Fresh fluctuations at Tehran Stock Exchange on Saturday saw the benchmark TEDPIX inching up 6.7 points or 0.01% to close at 65,225.
Erosion of probability still lingers at TSE with most companies underperforming and projecting the current gloomy outlook of the stock market.
According to TSE data, the Price Index picked up 2.7 points or 0.01% to end at 25,849.7. The First Market Index lost 30.7 points or 0.07% to close at 46,186.5. The Second Market Index gained 209.5 points or 0.15% to 139,696.5. The Industry Index edged up 1.8 points to 53,782.8. The Free Float Index slid 77.42 points or 0.11% to settle at 73,511.2. The TSE 30 Index was off 2.6 points or 0.09% to 2,871.9 and the TSE 50 Index was up 0.5 point or 0.02% to settle at 2,675.2.
More than 446 million shares changed hands valued at $41.2 million, almost the same volume and value registered on the prior trading day (Wednesday).
Close to 54% of listed companies weighed on the benchmark. The National Iranian Copper Industries Company with a PE of 6 and -27.19 points was the biggest market laggard followed by Parsian Oil and Gas Development Company and Isfahan Oil Refining Company with -27.15 and -25.52 points respectively.
Ghadir Investment Company with 43.44 points provided the biggest boost to TEDPIX followed by Mobile Telecommunications Company of Iran and Pardis Petrochemical Company with 32 and 16 points respectively.
Mobin Petrochemical saw a broad selloff and recorded the highest trade volume and value among listed companies.
TSE is falling as unsettled investors opt for foreign exchange market as a haven for their cash. With the wobbly economy, depleted cash reserves and global markets in turmoil, there is no end in sight for the equity market’s rout in the short run.
However, eyes are focused on early 2016, when sanctions against Iran’s economy are expected to be lifted. International fund managers have already been attracted to tremendous investment opportunities, including high-yielding dollar-denominated bonds with close to 6% yield per annum in post-sanctions era. Currently, due to global sagging economy, yields are also negative in some European countries. Hence, investors are highly recommended to look ahead based on long-term approaches.
IFX Closes in Red
Iran Fara Bourse’s benchmark kept retreating on Saturday and slipped 7.66 points or 1.02% to settle at 742.07.
More than 127 million securities changed hands in 14,556 transactions valued at $27.15.
IFB recorded the trade of 15.63 million shares of Tehran Oil Refining Company valued at $1.61 million to register the highest daily trade volume and value.
Niroo Sarmayeh Company and Kharazmi IT Development Company registered the highest rise in shares’ value. TORC, Day Insurance and Marjan Kar Company posted the highest decline in value.
Ticker symbols of TORC, Isfahan Steel Company, Iran Cultural Heritage and Tourism Investment Group Company, Bank Day, Iranian Investment Petrochemical Group, Iranol Oil Company and Sina Port and Maritime Company were on investors’ radar.
The Modern Financial Instrument Market filed the highest trade volume among listed exchange-traded funds for Etemad Fund. In addition, more than 43,000 leasing bonds were sold to investors.
