TEDPIX drops 7% in a week

October 2, 2020 - 14:35

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), fell 103,000 points, or seven percent, during the past Iranian calendar week (ended on Friday), IRNA reported.

As reported, the index closed at 1.503 million points at the end of the previous week.

The weekly drop occurred while TEDPIX’s 10,000-point growth in the last trading day of the past week has created some hope for the index returning to the rising trend.

The indices of Bank Mellat, Mobarakeh Steel Company, National Iranian Copper Industry Company, Ghadir Investment Company, Isfahan Oil Refinery, Iran Khodro Investment Development Company, and Iranian Investment Petrochemical Group Company (IIPGC) were the most traded indices during the past week.

Since the week ended on August 14, the TSE, which is Iran’s major stock exchange, has witnessed drop of its main index every week, except for the week ended on September 18.

The index dropped 5.7 percent in the week ended on September 25, and four percent in the week ended on September 11, while it had also experienced a five-percent decrease in the week ended on September 4, a two-percent fall in the week ended on August 28, an 11.3-percent drop in the week ended on August 21, and a two-percent fall in the week ended on August 14.

TEDPIX had hit the record high of two million points on August 2, and while it had been experiencing an unprecedented trend of rising over the recent months, it witnessed several days of drop in five weeks.

While Iran’s stock market has not received any external shocks such as those form the foreign currency exchange rate, inflation, parallel markets, and international issues, some internal factors have caused the recent drops in this market.

MA/MA

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