Economy, Business And Markets

Investors Shrug Off Hawkish US Signals

Investors Shrug Off Hawkish US SignalsInvestors Shrug Off Hawkish US Signals

Tehran Stock Exchange investors opted to brush aside John Kerry’s hawkish statements on Sunday, and shored up their portfolios, which helped TEDPIX to gain 239.8 points or 0.36 percent to close at 66,019.9 at Monday’s close.

“An Iranian nuclear agreement is possible this week if Iran makes the “hard choices” necessary, but if not, the United States stands ready to walk away from the negotiations,” US Secretary of State John Kerry said on Sunday.

TSE data illustrate that the price index rose 98.9 points or 0.36 percent to 27,243.4. The first market index pulled higher 175.3 points or 0.37 percent to 47,661.4. The second market index jumped 480.6 points or 0.35 percent to end at 136,054.6. The industry index was up 195.2 points or 0.36 percent to finish at 53,746.8. The TSE 30 index inched up 1.6 points or 0.05 percent to 3,018 and the TSE 50 index ticked up 8.1 points or 0.3 percent to 2,714.

Daily trade volume and value recorded a tiny uptrend compared to the prior trading day. More than 678 million shares changed hands valued at $37.8 million to register close to 10 and 13 percent retreat in trade volume and value respectively.

Oil refining companies left the most positive impact on TEDPIX, with Bandar Abbas Oil Refining Company providing the biggest boost to the TSE gauge. Esfahan Oil Refining Company and Islamic Republic of Iran Shipping Lines with close to 26 and 23 points came next respectively.

Around 28 percent of listed companies had a negative impact on the benchmark. Mobarakeh Steel Company, Bank Pasargad and Parsian Oil and Gas Development Company with 16, 15 and 8 points were the biggest laggards, respectively.