persisting bearishness at the TSE.
About 60 percent of the listed companies at the TSE had a downbeat performance, with Telecommunications Company of Iran (TCI) leading the losers.
The TCI with PE of 3.7, and close to 28 points downbeat performance had the most negative impact on the benchmark. Tamin Petroleum & Petrochemical Investment Company and Chadormalu Mining and Industrial Company with 18 and 17 points respectively followed the TCI.
Islamic Republic of Iran Shipping Lines (IRISL) was the investors’ haven on Tuesday, as both institutional and individual investors lined up to garner its floating shares. The IRISL reached its 5-percent volatility cap and with 50.25 points gave the biggest boost to the TEDPIX. Mapna Group and Mobile Telecommunications Company of Iran, with 18 and 16 points took the second and third place respectively.
