EghtesadOnline: Another jittery and volatile day for Tehran stocks turned into a frenzy of selling on Saturday as investor sentiment was battered by bearish commodity prices and heavy losses for global markets during the past week.
Tehran Stock Exchange's main gauge, TEDPIX, tumbled 5,982.70 points leaving the index down 3.31%. TSE’s main index had witnessed a week-on-week decrease of 4,544 points (2%) during the week that ended October 10.
Saturday's drop came as market observers were hoping for more stability in stocks as the dust from speculative behavior of the past weeks seemed to have settled, Financial Tribune reported.
The analytics website Donyaye Bourse traced the continued volatility to a lack of long-term vision by investors and domestic and external risks exerting pressure on the markets. The combination of such elements has stripped investors of the ability to act "logically."
Donyaye Bourse said however that with the sell-off dragging the market into another correction – a correction which is no longer inked to a stronger rial –there is hope that investors would act with more caution in the coming days and see calmer days for the stocks.
Oil prices seem to have stabilized after a steep selloff mid-week. Brent fell from around $85 to $80 over a two-day span, but prices were back up slightly in early trading on Friday as reported by oilprice.com.
The global stock market plunge dragged down crude prices, but bearish figures from the US Energy Information Administration (EIA) and OPEC accentuated the decline.
Global equities crashed this week, although finally seemed to gather their footing on Friday. Markets in Europe, Asia and the US were up, and positive export data from China released on Friday helped sooth market concerns.
Tehran Stock Exchange’s main index lost 5,982.71 points or 3.31% on Saturday to end trading at 1175,033.
About 1.71 billion shares valued at $49.68 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Techinco was the biggest winner as its shares went up 5% to 17,231 rials per share.
Omid Investment Co incurred the biggest loss among all TSE-listed companies and went down 17.34% to 1,459 rials per share.
Mobarakeh Steel Co. was the biggest laggard behind the benchmark's fall, followed by Golgohar Mining and Industrial Complex, and Iran National Copper Industry Company.
Abidi Pharmaceuticals gave the biggest boost to the benchmark index, followed by Saman Kish Electronic Payment Company, and HiWeb Co.
The Price Index lost 1,748.49 points to close at 51,155.2.
The First Market Index was down 4,795.96 points to post 131,878.
The Second Market Index declined by 10,048.60 points to reach 334,523.4.
The Industry Index went down by 5,478.49 points to register 159,221.5.
The Free Float Index was down 6,428.66 points to hit 187,415.84.
The TSE 30 went down 324.36 point to settle at 8,700.1 and the TSE 50 ended 278.99 points lower to finish at 7,623.2.
> IFX Down 3.6%
Iran Fara Bourse’s main index IFX lost 72.61 points or 3.61% to close Saturday trade at 1,940.13.
About 625 million securities valued at $22.59 million were traded at the over-the-counter exchange for the day.
Tabarrok Company had the highest number of traded shares as 56.8 million of its shares changed hands.
Kish Parsian Electronic Commerce registered highest trade value as $1.13 million were traded.
Kish Parsian Electronic Commerce, Mobinone Kish Company, and Tabarrok Company registered the highest value increase.
Iran Cultural Heritage and Tourism Investment Group Company, Shirvan Sugar Company, and Minoo Group suffered the biggest decline.
Marun Petrochemical Company, Esfahan Steel Company, and Middle East Mines Industries Development Holding Company had the most negative impact on IFX.