EghtesadOnline: Tehran’s share market recorded its worst weekly performance since mid-June last week as the benchmark of Tehran Stock Exchange, TEDPIX, hovered near 1.5 million points.
The market-cap weighted TEDPIX lost 37,000 points during the week and declined 2.5% to settle at 1, 488,000 points. It reached as high as 1.53 million points and as low as 1.475 million points in the week, according to Eqtesad News economic website.
Unlike the pattern in previous weeks, small caps incurred bigger losses last week as indicated by a 3.5% weekly decline in the TSE’s equal-weighted index. The index better reflects the performance of penny stocks and small listed companies.
Stocks moved sideways in the past two weeks after the benchmark hit the psychological 1.5 million-point level. To break past the resistance point, observers say stock market investors are awaiting half-yearly financial reports from major commodity companies. Sharp spike in currency prices can trigger another rally in the bourse.
Value of trade by retail investors dropped 29% to reach 74.3 trillion rials ($275 million) on average per day, down from daily average of 99.1 trillion rials a week before.
Save for one session, the market recorded net capital outflow in four sessions last week, putting total capital outflow by retail investors at 25.29 trillion rials.
Caption: Stocks moved sideways in the past two weeks after the benchmark hit the psychological 1.5 million-point level.