Economy, Business And Markets

TEDPIX Rollercoaster Ends Nearly Flat

TEDPIX Rollercoaster Ends Nearly FlatTEDPIX Rollercoaster Ends Nearly Flat

The stock market looks set to unleash its potential and get back on track amid upbeat news about a comprehensive nuclear deal with the benchmark surging more than 4 percent since June 13.

US Secretary of State John Kerry said on Wednesday negotiations were "making progress".

After two weeks of solid gains at Tehran Stock Exchange, TEDPIX recorded a sloppy performance and ticked up 4 points or 0.01 percent in the week that ended July 1.

According to TSE data, the benchmark edged up 4 points or 0.01 percent to close at 74,440.8. The first market index lost 64 points or 0.14 percent to 46,703.8. The second market index gained 428 points or 0.32 percent to end at 134,424.2. The free float index was up 39 points or 0.05 percent to 74,440.8. The financial index surged 1,660 points or 1.17 percent amid optimism on the release of Iran's frozen assets and speculations about reviving SWIFT services. The industry index slipped 129 points or 0.24 percent to 52,962.2 and the blue-chip index retreated 1 points or 0.04 percent to 2,960.7.

Overreactions weighed on stocks' weekly performance. Nonetheless, the TSE sentiment is ameliorating as both retail and institutional investors are showing resilience to lingering economic hardships.

Weekly trade volume and value were down compared to the prior trading week with more than 3.04 billion shares and rights offerings changing hands valued at $199 million to post 23.6 and 10.4 percent decline respectively.   

The emerging bull market is expected to shape a robust equity market with almost all listed firms looking set to compensate the massive losses incurred over the prevailing ambiguities and limping economy.

TEDPIX is poised to dramatically soar to new highs once the market opens on Saturday, as many intrepid investors are waiting to line up and snap up lucrative bargains to hedge their bets.

   Lazy Trade at IFB

Iran Fara Bourse's weekly trade volume and value experienced 86 and 75 percent drop compared to the previous trading week.

Close to 580 million securities in 89,000 transactions were traded during the week valued at $125.8 million. However, the IFB's secondary market registered a massive surge.

The benchmark IFX edged up 1.4 points to settle at 736. However, total market value slightly decreased to reach around $26.8 billion.

Close to 42 million securities were traded at IFB's primary market valued at $4.15 million to post 66 and 60 percent retreat in trade volume and value respectively. The secondary market witnessed the trade of 424 million securities valued at $57.3 million to record 16 and 104 percent surge in trade volume and value respectively.

Moreover, 97 million securities were traded at the base market worth $3.45 million. The modern financial instruments market saw 17.7 million securities traded for $60.9 million.

Chemicals with 48 percent were the most lucrative commodities in IFB's weekly trade. Petroleum and base metals with 11 and 7 percent took the second and third place among leading industries at IFB.