Economy, Business And Markets

TEDPIX Wraps Up Weekly Trade in Green

TEDPIX Wraps Up Weekly Trade in GreenTEDPIX Wraps Up Weekly Trade in Green

Tehran Stock Exchange’s rollercoaster ride wrapped up the week that ended September 2 in green with the overall index edging up 70 points or 0.11% compared to the previous trading week.

TEDPIX snapped six weeks of downtrend as block trades dramatically contributed to the uptrend. However, western sanctions are still in place and systematic risks keep weighing on the listed industries at the equity market with no imminent bull market in sight in the near future.

According to TSE data, TEDPIX closed at 64,276. The First Market Index rose 59 points or 0.13% to settle at 45,511. The Second Market Index picked up 98 points or 0.07% to end at 137,684.

More than 3.12 billion shares and rights offerings changed hands in 122,000 transactions valued at almost $256 million to post 5.5% decline and 36% increase in trade volume and value respectively.

Furthermore, 68,754 participatory bonds worth $2.02 million were sold out to post a 93% plunge compared to the prior trading week.

Sugar industry with 7.06%, auto and parts sector with 2.36%, IT with 2.19% and tannery with 2.06% were leading sectors during the week.

According to charts and technical analyses, the TSE benchmark is poised to notch new lows in the coming days with no tangible shift in the prospect of the economy in the short run. This as yuan’s devaluation digs a hole for commodities market with respective listed companies at TSE projecting a bleak outlook ahead.

Moreover, the dramatic decline in oil prices is weighing on petrochemical and refining companies. Nevertheless, some analysts indicate that oil prices are expected to bottom out at current levels, which could mean that earnings could start gaining momentum.

  IFB Trade on the Rise

Iran Fara Bourse recorded the trade of 999 million securities valued at $169.19 million to register 56% and 49% surge during the same week compared with the prior trading week.

The benchmark IFX inched up 4.3 points or 0.6% compared to last week to stand at 733. IFB market cap rose 1% to settle at $23.36 billion.

Close to 246 million securities traded at the base market valued at $26.2 million to record 235% and 264% surge in trade volume and value respectively.

The First Market saw the trade of 55 million securities valued at $2.76 million. The Secondary Market witnessed the sales of 246 million securities worth $16.26 million.

The banking sector with 36% growth in weekly trade volume came on top, followed by utilities and chemicals with 11% and 10% respectively.