Most indices at Tehran Stock Exchange limped to a mixed close on Tuesday with the benchmark inching up 25.2 points or 0.04% to end a seesaw trading day at 64,251.
TEDPIX’s downbeat performance of late is draining the equity market with unsettled investors fleeing to other markets such as currency market in a bid to lock in profits.
According to TSE data, the Price Index picked up 10 points or 0.04% to stand at 25,399.2. The First Market Index and the Free Float Index stood intact. The Second Market Index rose 143.4 points or 0.1% to 137,659.4. The Industry Index edged down 16.7 points or 0.03% to 52,888. The TSE 30 Index perked up 2.2 points or 0.08% to 2,835.5, and the TSE 50 Index was up 0.9 point or 0.03% to 2,637.6.
More than 402 million shares changed hands valued $25.38 million, indicating about 20% and 4% decline in trade volume and value compared to Monday’s trade respectively.
Informatics Services Corporation with -26.64 points was the main laggard followed by Behran Oil Company and Shiraz Petrochemical Company with around -19 and -5 points respectively.
Isfahan Oil Refining Company with close to 18 points provided the biggest boost to TEDPIX. Bank Mellat and Bank Saderat with 15 and 13 points took the second and third place respectively.
$500m Retreat in EPS Forecasts
The prevailing stagflation hanging over the economy in line with the TSE rout has dramatically slashed expectations of listed companies’ projected earnings by $500 million during the month that ended August 22, ISNA reported.
Fourteen out of TSE’s 36 listed industries have cut their earnings-per share forecasts, with base metals, multidisciplinary industrial activities, mining of metal ores as well as auto manufacturing recording the highest retreat.
Lack of liquidity, sagging global economy, oil slump and free fall of commodity prices coupled with western sanctions on Iran over its nuclear program are to blame.
The actual earnings of listed companies in the same period reached $11.17 billion, of which 73% have been paid as EPS to respective shareholders.
The average actual earning of each share was at 473 rials and the EPS averaged 359 rials.
IFX Notches Up 0.04%
An early rally at Iran Fara Bourse slowed down at the final trading hours with the benchmark edging up 0.27 points or 0.04% on Tuesday to end in green. Iranian Investment Petrochemical Group provided the biggest boost to IFX.
According to IFB, more than 70 million securities traded in 11,485 transactions valued at $13.71.
The highest daily trade volume was recorded for Kowsar Insurance Company with 4.88 million shares. The highest trade value was registered for Mapna Group.
Sugar companies saw the highest rise in their shares’ value, whereas Mihan Insurance, Marjankar Company and Afranet Company were the biggest losers.
Tehran Oil Refining Company, Iran Cultural Heritage and Tourism Investment Group Company, Isfahan Steel Company, Bank Day, Sina Port and Maritime Company, Iranian Investment Petrochemical Group and Tehran Housing Investment Company were on investors’ radar.
The highest daily trade volume among listed exchange-traded funds was registered for Etemad Fund. In addition, 51,810 leasing bonds with three-month maturity sold out on Tuesday.
