Iran Weekly Market Report - 7 January 2016

Iran Weekly Market Report - 7 January 2016:

"Summary

Share prices on the Tehran Stock Exchange experienced increases for the second week in a row. The TSE All-Share Index gained 1.5% as it closed at 62,632 on Wednesday’s trading session. The TSE experienced its best performance for the last eleven weeks. After recording slight changes for several days, the TEDPIX had dramatic positive chang­es on Tuesday and Wednesday by adding 1.46%. This positive performance by the TSE has been in contrast to weak performances of global stock markets, as well as further declines in crude oil prices. Most of the major sectors on the Tehran Stock Exchange had promising performances and the majority of them closed in the green. Among the main sectors, the Automotive group was the best performing industry by adding 8.3%. Also, Oil Products and Chemicals sectors gained 3.5% and 1.2% respectively. However, Metallic Ores and Base Metals sectors were exceptions as their indices declined by 1.4% and 7.1% each. The interesting point about this week’s growth in the Tehran Stock Exchange was the broad positive records of various types of stocks in different sectors. 

 

Studying the All-Share Index through Technical Analysis perspective shows that the dra­matic growth during the last two days has already put the index above its 50 day EMA by almost 1%. Also, the change in direction by the index has been supported by the volume indicators due to expanding levels of trade volume in recent days. TEDPIX’s chart shows readiness to post signals to achieve higher measures, but first it needs to surpass its closest resistance level of 63,000.

 

Moreover, the index of the thirty largest companies by market capitalization, the TSE30 index, also recorded a positive performance of 1.8%, to close at 2,628. The TSE30 index regained its position above the 2,600 level after three weeks, due to its strong move in the first week of January. Among the listed shares under the TSE30 index, Iran Khodro (IKCO) had the highest gain by adding 8.9% to its share value, closing at IRR 1,701 (approx. USD 4.6 cents)."



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