Economy, Business And Markets

Stocks Edge Up

Stocks Edge Up
Stocks Edge Up

The TEDPIX’s early morning rally failed to win over the entire stock market and fell during the course of the day; though it did tick higher on Saturday.

The Tehran Stock Exchange’s (TSE) mixed trading day caused many of the listed stocks to lose their gains made in previous sessions with at least two of the major indices falling back into the red.

According to the TSE’s website, stocks wobbled through the day, though they managed to contribute to another positive trading session at the TSE, with the TEDPIX inching up 19.2 points or 0.03 percent to settle at 74,152.

The first market index rose 42.5 points or 0.08 percent to 54,749.8. The second market index pushed the TEDPIX into the red as it slipped 148.1 points or 0.1 percent to end at 145,030.9. The free floating index was up 126.4 points or 0.15 percent to 84,438. The industry index was another laggard as it shed 32.5 points or 0.05 percent to 62,480.7, and finally the blue chip index climbed 5.6 points or 0.16 percent to 3,420.4.

The Kharazmi Investment Group’s (KIG) shares attracted investors with its shares garnering the highest volume of trades on Saturday. Saderat Bank had an impressive trading day as it became the second most popular company at the equity market.

Financial companies shares were the most attractive through the day as most of the traded shares belonged to this sector.

In addition to volume, the KIG shares were also highest in value. Another company, the North Drilling Company (ANC) and MAPNA respectively took the second and third place.

The National Iranian Cooper Industries Company left its mark on the TEDPIX by 75.51 percent. In addition, Pasargad Bank and Saderat Bank were other key contributors to the TEDPIX’s uptick.

As firms are publishing their 6-month reports, investors are becoming more comfortable with the stocks and are likely to invest more heavily shoring up their portfolios in the upcoming weeks.  

As market analysts previously suggested, these bi-annual reports are meant to enhance trades, although it has been noted time and again that many of the listed companies are not going to perform as would be normally accepted, this is due to the ongoing recession in the overall economy.

“Overall, the reports highlight positive prospects, with stability in the equity market accompanied by general optimism over a likely nuclear pact between Iran and the western countries, encouraging investors to pour further liquidity into the TSE,” Mahmoud Reza Khaje Nasiri, head of department of supervision on exchanges told FNA.

He also noted that the administration’s plan to curb inflation, which has been partly successful, has helped the equity market to continue on its stable path. With the addition of fresh flows of money and the more stable outlook, investors have become more attentive and determined about returning to the equity market.