Economy, Business And Markets

TEDPIX Wipes Out Most Losses

TEDPIX Wipes Out Most Losses
TEDPIX Wipes Out Most Losses

The recent bullish trend at the Tehran Stock Exchange managed to broadly erase most of the stock market losses from the beginning of the current Iranian year (starting Mar. 21), as the TSE’s benchmark has soared more than 6.13 percent since Oct. 1, according to Financial Tribune analysis and the TSE’s website data.

As most industries were grappling with the recession in economy, the TEDPIX managed to record new highs within the past six months, wiping out most of the losses, and portraying brighter future for the country.

Upbeat economic news accompanied by reasonable semi-annual profit reports demonstrated positive performances by the companies in the battered economy, altering investors’ appetite, and paving the way to start an unprecedented surge in market’s liquidity.

The market’s sentiment was grabbed the attention of many within the past 2 weeks, which led the investors to pour money into the equity market.

Based on the market analysts’ expectations, the positive uptrend will continue and the TEDPIX will keep posting gains within the upcoming days.

The positive atmosphere of the nuclear negotiations between Iran and the P5+1 is another concrete contributor to the positive prospects of the local equity market.

 Weekly Report

The TSE succeeded in sustaining its positive sentiment, with the TEDPIX surging 2,016 points or 2.72 percent to settle at 76,166.6.

All indices ended in green and contributed to push the TSE’s gauge to a new record, highlighting the great potential of the equity market in Iran.

According to the TSE’s website, the first market index was up 1,858 points or 3.38 percent to 56,739.3. The second market index pulled higher 1,510 points or 1.05 percent to 145,665.1. The free floating index climbed 3,186 points or 3.76 percent to settle at 88,018.4. The industry index rose 957 points or 1.53 percent to end at 63,401. The blue chip index gained 134 points or 3.93 percent to 3,552.3 and the financial group index surged 13,597 points or 9.77 percent to finish a bustling trading week at 125,717.8

Based on the TSE’ data, more than 3.87 trillion shares were traded at the stock market, valued at almost 9 trillion rials, indicating significant growth both on the trading volume and value of the trades compared to the week prior.

Excluding the past 15 consecutive trading days, the TEDPIX dramatically climbed and wiped out losses in the equity market.