Economy, Business And Markets
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TEDPIX Ends at 7-Week High

TEDPIX Ends  at 7-Week HighTEDPIX Ends  at 7-Week High

About 69 percent of listed companies positively contributed to TEDPIX on Tuesday to help the benchmark lift 593.9 points or 0.92 percent to settle at a 7-week high of 64,926.8.

The first market index rose 423.1 points or 0.91 percent to 46,761.5. The second market index was up 1,260.1 points or 0.95 percent to close at 134,491.1. The free float index jumped 819.7 points or 1.11 percent to end at 74,559.3. The industry index gained 382.1 points or 0.73 percent to 53,021.4 and the blue-chip index rose 23.8 points or 0.81 percent to 2,968.5.

About 794 million shares changed hands valued at $45.6 million.

Investors lined up for Islamic Republic of Iran Shipping Lines' shares, helping it surpass positive TEDPIX contributors. Bandar Abbas Oil Refining Company and Isfahan Oil Refining Company with close to 66 and 50 points took the second and third place respectively.

National Iranian Copper Industries Company dramatically weighed on the benchmark and with close to 91 points topped TEDPIX laggards. Telecommunications Company of Iran and Golgohar Mining and Industrial Company with 22 and 4 points came next.

The good prospects of a final nuclear deal between Iran and the P5+1 are convincing investors to inject fresh inflows into the equity market to reap benefits in the post-sanctions era.

Tehran Stock Exchange, with up to 37 industries, is one of the most diversified stock markets in the Middle East. Stocks are currently at their record lows, with those of once high-yielding companies being traded below their intrinsic values. The petrochemical sector, as one of the most lucrative industries is slated to absorb millions of dollars upon the launch of new projects. Most market analysts indicate the economy is expected to boom in the upcoming quarters, which would in turn give a fresh momentum to the equity market.

> IFX Jumps 1.51%

Echoing the TEDPIX's good performance, Iran Fara Bourse's main index rose 10.91 points or 1.51 percent at Tuesday's close to stand at 732.58.

Iranian Investment Petrochemical Group, Tehran Oil Refining Company and Middle East Mines and Mineral Industries Development Holding Company left the most positive impact on IFX.

According to IFB, more than 144 million securities changed hands in 20,280 rounds of transaction valued at $20.7 million.

Tourism Bank with more than 17 million shares and Middle East Mines and Mineral Industries Development Holding Company with close to $838,000 recorded the highest trade volume and value respectively.

Taknar Company and Niroo Sarmayeh Company experienced the highest rise while Balast Company and KBCC saw the highest retreat in their shares' values.

The Industrial Development & Renovation Organization of Iran sold out 49 percent of the ownership stakes of one of its affiliate companies (LIDCO), valued at $6.6 million in IFB's third market.

The fixed-income market witnessed the trade of 11,620 leasing bonds. ASAS Fund recorded the highest trade volume among the listed exchange-traded funds.

 

Financialtribune.com