Tehran Stock Exchange
The Tehran Stock Exchange All-Share Index dropped for the third consecutive week, closing down 0.4% at 79,465. The index had risen for three months up to the last week of May, reaching 2-1/2 year highs of 81,200 but has since retreated by 2.1%. Some analysts believe the recent tensions between Persian Gulf countries and the terrorist attacks in Tehran may have resulted in risk aversion in the market. However, by considering historic trends in in recent years, the TSE’s overall performance during June has not been promising as the majority of listed companies hold their AGMs in June and July. The ticker of companies holding AGMs are taken off the trading board two trading days in advance of the meeting. In the trading week ending June 15 sectors barely saw significant growth. Machinery & Electric Equipment (+2.4%) rose the most, while Ceramics & Tiles (-5.3%) led fallers, taking its decline over the last three weeks to more than 14%.
The TSE30 index of the thirty largest companies by market capitalization slipped 0.5% to close at 3,080. Most of the top 30s ended in negative territory, while Bandar Abbas Oil Refining Co. (PNBA -4.6%) weighed most on the index. The slight gain over the week of Iran Khodro (IKCO +0.71%), the biggest car producer in Iran, was the highest of the TSE30 constituents.
This week the Average Daily Trade Volume (ADTV) rose 8% to USD 36 million, supported by trading in debt securities and block trades. The highest volumes were posted by Sakht Ajand (SAJN +6.5%), Barez Industrial Group (BARZ +1.3%) and Bandar Abbas Oil Refining Co. (PNBA -4.6%) with USD 6.1 million, USD 3.7 million and USD 1.8 million respectively.
Iran Fara Bourse
The overall index of the Iran Fara Bourse added 0.2% to 902 while the market’s ADTV declined 11% to USD 36 million. Equities were the securities most in demand on the IFB, recording total traded value of USD 118 million. The market trend for stocks was triggered by speculative trades in companies listed on the Base Market of Iran Fara Bourse.
Foreign Exchange Market
The Iranian rial strengthened over the week against major currencies. The Central Bank of Iran left the official rate of the US dollar unchanged at IRR 32,457 while its free market rate dropped 0.1% to IRR 37,282. The CBI lowered the official rate of the euro by 0.4% to IRR 36,411 while on the free market the euro dropped 0.5% to IRR 41,796. The British pound’s official rate fell 1.6% to IRR 41,356 and slipped 0.1% on the free market to IRR 48,400.
This report is solely for information and general circulation only and may not be published, circulated, reproduced or distributed in whole or in part to any other person without our written consent. This report should not be construed as an offer or solicitation for the subscription, purchase or sale of the securities mentioned herein. Whilst we have taken all reasonable care to ensure that the information contained in this publication is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. Any opinion or estimate contained in this report is subject to change without notice. We have not given any consideration to and we have not made any investigation of the investment objectives, financial situation or particular needs of the recipient or any class of persons, and accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons acting on such information or opinion or estimate. You may wish to seek advice from a financial advisers regarding the suitability of the securities mentioned herein, taking into consideration your investment objectives, financial situation or particular needs, before making a commitment to invest in the securities.
Privileged / confidential information may be contained in this document. If you are not the addressee indicated in this document (or responsible for delivery of this message to such person), you may not copy or deliver this message to anyone. Opinions, conclusions and other information in this document that do not related to the official business of Turquoise Partners Ltd. and Firouzeh Asia Brokerage CO. and their respective connected and associated corporations shall not be understood as neither given nor endorsed.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.