Economy, Business And Markets

TEDPIX Keeps Retreating

TEDPIX Keeps Retreating
TEDPIX Keeps Retreating

Another week of increased volatility in Tehran Stock Exchange (TSE) pushed the TEDPIX down as lucrative Initial Public Offerings (IPO) failed to shake off the lingering ambiguities to spur optimism among the investors.

The TSE data illustrates that all indices worked to drag down the benchmark during the week that ended April 29.

TSE’s gauge tumbled 935 points or 1.4 percent at 65,634.1 to hit the lowest level in a month. The first market index dropped 870 points or 1.78 percent to 47,893.3. The second market index shed 667 points or 0.5 percent to settle at 123,714.8. The free float index slipped 1,485 points or 1.92 percent to 75,828.7. The industry index notched down 701 points or 1.29 percent to end at 53,732. The financial index plunged 2,861 points or 1.96 percent to 143,165.7, and the blue-chip index also retreated 74 points or 2.37 percent to stand at 3,025.2.

More than 4.16 million shares changed hands, valued at 6.84 trillion rials or $206 million in the third consecutive negative trading week since the beginning of the new Iranian year (started March 21) to record 54.6 percent decline in trade volume and 4.2 percent increase in trade value.

Despite the benchmark’s downbeat performance within the past three weeks, all indices are still in green, when comparing their performance since March 21. Ever since, TEDPIX has notched up 5 percent due to optimism about a possible nuclear accord, however, lingering misinterpretations about the preliminary framework nuclear deal reached on April 2, reversed down the TSE’s sentiment.