19955
TSE Stocks Tiptoe Into Bull Market
Economy, Business And Markets

TSE Stocks Tiptoe Into Bull Market

After a long series of bumpy rides at Tehran Stock Exchange, the benchmark has been on the rebound for two weeks. The TEDPIX gained 2.04 percent in the week that ended June 24 compared to the previous trading week to record its biggest uptrend within the past 11 weeks.
Various factors contributed to the recent bounce-back, with investors' optimism regarding a comprehensive nuclear agreement between Iran and P5+1 on top of them.
According to TSE data, TEDPIX rose 1,298 points or 2.04 percent to settle at 64,857.6. The first market index gained 1,029 points or 2.25 percent to end at 46,767.9. The second market index soared 2,096 points or 1.59 percent to close at 133,996. The free float index climbed 1,742 points or 2.4 percent to 74,401.4. The industry index was up 974 points or 1.87 percent to 53,092.6. The financial index jumped 2,096 points or 1.59 percent to 141,415.1 and the blue-chip index was up 52 points or 1.78 percent to wrap up five trading days at 2,961.8.
About 3.4 billion shares changed hands valued at close to $222 million to register 53.9 and 31.4 percent rise in trade volume and value respectively.
As uncertainties about western sanctions are simmering down, savvy investors are garnering lucrative undervalued shares to shore up their portfolios, gradually offsetting massive losses incurred since the extension of nuclear talks. In addition, TSE has great potential to witness a massive surge to new record highs once sanctions (imposed over Iran's nuclear energy program) are lifted.
The global slowdown, the dramatic plunge in oil prices and the prevailing recession engulfing various industries in Iran are the main laggards. Credit crunch due to the woes plaguing the banking system has led some companies into insolvency, while others are grappling with cash flow, which has forced them to resort to extensive layoffs.
Over the course of the past few years, sanctions have taken a 40% toll on Iran's oil exports, cutting the country’s total exports by around 30%, said Charles Robertson, global chief economist and head of macro strategy at Renaissance Capital in London. However, both local and international fund managers tend to shrug off the lingering worries with their minds set at the lifting of sanctions, which would open up the economy to global financial markets.

 

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