Gmail - Iran Weekly Market Report - 14 January 2016:
"Share prices on the Tehran Stock Exchange experienced growth for the third consecutive week in a row as the TSE All-Share Index rose by 1.4%, closing at 63,516. After nine weeks, the TSE’s main index once again went above the 63,000 level, to reach its highest value in the last four months. The market benchmark’s recent gains have mostly been supported by sectors, such as Machinery & Electric Equipment (24%), Automotive (22%), Metallic Products (22%) and Other Financial Services (21%). Some experts believe with the upcoming implementation of the nuclear agreement between Iran and the EU3+3, known as the Joint Comprehensive Plan of Action, the market’s recent rally will intensify in the coming days. However, the downtrend in global commodity markets has also adversely affected the Iranian oil, petrochemical, and metal and mining industries.
By technical analysis perspective, the TEDPIX has already surpassed its resistance level of 63,000, drawing a promising outlook towards higher gains, targeting the 70,000 level. However, we believe the index may face challenges at the 65,000 level. The TSE All-Share Index has already gone above its 50 day EMA by 2%, which is happening for the first time since late July 2015. A negative scenario for the market gauge is implausible at the moment but the index needs to show more progress in the coming days, to reduce the risk of falling below the 63,000 level once again.
Also, the index of the thirty largest companies by market capitalization, the TSE30 index, recorded 2.2% growth, to close at 2,685. The TSE30 index has already added 4.5% during he last three weeks, standing at its highest measure since Nov 21, 2015. This week, the two of auto manufacturing companies which are listed among the top 30 firms, were the major positive movers of the TSE30 index. The share prices of SAIPA (SIPA +23.5%) and Iran Khodro (IKCO +9.7%) surged to IRR 1,164 (approx. USD 3.1 cents) and IRR 1,866 (approx. USD 5.09 cents) respectively.
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