EghtesadOnline: Tehran Stock Exchange began Tuesday trade with selloff pressure in almost all equities, causing the market to shed 1,464 points.
After significant gains on the first day of weekly trade, the market started to correct itself on Monday and continued to move on a downward trajectory Tuesday.
The main gauge of TSE, TEDPIX, rose 4,464 points on Saturday and lifted the index by 2.23% to register a new record at 204,375 points.
The bearish trend comes a day after the US administration announced Monday it will end sanction waivers that allowed countries to buy Iranian oil without facing US punishment, according to Financial Tribune.
The move pushed up oil prices more than 2% on Tuesday, drawing them closer to six-month highs and hitting their highest level this year amid intensifying concern about global supplies.
Stock markets across the globe were listless as European markets reopened only to be supported by gaining energy shares, spurred by the surge in oil prices.
Equity markets in Europe started Tuesday slightly lower as investors monitored a number of geopolitical issues and looked ahead to a new earnings season.
Tehran Stock Exchange’s main index TEDPIX lost 1,464.65 points or 0.72% on Wednesday to end trading at 202,857.4.
More than 3.7 billion shares valued at 8.8 trillion rials ($65 million) changed hands for the day. Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
KALBER Dairy Company was the biggest winner as its shares went up 28.16% to 2,467 rials per share.
Shahd Sugar Company incurred the biggest loss among all TSE-listed companies and went down 4.99 % to 773 rials per share.
Persian Gulf Chemical Industry Company and Mines & Metals Development Investment Company contributed most to the benchmark’s fall, followed by Mobin Petrochemical Company and Tamin Petroleum & Petrochemical Investment Company.
MMDIC is a leading regional mining and metals group that focuses on exploring, mining, processing and marketing the mineral resources and metallic products in Iran.
Bank Saderat Iran gave the biggest boost to the benchmark index, followed by Mobile Telecommunication Company of Iran (MCI) and Islamic Republic of Iran Shipping Lines.
The IRISL Group is a maritime firm comprising 115 ocean-going vessels with the total capacity of 3.3 million tons deadweight.
MCI is Iran's first and largest mobile phone network operator. The company has over 18 million postpaid and over 47 million prepaid subscribers.
The Price Index lost 422.06 points to close at 58,462.5. First Market Index was down 919.5 points to post 152, 079.5. Second Market Index decreased by 3,662.76 points to reach 391,516.2.
The Industry Index went down 1,583.54 points to register 182,727.5. Free Float Index was down 1,608.72 points to register 228,079.5.
The TSE 30 went down 95.62 points to settle at 9,952 and the TSE 50 lost 70.13 points to finish at 8,580.2.
Iran Fara Bourse main index IFX lost 14.53 points or 0.58 % to close Tuesday trade at 2,480.03.
Over 885 million securities valued at 3.6 trillion rials ($26 million) were traded at the junior exchange for the day.