Economy, Business And Markets

TSE Fails to Impress

TSE Fails to ImpressTSE Fails to Impress

Tehran Stock Exchange’s main index extended its retreat and lost 269.5 points or 0.43% to end at 62,267 on Wednesday.

According to TSE data, the Price Index was down 105.7 points or 0.43% to reach 24,445.5. The First Market Index pulled back 207.6 points or 0.48% to end at 43,358.5. The Second Market Index slid 482.2 points or 0.35% to stand at 137,440.8. The Industry Index fell 281.7 points or 0.55% to close at 51,181.4. The Free Float Index was off 252.88 points or 0.36% to settle at 69,525.2. The TSE 30 Index dropped 11.8 points or 0.44% to hit 2,672.9 and the TSE 50 Index retreated 12.4 points or 0.49% to end at 2,538.5.

More than 290 million shares changed hands valued at around $14 million.

Ghadir Investment Company with a P/E ratio of 3 and 66.36 point, left the most negative impact on TEDPIX followed by Bandar Abbas Oil Refining Company and Persian Gulf Petrochemical Industry Company with 40 and 27 points respectively.

Bank Karafarin with 15.47 points provided the biggest boost to TEDPIX. Bank Mellat and Housing Investment Company with 9 and 6 points stood next.

Given lingering ambiguities surrounding petrochemical feedstock prices and mining royalties in addition to the prevailing recession and liquidity crisis, TSE stocks are expected to stay in red and pile up more losses. many investors prefer to deposit in banks with up to 22% interest rate per annum to compensate their losses in the stock market.

  IFX on Downtrend

Iran Fara Bourse overall index too extended its downtrend on Wednesday and lost 8.24 points or 1.2% to close at 680.62.

According to IFB data, close to 49% of listed companies weighed on IFX, with petrochemicals and refining companies being the biggest market laggards.

Meanwhile, Amin Insurance Company with a market cap of around $29 million, was listed at IFB’s secondary market on Wednesday.

Furthermore, Initial Public Offering of Pardis Housing Investment Company was launched at IFB, with 5,400 rials per share.  

The lucrative IPO was accompanied by a year-to-date record high in trade volume, with more than 5.7 billion securities changing hands valued at $315.3 million.