Economy, Business And Markets

TEDPIX Piles Up More Losses

TEDPIX Piles Up More Losses
TEDPIX Piles Up More Losses

Stocks at Tehran Stock Exchange (TSE) were wavering between gains and losses on Tuesday’s trading, with all indices pushing the TEDPIX to settle in red territory.

According to TSE data, the benchmark failed to snap its losing streak, and kept retreating 151.5 points or 0.23 percent to settle at 64,526.9.

The first market index plummeted 100.1 points or 0.21 percent to end at 47,897.2. The second market index eked 372.7 points or 0.3 percent to 124,523.3. The free float index tumbled 143.4 points or 0.19 percent to stand at 73,635. The industry index was down 146.8 points or 0.27 percent to 54,071.1. The blue chip index ticked down 6.8 points or 0.24 percent to stand at 2,886.3.

Close to 440 million shares changed hands, valued at almost 925 billion rials, which posted decline both in trade volume and value compared to the prior trading day.

The sloppy trades due to the low volume and value of trades are underscoring the brittle atmosphere at the equity market. Despite the positive speculations about a potential nuclear accord between Iran and the world’s six powers, investors are shrugging off the upbeat news, and bears are reigning over the stock market

Iranian and American officials ended a round of high-level nuclear talks on Monday considering a proposal that would limit, for at least 10 years, Iran’s nuclear energy program, but gradually ease restrictions on Tehran in the final years of any deal, New York Times reported.

Mellat Bank drew investors’ attention, surpassed other listed companies, and topped the positive contributors to the benchmark. Barez Industrial Group, a leading tire manufacturer, and Karafarin Bank with around 13.5 and 5 points took the second and third place respectively. Mobarakeh Steel Company heavily dragged down the TEDPIX with close to 49 points negative contribution. Persian Gulf Petrochemical Industry Company, and Parsian Oil and Gas Development Company, as leading Iranian petrochemical companies with 28.12, and 25.36 points weighed on the benchmark.