S tocks failed to rebound and remained locked in a familiar pattern over the lingering systemic risks surrounding the equity market, with the benchmark losing 191.5 points or 0.3 percent to settle at 63,228.4 at Sunday’s close.
TSE data illustrate that first market index shed 101.3 points or 0.22 percent to stand at 45,618.8. The second market index slumped 623.6 points or 0.48 percent to 130,473.4. The free float index notched down 187.4 points or 0.26 percent to 72,449.8. The industry index slipped 143.2 points or 0.27 percent to end at 72,075, and the blue-chip index lost 5.5 points or 0.29 percent to 2,894.8.
About 300 million shares changed hands, valued at $15.2 million to underscore the bearish sentiment at the equity market and post a fresh retreat in trade volume and value.
Iran Transfo Corporation reached its 5% volatility cap, and with close to 11 points left the highest positive contribution to TEDPIX. Shiraz Petrochemical Company and Mobile Telecommunications Company of Iran with Price Earnings ratio of 4.5 and 3.8 took the second and third place respectively.
Persian Gulf Petrochemical Industry Company, with 48.27 points, left the most negative impact on the benchmark. Bank Mellat and Isfahan Oil Refining Company with close to 23 and 15 points respectively followed the PGPIC.
Leading listed companies at TSE are failing to portray a positive outlook for their performance as ongoing ambiguities, recession, credit crunch and investors’ overreaction are draining the equity market.
Dizzying price swings and the prevailing downtrend at the equity market have been accompanied by the lowest average PE ratios, which underlines how shaky the TSE is.
IFX in Red
Iran Fara Bourse’s main index echoed TEDPIX and had a downbeat performance. The IFX pulled back 3.72 points or 0.72 percent to end at 711.16.
More than 47 million securities changed hands at IFB, valued at about $29.8 million, with Marjankar Company, Ravan Fanavar Company and Fars and Khuzestan Tadbirgaran Company’s shares recording the highest price rise.
Mihan Insurance Company and Shahroud Industrial and Mining Company, along with Saman Insurance, piled up more losses than other listed companies at IFB.
Iranian Investment Petrochemical Group with up to 428,520 of its shares being traded recorded the highest trade volume. Tehran Oil Refining Company with a daily trade value of $351,818 registered the highest trade value.
In addition, 49,910 leasing bonds of Mapna Group were sold out as fixed-income securities. Etemad Fund, with 786,000 of its shares being traded, recorded the highest trade volume among listed exchange-traded funds. Mortgaged-backed securities slipped again, with prices swinging between 700,000 rials and 730,000 rials.
The block offering of aluminum manufacturer Alumtek Corporation accounting for 10.55 percent of the company’s shares will be launched on June 14 at IFB’s Base Market and via tender. The base price is set at 1,225 rials per share, and the total value is estimated at $1.74 million.
