Economy, Business And Markets

TEDPIX Buoyant, Mood Remains Shaky

TEDPIX Buoyant, Mood Remains ShakyTEDPIX Buoyant, Mood Remains Shaky

Tehran Stock Exchange had a seesaw trading on Saturday, with the overall index edging up 49 points or 0.07% to settle at 66,829.7 at the day’s close.

According to TSE data, the Price Index inched up 19.5 points or 0.07% to 26,575.9. The First Market Index advanced 29.5 points or 0.06% to 47,872.9. The Secondary Market Index gained 136.8 points or 0.1% to stand at 140,027.8. The Industry Index ticked down 9.2 points or 0.02% to 54,805.9. The Free Float Index was up 42.49 points or 0.06% to end at 76,049.1. The TSE Index rose 2.2 points or 0.07% to 2,975.6 and the TSE 50 Index perked up 2.2 points or 0.08% to close at 2,738.8.

Lingering uncertainties coupled with irregular short-term approach adopted by investors have curbed overall enthusiasm to garner shares.

Trade volume and value declined compared to the previous trading day as more than 573 million shares changed hands valued at $32.27 million.

Close to 49% of listed companies settled in green. The Islamic Republic of Iran Shipping Lines with 70.6 points topped daily outperformers followed by Mapna Group with 53 points and Bank Saderat with 32 points.

National Iranian Copper Industries Company with -76 points was the biggest market laggard followed by Pardis Petrochemical Company and Mobin Petrochemical Company with -36 and -24 points respectively.

Refining companies’ comeback due this week is expected to squeeze out TEDPIX, with massive negative adjustment in sector.

Given upbeat news in some sectors, including insurance, consumer goods, auto, pharmaceutical and transportation in the post-sanctions era, investors are advised to prepare to shore up their portfolios.

Another positive contributor is the imminent launch of foreign funds aimed at investing in high-yielding sectors at the equity market.

The bear market is expected to fade away in TSE in the long run, as sanctions imposed by the US, EU and the UN Security Council will be lifted and fresh inflows will find their way to sectors grappling with lack of liquidity, which will in turn help the economy get back on track.