TEDPIX Closes in the Red

EghtesadOnline: Tehran’s share market extended its losing streak on Sunday as capital outflow continued and retail investors leave in bigger numbers.

News ID: ۷۸۶۴۳۲

10 May 2021

The main gauge of Tehran Stock Exchange, TEDPIX, lost 15,565.77 points losing 1.33% to close the session at 1,151,896.

Also impacted by volatility in foreign exchange rates, large caps and big commodity stocks were the main losers as seen in the 2.13% decline in TSE-30 Index, which track the performance of top 30 companies in terms of market cap. This is while the equal-weighted index was down 0.3%. The index gives the same weight to all stocks.

In the continued absence of liquidity to lift demand, trade value has been declining in the past several months to reach 69.54 trillion rials ($300 million) on Sunday – down 15% compared to the session earlier.

Daily trade value is insignificant compared to the 300 trillion rials ($1.3 billion) in trade value registered in the heydays last year when share prices skyrocketed fueled by fresh liquidity brought by the deluge of neophyte investors.

Retail investors now are uncertain about future of the prolonged bear market that has lasted for more than nine months. They also have been indifferent to the comprehensive support package announced by the government last week to lift the long depressed market.

On Sunday, 4.73 billion shares valued at 33.8 trillion rials ($160.97m) changed hands at TSE. Etebar Iran Investment Company was the biggest winner as its shares went up 2.92% to 9,170 rials per share.

Esfahan Oil Refining Company incurred the biggest loss among all TSE-listed companies and went down 3% to 9,700 rials per share.

Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Persian Gulf Petrochemical Industries Company, National Iranian Copper Industries Company and Social Security Investment Company.

Saman Kish Electronic Payment Company gave the biggest boost to the benchmark index followed by Darab Cement Company, Opal Kani Pars Mining and Processing Company and Navard Aluminum Manufacturing Group Company.

IFB Slips 0.8%

The benchmark of Iran Fara Bourse, IFX, lost 135.62 points or 0.78% to close Sunday trade at 17,229. About 650.59 million securities valued at 36.01 trillion rials ($171.51m) were traded at the over-the-counter exchange for the day.

Pasargad Insurance Company, Marun Petrochemical Company, Arya Sasol Polymer Company and Middle East Mines and Mineral Industries Development Holding Company had the most negative impact on IFX. Damavand Power Generation Company was the only company with a positive impact on IFX.