Economy, Business And Markets

Banking Sector Props up TSE Benchmark

Banking Sector Props up TSE BenchmarkBanking Sector Props up TSE Benchmark

After days of sluggish trade at Tehran Stock Exchange, the overall index TEDPIX was boosted by banking sector’s outperformance on Saturday and rose 220.79 points or 0.34% to settle at 64,497.

All indices wrapped up the daily trade in green with the Free Floating Index giving the biggest boost to the TSE gauge.

The Price Index gained 87.31 points or 0.34% to end at 25,496.4. The First Market Index pulled in 232.02 points or 0.51% to close at 45,743. The Second Market Index advanced 59.2 points or 0.04% to 137,743.2. The Industry Index was up 84.7 points or 0.16% to 52,959.6. The Free Float Index climbed 495.63 points or 0.63% to reach 72,977.9. The TSE 30 Index perked up 11.8 points or 0.42% to 2,848.6 and the TSE 50 Index rose 9.8 points or 0.37% to close at 2,647.4.

Investors’ reluctance to get rid of shares at rock bottom values dramatically decreased trade volume and value. About 384 million shares changed hands valued at $16.89 million to underscore TSE’s dented sentiment.

Isfahan Oil Refining Company with 15.82 points was the biggest contributor to TEDPIX’s uplift followed by Bank Mellat and Bank Saderat.

Informatics Services Company was the main laggard followed by Behran Oil Company and Shiraz Petrochemical Company.

Dramatic retreat in trade could be the sign of an end to the bear market, market analyst Hashem Zolfaqari told the Financial Tribune, arguing that there is no logic in selling any more shares under such conditions.

“Wrangles in the US Congress over Iran’s nuclear deal have prevented a robust uptrend at the equity market. Shaky investors prefer to be cautious in their buying and selling positions.”

He anticipated that a bull market will prevail by mid-September with trade volume notching new highs.

  IFX Up 0.78%

Iran Fara Bourse mirrored TSE’s uptrend and notched up 5.7 points or 0.78% on Saturday to close at 738.42, with Isfahan Steel Company and Iran Petrochemical Investment Company providing the biggest boost to the benchmark.

As IFB reported, close to 114 million securities changed hands in 13,100 transactions worth more than $43.3 million.

Bank Day with more than 8.3 million shares valued at $436,176 recorded the highest daily trade volume and value.

The highest rise in shares’ value was registered for Novin Insurance Company, Shirvan Sugar Company and EN Investment Company. Niroo Sarmayeh Company, Marjan Kar Company and Taknar Copper Company posted the biggest retreat in value.

IPICO, Bank Day, Sina Port and Maritime Company, Tehran Oil Refining Company and Tehran Housing Investment Company were on investors’ radar.

Etemad Fund once again topped the highest trade volume among listed exchange-traded funds in the Modern Financial Market. In addition, 53,640 leasing bonds of RighTel Company were sold out to potential investors to record the highest trade volume in fixed-income bonds.

Meanwhile, SENA reported that Lia Company’s Initial Public Offering is scheduled to be launched at Iran Fara Bourse on Monday to mark its first IPO in six months.

“Around 12.1 million shares, accounting for 15% of total shares of Lia Company, with a market cap of $2.35 million, will be offered with Iran Industrial Development Investment Company as the main shareholder,” SENA quoted CEO of IDICO, Ramin Rabiei, as saying.