Economy, Business And Markets

TEDPIX Tumbles 0.56%

TEDPIX Tumbles 0.56%TEDPIX Tumbles 0.56%

In spite of positive speculations about the economic outlook, stocks underperformed and pushed the TSE's overall index to settle in red at Wednesday close.

According to TSE data, the TEDPIX tumbled 386.5 points or 0.56 percent amid wobbling job report ended at 68,078.8. The first market index slipped 382.5 points or 0.76 percent to 49,843. The second market index was down 128.3 points or 0.09 percent to 135,896.7. The free float index dropped 451.6 points or 0.57 percent to 78,787.6. The industry index fell 199.7 points or 0.36 percent to 55,687.4, and the blue-chip index was also down 23.2 points or 0.73 percent to 3,166.2.

Trade volume recorded an almost 40 percent surge, with close to 832 million shares changing hands, valued at 1.66 trillion rials.

The banking sector weighed on the TEDPIX once again, with all listed banks underperforming in a red trading day, with Saderat Bank topping the highest volume of trade.

Iran Telecommunication Company with about 111 points was the biggest laggard. Bandar Abbas Oil Refining Company and Mobile Telecommunication Company of Iran, with close to 75 and 62 points took the second and third place respectively.

The Islamic Republic of Iran Shipping Lines outperformed again, and with around 48 points topped the list of positive contributors. Shazand Petrochemical Company and Mobarakeh Steel Company followed next and briefly pushed the benchmark up.