Economy, Business And Markets

Stocks Rebound Slightly

Stocks Rebound Slightly
Stocks Rebound Slightly

The stock market’s main benchmark, the TEDPIX, stood in green as most of the indices contributed to the current uptick, with car manufacturers and auto spare parts industries helping the TEDPIX to rise.

With reference to the Tehran Stock Exchange’s website, the TEDPIX rose 101 points or 0.14 percent to 71,893.1 pushing it back to 72,000. The first market index gained 128.7 points or 0.24 percent to 52,862.7. The second market index finished in red as it was down 137.2 points or 0.1 percent to 142,048.8. The free floating index moved higher by a 247.7 points or 0.31 percent to 81,095.4. The industry index pushed higher by a 0.09 percent or 51.8 points to 60,979.9. The blue chip index inched up 4.1 points or 0.12 percent to 3,286.5.

More than 513 million shares were traded, valued at 1.11 trillion rials, indicating a brief growth in the trade volume and value.

Amin pharmaceutical company had the highest surge on its shares’ value with a 33.25 percent and helped the TEDPIX’s upward trend with a 13.22 percent. But Niroo Investment Company’s shares lost 6.62 percent of their values and disappointed the shareholders.

The Islamic Republic of Iran Shipping Lines (IRISL) had the most lucrative trade as it left a positive contribution of 21.84 percent on the TEDPIX. Iran Khodro stood next with a 20.63 percent contribution to the TEDPIX’s uptrend, as investors lined up for its shares.  

The TSE is currently not a lucrative market for investors as it has been hit by an ongoing recession prevailing pioneer industries in Iran. The government has implemented various plans to tackle equity market challenges, but has so far failed to practically fund the capital market.

The government is gearing up to boost the capital market and mitigate the unsettled investors’ risk, although until now the administration has not been able to revive the industries listed at the equity market.