The Good old days to be back on Tehran Stock Exchange!
Reading in between the weekly reports of Tehran Stock Exchange, it seems that the trade volume and value raised by 10% and 26% respectively over the the past week. Reports of SEO show the telecommunication (21.2%), Auto and Parts (19%) and Investments (14%) were the solid half of weekly trade stats. With the EPS estimates came out and all the economic news, it seem the market is on the verge of a transition to better days finally. It was just the last week that CBI announced an inflation of 8.7% for Feb-Mar 2017. The manifesto on chemicals base prices, the inking of Mapna and NISOC memorandum of understanding to develop three oil fields, the meeting of Omani delegation with SEO chair, the visit paid by french delegation from Peugeot to Iranian part makers and the ratification of 2017/18 general budget bill by the parliament are a few bold of those.
Late hours Rally Left Averages with Modest Losses!
In the Market
After being on a winning strike for almost 11 sessions , the Tehran Stock Exchange held a modest loss throughout the majority of today’s affair, but the cautious sentiment was just normal approaching the year end. Needless to say, the more than conservative budget estimates is there only to blame as bears sold at large with thin gains. The TEDPIX (-0.37%) eked out slim a moderate loss and stood on 77,574.70 while the IFEX (+0.17%) finished just above its flat line to record a new high.
Auto tickers did not show some life from the beginning as both technical measures and fundamentals of the sector are depressing. Not even gossips of enchanting contracts with foreigners will help the industry as worse than expected Q4 reports are out.With IKCO being halted, it is only for Saipa to drag the flag for now and the ticker changed hands for near 100 mn shares. At last “SIPA1” closed at IRR 1,129 (-4.16%) stamped the second worse impact on the index. Others just followed the trend as well with much less volumes though.
Chemicals giants surged to new lows following the release of “Parsian Oil and Gas” budget estimates and reopening of the ticker. More than 5 mn shares of “PASN1” traded on -2.77% made the closing on IRR 1,822. Analysts believes that on a fresh batch of cash can make the trades solvent again and solve the sector’s liquidity issues. The situation over Persian Gulf, Kermanshah, Jam and Khorasan Petrochemicals, was the same.
Finally, following the previous disappointments of Banking space today the sector was to host a missing ticker ; Post Bank of Iran returned to the trading board after an age-long absence -22% lower. With near 10 mn traded shares the stock closed at IRR 1,705 caused the investors huge losses. Others in the sector were no different in the general trend but Mellat & Saderat were shown a bit of support from the major shareholders.
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