Economy, Business And Markets

TEDPIX Settles After Rollercoaster Ride

TEDPIX Settles After Rollercoaster Ride TEDPIX Settles After Rollercoaster Ride

Tehran Stock Exchange’s all-share index TEDPIX inched down 4.50 points or 0.01% to close Tuesday trade at 78,430.9 after the dust from Monday’s rally settled, and robust gains by steelmaking and mining companies were mostly canceled out by automakers and banks.

Stocks were battered for eight straight days before their Monday rally, during which shares on the TSE and the more nimble over-the-counter market, Iran Fara Bourse, snapped back, ending 1.19% and 2.09% higher respectively.

The volatile market sentiment slowed down on Tuesday, as automakers continued their price correction and recovering steel and iron ore prices boosted the mining sector.

Close to 60% of the TSE-listed companies posted losses for the day, with cement and construction companies as well as automakers staging the worst performances.

More than 1.7 billion shares valued at $135.9 million were traded on Tuesday. The number of shares traded jumped by more than 500 million, and daily trade value grew by over 50% compared to the prior trading day.

Jam Pharmaceutical Company was the biggest highest riser, with shares jumping 5% to 21,230 rials share.

Doroud Cement Company was the biggest loser of the day, as its shares dropped 4.90% to 1,378 rials each.

Mobarakeh Steel Company provided the biggest boost to TEDPIX (104.2 points), while Iran Khodro weighed most on the benchmark (-55.31 points).

The Price Index was down 1.70 points or 0.01% to end at 29,819.

The First Market Index gained 72.80 points or 0.13% to reach 54,953.7.

The Second Market Index shed 491.60 points or 0.27% to settle at 171,107.4.

The Industry Index rose 32.20 points or 0.05% to hit 65,495.4.

The Free Float Index inched down 12.83 points or 0.01% to post 89,085.

The TSE 30 Index advanced 2.90 points or 0.09% to register 3,245.2 while the TSE 50 Index crawled up 1 point or 0.03% to finish at 3,162.6.

  IFX Adds 5 Points

Iran Fara Bourse’s main index IFX added 5.21 points or 0.67% to stop at 779.56.

More than 240 million securities valued at $29.6 million were traded in 20,000 transactions. Daily trade value was down by more than $30 million compared to Monday, according to IFB data.

Esfahan Steel Company registered the highest number of shares traded and daily trade value, as 40.5 million of its shares worth $2.9 million were transacted.

Arfa and Esfahan steel companies as well as Pardis Housing Investment Company had the highest increase in share value, while Tuka Paint Company, Tehran Housing Investment Company and Pegah Company registered the highest declines.

Marun Petrochemical Company, Middle East Mines and Mineral Industries Development Holding Company and Hormozgan Steel Company were the biggest market laggards.

Etemad Fund, with the transaction of 1 million of its shares, registered the highest trade volume among listed exchange-traded funds.

Moreover, 50,000 leasing bonds of Dana System valued at $1.4 million were sold out.