According to the online group of Donya-e-Eqtesad Newspaper, however, continued selling pressure prevented the index from maintaining its daily peak, and the main market gauge retreated in subsequent trades.
The equal-weighted index also exhibited a similar behavior; after a decline in the opening minutes, it recovered part of its losses due to increased demand, but subsequently moved away from its daily peak amid rising selling pressure.
Meanwhile, the value of retail trades in the stock market reached about 30 trillion tomans, and about 1.2 trillion tomans of liquidity was withdrawn from the market by retail investors.
The Tehran Stock Exchange (TSE) benchmark index faced increased selling pressure in the early minutes of Sunday's trading, dropping to 7,994,000 points and losing the 8 million point channel.
Nevertheless, the decline of the main market gauge encountered increased demand around this range, and buyers managed to reverse the index's trajectory. Subsequently, the total index advanced to 8,063,000 points, returning from the negative to the positive territory.
This upward trend did not last long, and around 10:30 AM, renewed selling pressure caused the total index to move away from its daily peak and retreat to 8,045,000 points. This fluctuation indicates that during today's trading session, buyers and sellers engaged in a close competition to determine the market's path, and the demand formed in the early hours failed to completely overcome the selling pressure.
Equal-Weighted Index Fluctuates Between Two Ranges
The equal-weighted index also followed a similar path in Sunday's trading. At the beginning of trading, affected by overall selling pressure in the market, this gauge retreated to 2,231,000 points. With increased demand later in the session, the equal-weighted index recovered part of its decline and advanced to 2,242,000 points. However, the return of sellers to the trading flow caused this index to also distance itself from its daily peak and drop to 2,236,000 points.
Retail Investors' Caution
The value of retail trades in the stock market during today's session, up to the preparation of this report, has reached about 30 trillion tomans. Meanwhile, about 1.2 trillion tomans has been withdrawn from the market by retail investors. On the other hand, an examination of the status of symbols shows that 51 percent of stocks were in the negative range and 49 percent in the positive range; this situation indicates a narrow lead for negative symbols. Overall, the total index's return to the 8 million point channel after the initial drop failed to solidify an upward trend in subsequent trades. The continued outflow of retail capital and the relative dominance of negative symbols also show that market demand remains cautious. Under such circumstances, the direction of liquidity flow and buyers' capacity to absorb supply can be significant in determining the trading path for coming days.
The full report on Sunday's trades will be published after the closing of trading hours.
Source: Donya-e-Eqtesad
