Tehran Stocks Log 6% Weekly Loss

EghtesadOnline: Tehran stocks closed most trading sessions last week in negative territory as panic selling lingered and money keeps flowing out the market.

News ID: ۷۸۷۱۵۱

16 October 2021

The main gauge of Tehran Stock Exchange, TEDPIX, slumped in four out of the five sessions in the previous Iranian business week, according to the Persian-language economic website Eqtesad News.

The benchmark shed 90,400 points last week and dropped 6%, losing the critical 1.4 million point support level closing at 1,397,284.

Stocks owned by smaller companies took a bigger hit from the large scale selloff with the TSE equal-weighted index losing 8%. A week before the index had gained 1.5%.

Average value of daily trade dropped 30% to reach 173.98 trillion rials ($644 million) compared to 254 trillion rials ($940m) a week before. Likewise, retail trade declined to 52.53 trillion rials ($194m) on average per day -- 27% lower than the previous week’s average.

Net capital outflow by retail investors amounted to 37 trillion rials ($137m) last week, which was 215% higher on a weekly basis.

Capital outflow has continued for eight straight sessions amounting to 47.8 trillion rials ($177m).

Caption: TEDPIX slumped in four out of the five sessions in the previous week.