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Trading of 390m Shares Fails to Lift TEDPIX
Economy, Business And Markets

Trading of 390m Shares Fails to Lift TEDPIX

An early uptick at Tehran Stock Exchange on Sunday was reversed by Bank Mellat ticker symbol’s return to the board, which was accompanied by selloffs that dramatically pulled down the benchmark.
General annual meetings of listed companies are almost done, and just a few companies are not listed on the board yet. As it was expected, the gradual return of the remaining firms, including banks and refining companies, is affecting TSE’s performance.
According to TSE data, TEDPIX lost 70.4 points or 0.11% to stand at 65,903.1, which marked the third consecutive day for the benchmark in red. The Price Index retreated 27.9 points or 0.11% to 26,118.4. The First Market Index slipped 163.9 points or 0.35% to 46,906.2. The Second Market Index gained 476.9 points or 0.34% to settle at 139,832.9. The Industry Index rose 93.3 points or 0.17% to close at 54,261.1. The Free Float Index fell 186.48 points or 0.25% to 74,736.5. The TSE 30 Index ticked down 8.8 points or 0.3% to 2,922.5 and the TSE 50 Index was down 2 points or 0.07% to end at 2,700.3.
More than 390 million shares changed hands valued at $31.8 million in a sluggish trading day.
Almost 60% of listed companies weighed on the benchmark’s pullback. Bank Mellat with a PE ratio of 4 and -158 points was the most crucial market laggard followed by Pardis Petrochemical Complex and Bank Tejarat with -11 and -7 points respectively.
Mobile Telecommunications Company of Iran with PE ratio of 4 and close to 50 points provided the biggest boost to TEDPIX followed by Isfahan Oil Refining Company and Tamin Petroleum & Petrochemical Investment Company with 43.62 and 35.33 points respectively.
TEDPIX is stretching its rout since the nuclear deal between Iran and P5+1 was announced on July 14. Despite speculations about a bull market ahead, TSE’s gauge has slashed expectations and plunged 4.86% ever since. The deal was followed by annual general meetings and negative adjustments. Meanwhile, falling oil prices, lingering global slowdown and ambiguities surrounding the domestic equity market are jeopardizing TSE’s overall index.
Chemical manufacturers, which account for about 30% of market shares at the equity market, are portraying a mixed outlook as tumbling oil prices are expected to slash their earnings. However, potential investment in the sector in post-sanctions era is expected to give a boost to chemical as well petrochemical sectors.
International lenders are en route to fund many industries in Iran. Among high-yielding manufacturers of fast-moving consumer goods and services, electronics, pharmaceuticals, hospitality and food are expected to be the most attractive to foreign investors.
With prices having hit rock-bottom values, the overall prospect of the economy looking bright, fresh inflows heading to Iran and frozen assets on their way to be released, the TSE’s recent downbeat performance is expected to be reversed in the near future.

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