Economy, Business And Markets

TEDPIX Notches 72,000, Ends Briefly Lower

TEDPIX Notches 72,000, Ends Briefly Lower
TEDPIX Notches 72,000, Ends Briefly Lower

Stocks notched modest gains on the week’s last trading day on Wednesday, as main market indices drifted slightly higher initially to help the TEDPIX hit 72,000, though it fell again but managed to maintain its uptrend and finish in green.

The Tehran stock exchange finished the week with tepid gains, although to erase the losses within the past six months, a drastic action should take place in the capital market.

According to the TSE’s website, the TSE benchmark was up 85.5 points or 0.12 percent to settle at 71,978.6. The first market index rose 71.8 points or 0.14 percent to 52,934.5. The second market index gained 112.1 points or 0.08 percent to close at 142,160.1. The free floating index pulled higher by a 113.4 points or 0.14 percent to 81,208.8. The industry index ticked higher by 78.1 points or 0.13 percent to 61,058, and the blue chip index inched up 3.5 points or 0.11 percent to 3,290.

More than 497 million shares changed hands, valued at 1.46 trillion rials, indicating a 30 percent surge in the trading value compared with Tuesday.

Iran Alloy Steel Company’s shares touched the highest increase rate with a 12.13 percent growth. But Ama Industrial Company, the first producer of welding electrodes failed to add on its share value and fell to the bottom of the table with an 8.09 percent decrease.

Azar Refractories Company, the greatest manufacturer of refractory in the Middle-East had the most stellar trades, as investors lined up for its shares.

Tosee Meli Investment Group had a 24.6 percent contribution to the TEDPIX’s uptrend. Moreover, its shares had a 3.99 percent growth in value compared to Tuesday.

Tamin Petroleum and Petrochemical Investment Company (TAPPICO) had the most negative contribution to the TEDPIX with a 24.1 percent.

Market analysts believe that the TSE enjoys great potential to leap and set new record highs. If the government succeeds in reducing the uncertainty clouding the economy, which is associated with various domestic and international factors, the TSE may head back to its glorious trading days.