Economy, Business And Markets

TEDPIX Ends 4th Consecutive Week in Red

TEDPIX Ends 4th Consecutive Week in RedTEDPIX Ends 4th Consecutive Week in Red

The equity market’s risks along with the limping economy kept draining Tehran Stock Exchange during the week that ended June 10, with almost all the 40 listed industries registering new lows.

According to TSE data, TEDPIX notched its fourth consecutive trading week in red, recording a new low since March 17 on a weekly basis.

The benchmark plummeted 968 points or 1.53 percent to settle at 62,322.

The first market index shed 895 points or 1.96 percent to end at 44,758.8. The second market index tumbled 773 points or 0.56 percent to 129,885.

Total market value, including preferred shares, reached around $104 million to post a 41-percent growth compared to the prior trading week.

More than 1.9 billion shares were reportedly traded in 175,000 transaction rounds to register a 31.4-percent growth. In addition, 533,324 participatory bonds worth $16.2 million were sold out at TSE to register 38.4 and 38.8 percent growth in volume and value respectively.

Medical, optical and measurement equipment with 9.42 percent recorded the highest positive change among all listed industries. Telecommunications with 1.33 percent stood at second place.

Despite other stock markets in the region, TSE sports an array of advantages, including diversified industries, high growth potential and lowest average PE ratios.

Bad lending practices have crippled the banking sector and no money has been left for small enterprises to prop up their performance.

Western sanctions (imposed against Iran over its nuclear energy program) have hindered money transfer to Iran, effectively rooting out essential channels required to absorb internationally sponsored funds. .

Despite the bearish sentiment at TSE, massive inflows are expected to head into the industries listed at equity market once sanctions are lifted, which is expected to be accompanied by a dramatic surge in trade.