Economy, Business And Markets

TEDPIX Snaps Winning Streak

TEDPIX Snaps Winning Streak
TEDPIX Snaps Winning Streak

After three days of uptrend at Tehran Stock Exchange, TEDPIX ticked down 25.9 points or 0.04 percent in a seesaw trade on Sunday to snap its winning streak with trade volume at its six-day low.

TSE data illustrate that most of the listed firms weighed on the benchmark with petrochemicals to blame as the biggest laggard.

The first market index edged down 9.1 points or 0.02 percent to close at 45,798.7. The second market index pulled back 112.3 points or 0.08 percent to 133,171.7. The free float index was down 31.8 points or 0.04 percent to 72,901.6. The industry index lost 22.9 points or 0.04 percent to 52,312.4 and the blue-chip index retreated 1.1 points or 0.04 percent to end at 2,923.1.

Investors’ enthusiasm has been curbed amid mixed news about the prospect of the economy, which is somehow tied to the ongoing nuclear talks between Iran and the P5+1. Sunday’s retreat was expected as recent uptrends were due to investors’ overreactions. Industries are still struggling with recession, credit crunch, bleak economic prospect, and hence, they are not expected to be lucrative for shaky investors at least in the short run.

More than 316 million shares changed hands in a sloppy trade valued at $20.3 million to post more than a 100-percent plunge in trade volume and value compared with the previous trading day.

Tose-Melli Investment Group with about 11 points topped the list of positive contributors. Kharg Petrochemical Complex and Bank Saderat took the second and third place respectively.

Parsian Oil and Gas Development Company left the most negative impact on the benchmark. Mobile Telecommunications Company of Iran and Persian Gulf Petrochemical Industry Company came next.