EghtesadOnline: Tehran’s share market was bullish throughout last week as investor sentiment was buoyed by the government’s renewed pledges to support the bourse.
The benchmark of Tehran Stock Exchange, TEDPIX gained more than 58,000 points or 4.2% in five work days, registering the highest weekly gain in three months.
Unlike the week before, the main winners last week were penny stocks and small caps as seen in the 4.5% increase in the TSE’s equal-weighted Index.
With the market showing small signs of recovery, retail traders contributed more to stock trade. The average daily value of retail trade reached 51.69 trillion rials ($191 million) per day, up 41% from 36.61 trillion rials ($135m) a week before.
Despite the upbeat mood, liquidity continued to flow out the market but was way lower than the earlier week. Retail investors fled the market taking out 1.67 trillion rials ($6m), down 93% compared to the week before.
Investor sentiment was buoyed after the Economy Minister Ehsan Khandouzi met stock market officials, managers of investment banks and CEOs of top 30 listed companies to find ways to help bolster the declining stock market.