Economy, Business And Markets

TSE Woes Squeezing Benchmark

TSE Woes Squeezing Benchmark
TSE Woes Squeezing Benchmark

The gloom hanging over Tehran Stock Exchange keeps dragging down the benchmark, with both retail and institutional investors slashing their expectations about a high yielding market in the near future.

After a few days of flat trading at TSE, the overall index notched down, mainly on downbeat performance of the banking sector, Mapna Group and Bandar Abbas Oil Refining Company.

According to TSE data, TEDPIX shed 110.3 points or 0.17 percent to end at 63,187.3. The first market index plummeted 204.7 points or 0.45 percent to 45,460.9. The second market index, as the only positive contributor to TEDPIX, rose 550.3 points or 0.42 percent to settle at 131,185.3. The free float index fell 352.3 points or 0.49 percent to 72,079.9. The industry index was down 35.1 points or 0.07 percent to 52,186.1 and the blue-chip index dropped 11.8 points or 0.41 percent to stand at 2,874.6.

More than 301 million shares changed hands, valued at almost $16.5 million. The low trade volume and value underscore the fragile atmosphere prevailing at the equity market.

Bank Mellat with 23.6 points in negative contribution topped TSE market laggards. Pasargad Bank and Mapna Group with about 23 and 20 points took the second and third place respectively.

Persian Gulf Petrochemical Industry Company – with the most market capital at the equity market – helped TEDPIX, however nearly 71 percent of the listed companies weighed on the benchmark to offset the PGPIC’s positive impact. Other outperformers briefly boosted the benchmark.