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Stock Market Gripped by Overreactions

Stock Market Gripped by OverreactionsStock Market Gripped by Overreactions

A seesaw trade amid all-embracing overreactions to the lingering nuclear negotiations between Iran and the P5+1 ended in an uptick for Tehran Stock Exchange benchmark on Monday.

Almost half of the listed companies outperformed with most of the indices settling in green. Unprecedented ups and downs have dented the TSE’s sentiment, however, stock prices are still lucrative for bargain hunters.

According to TSE data, TEDPIX notched up 31.5 points or 0.05 percent to wrap up at 64,333.9. The first market index edged up 48.8 points or .01 percent to end at 46,338.4. The second market index slipped 95.7 points or 0.07 percent to 133,231.3. The free float index rose 104.3 points or 0.14 percent to 73,739.6. The industry index ticked down 2.9 points or 0.01 percent to 52,639.3 and the blue-chip index gained 3.1 points or 0.11 percent to 2,944.7.

Trade volume and value increased compared to the prior trading day with more than 491 million shares changing hands valued at about $30 million.

Kharg Petrochemical Company had a downbeat performance as many shareholders lined up to sell their shares, helping the company to register the highest daily trade volume. Tehran Cement and Bank Saderat came next.

Bank Saderat outperformed and with close to 24 points surpassed all positive contributors to TEDPIX. Bandar Abbas Oil Refining Company and Shiraz Oil Refining Company with 18.6 and 18 points took the second and third place respectively.

Tamin Petroleum & Petrochemical Investment Company with 12.94 points left the most negative impact on TSE gauge. Persian Gulf Petrochemical Investment Company and Bank Karafarin with close to 10 and 8 points respectively came next.

Financialtribune.com