Economy, Business And Markets

No End in Sight to TSE Losing Streak

No End in Sight to TSE Losing Streak
No End in Sight to TSE Losing Streak

Tehran Stock Exchange’sbenchmark shed 406.4 points or 0.6% to close at 67,644.3 on Wednesday to wrap up its fourth consecutive trading day in red.

Despite positive speculations about the equity market’s performance following the nuclear deal between Iran and six world powers last week, unsettled investors have opted for selloffs to snap short-term gainsinstead of shoring up their portfolios.

TEDPIX has wiped out 2.6% since the nuclear deal was announced on July 14, stoking concern among both retail and institutional investors while the annual general meetings of the listed companies are expected to exacerbatethe TSE rout.Almost nobody could expect such an irregular sentiment at the stock market.

According to TSE data, the price index retreated 165.5 points or 0.6% to end at 27,556.8. The first market index lost 273.3 points or 0.56% to 48,747.4. The second market index tumbled 959.4 points or 0.67% to stand at 141,627.6. The industry index slipped 367 points or 0.66% to 55,481.8. The free float index fell 584.27 points or 0.75% to 77,090.6. The TSE 30 index was down 21 points or 0.69% to 3,018.8 and the TSE 50 index slid 17 points or 0.61% to settle at 2,770.3.

Daily trade volume and value kept retreating, as investors have already hedged their bets and prefer to hold on to their portfolios. More than 379 million shares changed hands valued at $23.26 million to post about 400% decline in both trade volume and value sinceJuly 14.

More than 74% of listed companies pulled down the TSE gauge.The Islamic Republic of Iran Shipping Lines with -94.91 points was the biggest of market laggards followed by Iran Khodro and Tamin Petroleum & Petrochemical Investment Company with -79 and -35 points respectively.

The Persian Gulf Petrochemical Industry Company was the only company that provided tangible boost to TEDPIX.

  IFX Mirrors TEDPIX

The gloomhanging over the equity market affected Iran Fara Bourse’s performance as well, with the benchmark IFX notching down 2.28 points or 0.28% on Wednesday to close at 803.25.

As IFB reported, more than 63 million securities changed hands in a lousy trade, valued atabout $51 million.

Iranian Petrochemical Investment Group recorded the biggest daily trade volume of more than 15 million securities. Tabas Coal Company registered the biggest trade value of $175,076.

Asia Zarin Madan Company and Ravan Fanavar experienced the highest rise in their shares’ value while Iranian Investment Incorporation and Minoo Group posted the biggest daily retreat.

The fixed-income market witnessed the trade of 55,000 leasing bonds. Etemad Fund registered the highest trade volume of more than 855,000 shares among listed exchange-traded funds at IFB.