Economy, Business And Markets

TEDPIX Retreating Amid Systematic Risks

TEDPIX Retreating  Amid Systematic RisksTEDPIX Retreating  Amid Systematic Risks

Tehran Stock Exchange’s benchmark failed to extend its Monday gain and lost 113.1 points or 0.17% to end at 65,189.4 on Tuesday to underline the prevailing dented sentiment in the equity market.

About 75% of listed companies underperformed and weighed on the benchmark amid lingering systemic risks faced by TSE industries.

Lack of instruments to help investors reduce risks and bumpy rides, along with many laggards in and outside the country, have dramatically slashed expectations for a momentum in the stock market in the near future. However, some analysts claim that TSE’s retreat is approaching significant resistant levels.

TSE data illustrate that all indices settled in red, with Financial Index dragging down the benchmark the most. The Price Index lost 44.8 points or 0.17% to end at 25,835.6. The First Market Index pulled back 75.6 points or 0.16% to stand at 46,268.5. The Second Market Index slipped 265.8 points or 0.19% to 139,031.2. The Free Float Index slid 230.17 points or 0.31% to close at 73,543.3. The TSE 30 Index was off 6.3 points or 0.22% to 2,877 and the TSE 50 Index was down 3.7 points or 0.14% to end at 2,673.

More than 373 million shares changed hands in a sluggish trading day valued at $52.24 million to post about 20% decline in daily trade volume and 22% surge in daily trade value respectively compared to the prior trading day.

Bank Mellat with close to -29 points left the most negative impact on TEDPIX followed by National Iranian Copper Industries Company and Iran Khodro with -14 and -10 points respectively. Banks are still grappling with non-performing loans and are not flush with cash anymore. Moreover, western sanctions are still in place while the global slowdown accompanied by yuan’s slump projects more gloom for metals.

Pardis Petrochemical Complex with 18 points provided the biggest boost to TSE’s benchmark followed by Ghadir Investment Company and Informatics Services Corporation with 17 and 14 points respectively.

  IFX Extends Retreat

Iran Fara Bourse mirrored TSE’s gloomy performance and ended further in red. The IFX lost 2.56 points or 0.34% to close at 755.19.

More than 92 million securities traded in 10,373 transactions valued at $22.83 million.

Bank Hekmat topped the highest daily trade volume with 16.8 million shares. Sobhan Darou with $826,363 recorded the highest trade value.

Shahed Development and Construction Company, Tadbirgaran Fars Company and Marjan Kar Company posted the highest rise in shares’ value. Minoo Group, Novin Insurance and Zayanderoud Housing Investment Company’s rights offerings registered the highest decline in value.

Modern Financial Instrument Market filed the highest trade volume among listed exchange-traded funds for Etemad Fund. In addition, the biggest trade volume in Fixed-Income Market was recorded for the sales of 110,151 Murabaha (a form of Islamic bond).