Economy, Business And Markets

Equity Market Downbeat

Equity Market DownbeatEquity Market Downbeat

The equity market is still grappling with downtrends even after the endorsement of Iran nuclear agreement by the UN Security Council.

Stocks at Tehran Stock Exchange squeezed TEDPIX on Tuesday for the third consecutive day. The benchmark lost 97.7 points or 14% to settle at 68,050.7.

According to TSE data, the price index shed 40 points or 0.14% to close at 27,844.5. The first market index slipped 113.3 points or 0.23% to 48,747.7. The second market index gained 62.9 points or 0.04% to 142,587.9. The industry index lost 96.1 points or 0.17% to 55,848.8. The free float index was down 105.24 points or 0.14% to stand at 77,674.9. The TSE 30 index edged down 7.5 points or 0.25% to 3,039.8 and the TSE 50 index fell 3.7 points or 0.13% to end at 2,787.3.

More than 468 million shares changed hands valued at about $30 million to post a dramatic decline in daily trade volume and value compared with the prior trading day.

More than 57% of the listed companies had a downbeat performance and weighed on the benchmark. Parsian Oil and Gas Development Company with -72.35 points was the biggest laggard to TEDPIX followed by Islamic Republic of Iran Shipping Lines and Pardis Petrochemical Company with -67 and -35 points respectively.

Tamin Petroleum & Petrochemical Investment Company with +30.26 points provided the biggest boost to the main index. Persian Gulf Petrochemical Industry Company and Mobile Telecommunications Company of Iran with 29 and 22 points came next.

Investors kept shrugging off concrete triggers that were expected to be accompanied by massive surge at the stock market. The UN Security Council unanimously endorsed the nuclear accord between Iran and six world powers on Tuesday, setting in motion a yearslong process to eventually lift western sanctions in exchange for limits on Tehran’s nuclear program.

Dubai stocks advanced the most in more than a month as some investors speculated that the nuclear deal, which will ease sanctions against Iran, will help spur investments in the United Arab Emirates, BusinessWeek reported. However, the limping economy is still keeping investors on the edge, curbing their enthusiasm to garner devalued shares.

  IFX Snags Tepid Gains

Iran Fara Bourse’s overall index IFX pulled higher and gained 5.12 points or 0.64% to settle at 805.56.

As IFB reported, more than 75 million securities were traded in 9,427 transactions valued at $23.85 million.

Iranian Petrochemical Investment Group registered the highest daily trade volume of more than 14 million shares. Middle East Mines and Mineral Industries Development Holding Company recorded the highest trade value of $957,846.

Marun Petrochemical Company and Hormozgan Steel Company gave the biggest boost to IFX.

Etemad Fund once again recorded the highest trade volume among listed exchange-traded funds. The fixed-income market witnessed the trade of 90,350 leasing bonds of Chadormalu Mining and Industrial Company.