Economy, Business And Markets

TEDPIX at 6-Week Low

TEDPIX at 6-Week LowTEDPIX at 6-Week Low

Stocks suffered another bout of selling at Tehran Stock Exchange on Sunday dragging down TEDPIX to a six-week low to underscore the bearish sentiment prevailing at the TSE.

According to TSE data, the benchmark stretched the losing streak it has been recording since August 8 and slipped 389 points or 0.59% to end at 65,314.3. The Price Index lost 154.1 points or 0.59% to end at 25,885.1. The First Market Index retreated 275.7 points or 0.59% to 46,425.8. The Second Market Index shed 831.7 points or 0.6% to close at 138,920.3. The Industry Index tumbled 324.1 points or 0.6% to 53,812.6. The Free Float Index fell 493.1 points or 0.66% to stand at 73,912.3. The TSE 30 Index dropped 20.6 points or 0.71% to 2,890.8 and the TSE 50 Index was down 18.1 points or 0.67% to end at 2,674.6.

More than 396 million shares changed hands valued at $32.1 million to post a tiny uptick in trade volume and value compared to the previous trading day.

More than 77% of listed companies underperformed with large-cap companies on top of the list of losers. Petrochemicals, base metals, refining companies, banks, auto and transportation sectors all weighed on the overall index’s downfall.

Tamin Petroleum & Petrochemical Investment Company with -75.65 points was the biggest laggard followed by Isfahan Oil Refining Company and Parsian Oil and Gas Development Company with -50 and -26 points respectively.

Bank Karafarin and Iran Transfo with 4 and 3 points provided the biggest boost to TEDPIX.

Systemic risks, including feedstock prices, recession, global slowdown and banking issues, keep draining the equity market and curtailing investors’ enthusiasm to engage in the stock market.