A glance at Iranian equity market’s weekly performance

Baku, Azerbaijan, Sept. 15

By Khalid Kazimov – Trend:

The main index of the Tehran Stock Exchange slipped 0.2 percent to close at 83,523.8 over the last trade week.

Although metal and mining stocks edged downwards, some managed to recover losses by the end of the week.

MAPNA Group (MAPN -3.4%) added to pressure on the main index, dragging down Engineering Services (-3.4%) which led fallers among major sectors.

Paper Products (+5.0%), currently a favorite among speculators, was the best performing sector and has added 11.3% in two weeks, Turquoise Partners suggested.

Oil Products (+1.3%) continued to make ground but at a slower pace, despite signals last week of the sector’s potential to become the next market leader.

Some experts believe the latest issue of Islamic treasury bills yielding over 17% has turned investors away from eq­uities.

The TSE30 index of the thirty largest companies by market capitalization closed at 3,397, down 0.6% from a week ago.

The top performer was Civil Pension Fund Investment Co. (SAND +3.3%), whose gains were a reminder of its potential after months of stable trad­ing.

The weakest share in the top 30s was National Iranian Copper Industries Co. (MSMI -7.1%).

This week the Average Daily Trade Volume (ADTV) increased 12 percent to $ 56 million, following the issue of two new series of Islamic T-bills and also the IPOs of Chodansazan Industrial Co. (CHDN) and Hi Web (HWEB).

The shares with the highest traded value over the week were Hi Web (HWEB), SAIPA Group (SIPA +0.1%) and Esfahan Mobarakeh Steel Co. (FOLD 0.0%) with volumes of $29 million, $5.2 million and $4.6 mil­lion respectively.

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