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.
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.