Listed companies on the Tehran Stock Exchange (TSE) have beaten the prior expectations, after it was announced that their profit is expected to witness a surge of an almost 2 trillion rials, peaking at 600 trillion rials.
Considering the profit expectations of 33 industries listed within the equity market, the latest forecast of 298 companies with the market cap of almost 843 trillion rials indicated that their expected earnings surged to nearly 591 trillion rials for the upcoming year, TSE’s information and statistic department reported.
Chemical commodities with 29 companies, surpassed expectations on earnings, and industrial companies, financial groups, petroleum, and base metals reportedly announced higher than expected profits.
The report went on to announce that the average earnings growth of industries within the TSE reached 701 trillion rials at the end of the month of Mehr (September 23-October 22).
“As the country is grappling with an ongoing economic recession, listed companies are likely to see brighter days in the near future, with hopes for better profits,” Keivan Sheikhi, head of the information and statistics department of the TSE told the Financial Tribune.
Stock Market on Sunday
Tehran’s stocks rallied on Sunday, continuing to wipe out deep losses from past months, with the TEDPIX rising 0.17 percent to approach new record highs.
The TSE had a roller coaster trading day, although the sentiment changed direction to record another positive trading day.
According to the TSE’s website, the market benchmark hit a new 5-month peak, climbing 132.9 points or 0.17 percent to end at 76,553.4.
The first market index pulled higher 48.1 points or 0.07 percent to 56,914.4. The second market index managed to gain 631.8 points or 0.43 percent to finish at 147,149.8. The free floating index, which has the most influence on the TEDPIX, was up 77.9 points or 0.09 percent to settle at 88,295.2. The industry index jumped 138.3 points or 0.22 percent to 63,787.3, and the blue chip index inched up 2.4 points or 0.07 percent to 3,551.5.
As investors were trading more cautiously, the total trading volume and value briefly ticked lower compared with the previous trading day. More than 1.11 trillion shares changed hands, valued at 2.98 trillion rials.
The Islamic Republic of Iran Shipping Lines (IRISL) topped the trading volume, leaving a positive impact on the equity market’s gauge as well.
Mellat Bank and Saipa shares recorded another day of high trade value, demonstrating a positive contribution to the TEDPIX.
IRISL shares grabbed the attention of both individual and institutional investors and recorded the highest value of trading. Mellat Bank stood second, and MAPNA took the third place.
Tamin Petroleum and Petrochemical Investment Company (TAPPICO) left the most buoyant impact on the TEDPIX, and the Telecommunication Company of Iran as well as the Persian Gulf Petrochemical Industry Company, respectively, took the second and third spots.
Once again, the TSE’s listed companies’ performances, along with the bullish trend of stocks are grabbing the headlines, portraying stellar trades like those of 2013.
Considering the fact that investors are hedging their bets, the ongoing stability and positive expectations of the midterm performances have bolstered the capital market with new liquidity coming in from both traditional and new investors.
