Economy, Business And Markets

Stocks Keep Tumbling at Tehran Stock Exchange

Stocks Keep Tumbling at Tehran Stock ExchangeStocks Keep Tumbling at Tehran Stock Exchange

The Tehran Stock Exchange witnessed an accelerated pace of selloffs at Wednesday trading, with the benchmark plummeting .082 percent to a new record low.

According to TSE data, the overall index dropped 535.8 points or 0.82 percent to settle at fragile level of 65,028.9-points mark. The first market index slipped 401.9 points or 0.83 percent to close at 47,853.5. The second market index shed 1,006.1 points or 0.78 percent to 128,223.5. The free float index plunged 795.1 points or 1.07 percent to 73,525.9.

The industry index pulled back 404.1 points or 0.73 percent to stand at 54,850.9, and the blue chip index was also down 27 points or 0.92 percent to 2,918.4.

Despite the dramatic nosedive of the TEDPIX on Wednesday, trade volume and value posted a tepid growth in comparison with prior trading days. More than 874 million shares changed hands, valued at close to 1 trillion rials.

Like previous trading days, the majority of the listed firms at the stock market failed to positively contribute to the benchmark, with the Mobile Telecommunication Company of Iran topping the market laggards. Ghadir Investment Company and Metals Development Investment Company also weighed on the TEDPX with almost 55 and 27 points negative contribution.

Losing streams, massive retreats, and unprecedented devaluation at the stock market are fraying investors’ nerves on TSE.

The equity market presumably is not a safe haven for investors anymore, as panicked investors scramble to take their money to rival markets in a bid to hedge the bets.