The bumpy rides at Tehran Stock Exchange are expected to come to an end, with both institutional and retail investors striving to shore up their portfolios, however, the overall sentiments is still shaky.
As the nuclear talks between Iran and the P5+1 are approaching the June 30 deadline, optimism is growing again, which has apparently triggered investors’ enthusiasm to garner undervalued shares at TSE to hedge their bets.
Stocks staged a fresh rally on Monday, with TEDPIX rising 465.6 points or 0.73 percent to top 64,000-point level.
According to TSE data, the first market index rose 423 points or 0.92 percent to close at 46,221.7. The second market index was up 416.3 points or 0.31 percent to 133,590.3. The free float index pulled up 686.5 points or 0.94 percent to 73,588.3. The industry index climbed 328.7 points or 0.63 percent to stand at 52,641.4 and the blue-chip index was up 20 points or 0.68 percent to 2,943.1.
TSE’s outlook is not bleak anymore amid upbeat speculations, which is attracting more and more investors to the equity market. The more than 100 percent surge in daily trade volume and value underscores the growing appetite for TSE’s cheap shares. More than 710 million shares changed hands valued at $37.3 million on Monday as the refining companies made a comeback.
Bank Saderat with the PE ratio of 3.4 was the investors’ haven and recorded the highest trade volume among listed firms. Parsian Oil and Gas Development Company came next.
About 62 percent of listed companies outperformed with oil refining companies on top. Bandar Abbas Oil Refining Company with close to 72 points left the most positive impact on TEDPIX. Esfahan Oil Refining Company and Bank Mellat with 53 and 39 points took the second and third place respectively.
Mobin Petrochemical Company with 12 points was the biggest laggard to TSE benchmark next to Mobile Telecommunications Company of Iran and Telecommunications Company of Iran.
