Tehran Shares Log 2% Weekly Loss

Tehran Shares Log 2% Weekly Loss
Tehran Shares Log 2% Weekly Loss

Tehran’s stock market was bearish in the last trading week that ended on Wednesday as decline in the currency market impacted sentiment of shareholders of export-oriented listed companies. 
The benchmark of Tehran Stock Exchange, TEDPIX, shed close to 29,000 points in the five sessions last week losing 2.1%. 
The benchmark moved backward after hitting the psychological resistance level of 1.4 million points and failing to break past the level. 
The decline was fueled by losses in forex rates, which usually impact the performance of commodity and export-oriented stocks.
The dollar plummeted more than 2.5% in Tehran’s open market in the previous week settling at 280,000 rials. 
Leading the plunge in the past two weeks, the American currency has lost almost 9% against the rial and dropped about 20,000 rials since Dec. 30. 
Capital outflow by retail investors continued for the seventh week in a row in 15 straight sessions. Total capital outflow by retail investors hit 13.21 trillion rials ($47 million).  
With uncertainty looming large, most retail investors were sellers. Retail trade rose 8% compared with the preceding week. Average daily trade by retail investors stood at 27.42 trillion rials ($97m) last week compared to 25.38 trillion rials ($90m) a week before.   
Iran’s share market has been struggling with a crisis since August 2020 after prices made historic gains in a very short period only to plunge deep down.  

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