Economy, Business And Markets

TEDPIX Keeps Shedding

TEDPIX Keeps SheddingTEDPIX Keeps Shedding

Tehran Stock Exchange is extending its rout with the overall index tumbling 343.6 points or 0.53% on Sunday to stand at 64,881.4.

All indices settled in red to once again underscore how investors are shaky, as the economy is marred by credit crunch, bleak outlook in the short run and simmering concern over the fate of sanctions imposed by the West over Iran’s nuclear program.

According to TSE data, the Price Index lost 135.8 points or 0.53% to stand at 25,650.4. The First Market Index slid 287.2 points or 0.62% to end at 45,899.3. The Second Market Index was off 494.8 points or 0.35 to close at 139,201.2. The Industry Index tumbled 306 points or 0.57% to 53,476.5. The Free Float Index was down 413.28 points or 0.56% to 73,097.9. The TSE Index slipped 13.9 points or 0.48% to 2,858 and the TSE 50 Index pulled back further 14.9 points or 0.56% to 2,660.3.

More than 627 million shares changed hands valued at $55.6 million to post around 20% surge in trade volume and value compared to the prior trading day.

Tabriz Oil Refining Company with -93.44 points was the biggest TSE laggard followed by Islamic Republic of Iran Shipping Lines and National Iranian Copper Industries Company with -54.7 and -54.3 points respectively.

Mobin Petrochemical Company with 19.18 points provided the biggest boost to the TEDPIX followed by Isfahan Oil Refining Company and Informatics IT Company.

The TSE gauge is breaking its supportive lines to spur concern among both institutional and retail investors. Global economic turmoil and the prevailing recession in the country are two major negative contributors.