Iran: TEDPIX Continues Slide as Rial Stabilizes
Financial Tribune- Selling continued on Saturday for stocks, with the Tehran Stock Exchange main gauge, TEDPIX, logging a third straight drop after getting hit by another jump in the rial value and investor speculation going awry.
Although the market started off in a positive mood and rose 4,300 points in the first hour of trading, in an unexpected turn of events, the market turned bearish for the rest of the day. Earnings uncertainty sent TEDPIX down 1474.08 points or 0.79 on the first trading day of the week to mark a three-day losing streak after a series of record highs since the summer had brought in an inflow of fresh liquidity to the market in recent weeks.
Volatility in the foreign exchange market which has seen the rial lose nearly 75% of its value in the past six months, has been the main force behind the bull market. But as speculative behavior and the desire for quick gains became the norm in the market, things started to go south.
Date : Sunday 7 October 2018 / Subject : Stock News / Source : Financial Tribune