Economy, Business And Markets

No End to TSE Freefall

No End to TSE FreefallNo End to TSE Freefall

Tehran Stock Exchange’s main index extended its retreat in the week that ended September 23, going down 579 points or 0.93% to stand at 61,686.

According to TSE data, the First Market Index lost 493 points or 1.14% to end at 42,864. The Second Market Index tumbled 773 points or 0.56% to reach 136,658.

Close to 3.02 billion shares and rights offerings changed hands valued at $198.3 million. Trade volume posted 66% slide while trade value rose 105% compared to the prior week.

TSE’s wobbly situation and dramatic retreats stoked concerns among investors, with many of them opting for safe investment options like fixed-income securities.

More than 1.07 billion participation bonds were sold out valued at $31.94 million to record a breathtaking 426% and 432% surge in trade volume and value respectively.

The printing and publishing sector with 5.07% was the top weekly gainers. Pharmaceuticals and the financial sector with 1.22% and 1.04% stood next respectively.

Given the lingering systemic risks, global slowdown in commodities market, uncertainties about feedstock price and mining royalties, high banking interest rates, as well as western sanctions still in place, TEDPIX is expected to keep notching new lows and the TSE’s bearish sentiment is set to continue in the short run. However, block trades and possible manipulation may prevent further retreats.

  IFB in Green

Iran Fara Bourse’s main index IFX perked up 0.4% to settle at 683 during the same week.

More than 9.44 million securities were traded in 91,000 transactions valued at $667.6 million.

Trade volume and value registered 46% and 47% growth respectively and IFB’s market cap also posted 0.4% growth.