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TEDPIX Extends Gains, Uncertainties Remain

TEDPIX Extends Gains, Uncertainties RemainTEDPIX Extends Gains, Uncertainties Remain

Tehran Stock Exchange’s main index, TEDPIX, staged a relatively big rally at the beginning of Sunday trading. however, persistent ambiguities in the equity market evaporated part of the gains at the day’s close.

Most indices settled in green while TEDPIX extended its Saturday’s uptick and rose 82.1 points or 0.13 percent to end at 62,653.3.

According to TSE data, the first market index gained 92.8 points or 0.21 percent to 45,108.1. The second market index inched down 38.6 points or 0.03 percent to 128,884.4. The free float index notched up 158.9 points or 0.22 percent to 71,391.2. The industry index edged up 24.2 points or 0.05 percent to 51,602.5 and the blue-chip index was up 5.8 points or 0.2 percent to settle at 2,861.7.

Trade volume and value witnessed a tangible surge as more than 844 million shares changed hands valued at about $70.4 million to post more than 100 percent growth compared to the prior trading day.

About 46 percent of the listed companies at TSE contributed to the benchmark’s uptrend, with the banking sector on top.

Pardis Petrochemical Company grabbed investors’ attention and nearly capped its positive volatility cap. PPC with a PE of 4.5 and 40.86 points in positive contribution left the most positive impact on TEDPIX. Bank Mellat and Bank Saderat with around 16 and 15 points respectively followed PPC.

Mobin Petrochemical Company, Islamic Republic of Iran Shipping Lines and Mobile Telecommunications Company of Iran were the market laggards.

 President Expresses Optimism

Speaking in a press conference on Sunday, President Hassan Rouhani said he is optimistic about the performance of the equity market in the long run, SENA reported.

“The government is not directly involved in the equity market; however it plays a supervisory role to maintain transparency in the stock market” SENA quoted the president as saying. “The government always supports the equity market, which is a top priority for us.” Advising investors to adopt long-term approach, he said as the economy is on the path to prosper, the capital market is expected to follow suit.  

 New Murabaha Securities to Make Debut

The underwriting of Bana Gostar Karaneh Company’s Murabaha securities will debut at TSE’s debt market as of June 15 with a ticker symbol of SGOSTAR 963, TSE reported. The interest rate has been set at 21 percent per annum with a maturity of two years. A total of 500,000 Murabaha securities will be issued and each security will be worth around $303.

The market maker has made commitment to buy 25,000 securities on a daily basis. The corporate sukuk or Islamic bonds are gaining in popularity in Iran’s equity market. Currently, there are three different types of sukuk on offer in Iran’s financial markets, namely Musharakah, Ijarah and Murabaha.

Financialtribune.com