Economy, Business And Markets

TSE Gauge Plummets Amid Hazy Outlook

TSE Gauge Plummets Amid Hazy OutlookTSE Gauge Plummets Amid Hazy Outlook

The wobbly stock market keeps putting investors on the edge, with Tehran Stock Exchange’s benchmark dipping 1,203 points or 1.9% in the week that ended September 16 to close at 62,624.

According to TSE data, the First Market Index plunged 1,281 points or 2.87% to settle at 43,357. The Second Market Index also ticked down 176 points or 0.13% to end at 137,431.

More than 1.8 billion shares and rights offerings changed hands in 152,000 transactions valued at $95.1 million to post 295% and 26% decline in trade volume and value compared to the prior trading week respectively.

Close to 205,000 participation bonds worth $5.9 million were purchased by investors to register 97% and 101% growth respectively.

Sugar, leather and telecommunications industries with 2.88%, 1.38% and 1.38% were among the few weekly gainers at TSE.

  IFX Nosedives

Mirroring TSE’s dented sentiment, Iran Fara Bourse’s overall index dipped 42.2 points or 5.8% during the same week to stand at 681.

IFB’s market cap also shed 3.7%.

Despite IFX’s freefall, trade volume and value posted dramatic growth. More than 6.4 billion securities traded in 109,000 transactions valued at $446.2 million to register 250% and 113% surge amid a lucrative Initial Public Offering on Wednesday.

IFB’s third IPO, this year, was launched for Pardis Housing Investment Company, which was accompanied by a year-to-date record high in daily trade volume.

The first and secondary markets recorded 598% and 143% surge in trades, thanks to the newly debuted share. However, the Base Market and Modern Financial Instruments Market’s trade fell 77% and 52% respectively.