Economy, Business And Markets

TSE Extends Losing Streak

TSE Extends Losing StreakTSE Extends Losing Streak

Tehran Stock Exchange’s benchmark stretched its pullback to lose 199.8 points or 0.3% and wrap up its fourth consecutive trading day in red.

According to TSE data, all indices weighed on TEDPIX’s plunge.

The Price Index fell 79.1 points or 0.3% to end at 26,039.3. The First Market Index slipped 204.7 points or 0.44% to stand at 46,701.5. The Second Market Index shed 79.4 points or 0.06% to 139,752.6. The Industry Index lost 124.4 points or 0.23% to 54,136.7. The Free Float Index pulled back 331.23 points or 0.44% to close at 74,405.3. The TSE 30 Index was down 11.1 points or 0.38% to 2,911.4 and the TSE 50 Index ticked down 7.6 points or 0.28% to 2,692.7.

More than 345 million shares changed hands valued at $25.72 million to register the lowest trade value since June 21.

Most of the listed companies ended up in red. Bank Mellat with -38 points was the biggest of laggards followed by Mapna Group and Islamic Republic of Iran Shipping Lines with -30 and -22 points respectively.

Persian Gulf Petrochemical Industry Company with the highest market cap among other companies at TSE and a PE ratio of 6 gave the biggest boost to TEDPIX with 48.32 points. Isfahan Oil Refining Company and Iran Transfo Company with 8 and 5 points respectively stood next.

TSE’s dented sentiment pushed investors to sell off their shares and opt for rival markets, including banks and forex market. They found high annual banking interest rates of up to 22% for deposits, along with persistent upward trend in the forex market, a better choice than bumpy rides at the equity market.

 IFX Up 1%

Iran Fara Bourse’s benchmark rose 7.9 points or 1.02% to 782 on Wednesday on the back of Marun Petrochemical Company and Isfahan Steel Company’s good performance.

As IFB reported, more than 49.7 million securities traded in 10,140 transactions valued at $10.2 billion. Isfahan Steel Company with more than 6.7 million shares valued at $446,060 recorded the highest daily trade volume and value.

Marun Petrochemical Company registered the highest increase in shares’ value. Zayanderoud Housing Investment Company suffered the biggest decline in value.

The Fixed-Income Market witnessed the sales of 39,957 leasing bonds valued at more than $1.21 million. The highest trade volume among listed exchange-traded funds was registered for Etemad Fund.