Economy, Business And Markets

TEDPIX Tumbles to Evaporate Earlier Gains

TEDPIX Tumbles to Evaporate Earlier GainsTEDPIX Tumbles to Evaporate Earlier Gains

After two days of uptrend at Tehran Stock Exchange, the overall index wiped out most of the gains it had accumulated on Monday to underscore the bearish sentiment at the equity market. This is while almost all listed industries are grappling with systemic and systematic risks.

All indices settled in red to drag down TEDPIX, slashing expectations about a consistent uptrend at TSE.

According to TSE data, the benchmark slipped 215.5 points or 0.34 percent to keep hovering at the 62,000-point mark.

The first market index retreated 172.5 points or 0.38 percent to end at 44,935.6. The second market index was down 311.5 points or 0.24 percent to 129,572.5. The free float index tumbled 309.3 points or 0.43 percent to 71,081.9. The industry index fell 148.3 points or 0.29 percent to stand at 51,454.2 and the blue-chip index was down 13.2 points or 0.46 percent to 2,848.5.

Listed companies are struggling to survive amid TSE’s roller coaster. The overall state of the equity market is tied to the ongoing nuclear talks between Iran and the six world powers aimed at arriving at a comprehensive nuclear accord. The ups and downs are not so much associated with any concrete change in the listed companies’ performance as with overreactions and speculations.

Trade volume and value on Monday experienced a sharp retreat with nearly 352 million shares changing hands valued at close to $19.1 million.

Mobin Petrochemical Company with 25.33 points in positive contribution had the most positive impact on TEDPIX. MPC also took the second place in companies with the highest daily trade volume. Bank Karafarin and Alborz Darou Pharmaceutical Company took the second and third place respectively.

About 71 percent of listed firms had a downbeat performance with Mobile Telecommunications Company of Iran weighing the most on TSE gauge. Bank Mellat and Bank Saderat failed to trigger investors’ enthusiasm and with around 24 and 18 points followed the MTCI.


  IFB Tumbles

Iran Fara Bourse main index IFX notched down 5.2 points or 0.75 percent to echo TSE’s downtrend at Monday’s close, IFB reported.

More than 42 million securities were traded in 8,924 transactions valued at around $11 million.

Iranian Investment Petrochemical Group with about 3 million shares registered the highest trade volume, while Sina Port and Maritime Company with about $163,000 registered the highest trade value.

The highest rise in value was recorded for Tuka-Rail Company’s rights offering and Bahman Leasing Company. Minoo Group, Ghasem Iran Company and Bank Karafarin registered the highest retreat in their shares’ value.

Etemad Fund topped the highest trade volume among listed exchange-traded funds with 1.57 million shares. The fixed-income market witnessed the trade of 48,460 leasing bonds.