Economy, Business And Markets

TSE Fails to Impress

TSE Fails to ImpressTSE Fails to Impress

Stocks succumbed to a further retreat during the week that ended September 30 with the overall index TEDPIX notching down 188 points or 0.3% to close at 61,498.3.

Investors were cut off guard on Saturday when the TSE’s gauge notched a two-year low amid the lingering recession faced by many listed industries.

As TSE weekly data illustrate, all indices settled in the red with the Financial Index leaving the most negative impact on TEDPIX.

The Price Index lost 73.6 points or 0.3% to reach 24,090.2. The First Market Index slipped 100 points or 0.23% to end at 42,764.6. The Second Market Index dipped 588 points or 0.43% to close at 136,070.1. The Industry Index was down 77 points or 0.15% to stand at 50,604.8. The Free Float Index was off 412 points or 0.6% to settle at 68,106.7. The Financial Index tumbled 1,374 points or 1.04% to end at 130,842.9. The TSE 30 Index declined 9 points or 0.3% to stand at 2,627.2 and the TSE 50 Index was off 7 points or 0.28% to close at 2,509.8.

Weekly trade value and volume registered 55.1% and 37% decline respectively compared to the week before. The number of transactions and the number of investors was also down 11.9% and 19.2% respectively.

Most of the listed industries fell short of making gains with metals, automotive and financial intermediaries being the worst performers. However, mining extraction, leather and paper industries were crowned top gainers at TSE.

  Lackluster Week for IFX

Iran Fara Bourse’s benchmark IFX inched down 5.3 points or 0.8% during the same week to stand at 678. However, IFB’s market cap rose 0.6% to reach $22.59 billion.

IFB’s Primary Market recorded the trade of 660 million securities valued at $6.23 million to register 350% increase and 59% decrease in trade volume and value compared to the prior week.

The Secondary Market saw the trade of 170 million securities worth $14.08 million indicating 43% and 27% decline in trade volume and value respectively.

Around 110 million securities changed hands at IFB’s Base Market valued at $6.5 million to post 79% and 71% decline in trade volume and value respectively.

The Modern Financial Instruments Market witnessed the sale of 11 million securities worth $165.26 million.

The highlight of over-the-counter market during the week was the sale of Iran’s first Islamic Treasury Bills on Wednesday, which were issued by the government to raise funds for settling its debt to private sector contractors.