Economy, Business And Markets

TEDPIX Plummets on Retail Investors Selloffs

TEDPIX Plummets on  Retail Investors SelloffsTEDPIX Plummets on  Retail Investors Selloffs

Tehran Stock Exchange’s dented sentiment led to a big selloff on the part of shaky retail investors on Sunday trading.

Lack of liquidity, prevailing recession in big industries and tumbling oil prices are squeezing the benchmark that has mostly been on a downward trend since a nuclear deal was announced between Iran and P5+1 on July 14.

According to TSE data, TEDPIX slid 450.1 points or 0.68% to close at 66,000.9. The Price Index lost 178.9 points or 0.68% to end at 26,237.2. The First Market Index fell 286.9 points or 0.61% to 47,117.9. The Second Market Index plunged 1,153 points or 0.82% to settle at 139,248. The Industry Index slipped 331.9 points or 0.61% to 54,189.5. The Free Float Index tumbled 559.67 points or 0.74% to stand at 74,918.9. The TSE Index lost 19.1 points or 0.65% to 2,932.6 and the TSE 50 Index was down 19.6 points or 0.72% to end at 2,703.6.

Unlike shaky retail investors, most institutional investors snapped bargains. More than 503 million shares changed hands valued at $33.74 million. Daily trade volume and value rose almost 40% and 16% respectively.

More than 72% of 493 companies pulled down the benchmark, with large-cap stocks including those of petrochemicals weighing most. This is while the massive retreat in global oil prices stoked concern about low margins for petrochemicals.

The Persian Gulf Petrochemical Industry Company with a PE ratio of 6 and -84.15 points was the biggest market laggard followed by Bank Saderat and Parsian Oil and Gas Development Company with -38 and -34 points respectively.

  IFX Settles in Red

Sunday was not a particularly good day at Iran Fara Bourse either with the benchmark retreating 5.15 points or 0.66% to stand at 772.35.

As IFB reported, more than 884 million securities changed hands in 14,563 transactions valued at $54.48 million.

Tourism Bank with transactions of 16.64 million shares recorded the highest daily trade volume. Iran Cultural Heritage and Tourism Investment Group Company registered the highest trade value.

The highest rise in shares’ value was registered for CM Sugar Company, Isfahan Steel Company and Yazd Alloy Steel Company. Niroo Sarmayeh Company, Tabas Parvarde Coal Company and Shahrood Mining and Industrial Company posted the highest retreat in daily trade value.