Economy, Business And Markets
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Bumpy Ride at TSE Ends Flat

Bumpy Ride  at TSE Ends FlatBumpy Ride  at TSE Ends Flat

Irregular ups and downs at Tehran Stock Exchange are draining the equity market as more than 60% of listed companies pulled down the benchmark TEDPIX on Tuesday.

Both retail and institutional players are losing appetite for large-cap stocks with seesaw trend prevailing during the past few weeks.

According to TSE data, the overall index slipped 181 points or .027% to settle at 66,445.7. The Price Index lost 71.9 points or 0.27% to close at 26,423.2. The First Market Index retreated 178.6 points or 0.38% to 47,385. The Second Market Index fell 88.4 points or 0.06% to end at 140,485. The Industry Index was down 161.6 points or 0.3% to stand at 54,503.8. The Free Float Index tumbled 226.69 points or 0.3% to 75,462.9. The TSE 30 Index notched down 11.3 points or 0.38% to 2,950.9 and TSE 50 Index pulled back 8 points or 0.29% to 2,723.

More than 599 million shares changed hands valued at $80 million to post a slight uptrend in daily trade volume and almost 50% surge in value.

National Iranian Copper Industries Company with a PE ratio of 6 and -71 points was the biggest market laggard followed by Mapna Group and Pardis Petrochemical Company with -35 and -18 points respectively.

Large-cap stocks like Persian Gulf Petrochemical Industry Company, Islamic Republic of Iran Shipping Lines, Telecommunications Company of Iran and banking sector also had a negative impact on the benchmark.

Global slump in commodities, slowdown in China and lingering laggards dominating the economy are to blame for the recent fluctuations at the equity market. However, rock-bottom values along with the positive outlook following the nuclear deal are expected to trigger persistent uptrend in the coming weeks.

  IFX Edges Down

Parallel with TEDPIX, Iran Fara Bourse’s benchmark also ticked down by 2.73 points or 0.37% to stand at 775.81 at Tuesday’s close.

Almost 398 million securities traded in 14,279 transactions valued at $32.6 million.

Iranian Petrochemical Investment Group with 9.67 million shares recorded the highest daily trade volume. Iran Cultural Heritage and Tourism Investment Group Company registered the highest trade value among listed companies at IFB.

The highest rise in daily shares’ value was recorded for Niroo Sarmayeh Company, Alborz Company and Tadbirgaran Fars Company.

Zangan Zinc Industry Company and Yazd Alloy Steel Company posted the biggest pullback in their shares’ value.

The highest trade value among exchange-traded funds was recorded for Etemad Fund. The Fixed-Income Market witnessed the sale of 34,082 leasing bonds with a maturity of three months.

Financialtribune.com