Tehran Stocks Shed 2,000 Points
EghtesadOnline: Tehran Stock Exchange started the trading week in red among massive selloff by jittery investors to save their previous gains.
The main index, TEDPIX, shed 2,189 points on Saturday to close the trading day at 209,154 points.
Investor dominance in the buying position pushed up stocks in midday trading allowing TEDPIX to briefly touch 212,000 points. However, later stocks underwent massive selloff pressure in a wide range of stocks.
Metal and auto shares contributed the most to the fall. Auto stocks have been suffering from data showing big declines in car production in the previous month, Financial Tribune reported.
In addition, metal stock fell victim to the recent US administration announcement. President Donald Trump on Wednesday imposed new sanctions on Iran, targeting revenues from its industrial metal exports.
The TSE's main index TEDPIX lost 2,189.10 points or 1.04% on Saturday to end trading at 209,155.0.
About 4.3 billion shares valued at 11.86 trillion rials ($76.79 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Luleh Va Mashinsazi Iran (LMICO) was the biggest winner as its shares went up 6.88% to 8,899 rials.
LMI Co is the biggest and unique producer of large diameter ductile iron pipes in the Middle East.
Qayen cement Industry incurred the biggest loss among all TSE-listed companies and went down 4.82% to 13,783 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Golgohar Mining and Industrial Company, National Iranian Copper Industries Company, and Bandar Abbas Oil Refining Company.
Mapna Group gave the biggest boost to the benchmark index, followed by Kharg Petrochemical Company, Eghtesad Novin Bank of Iran (EN Bank), and Informatics Services Co.
The Price Index lost 628.37 points to close at 60,044.8.
The First Market Index was down 2,046.86 points to post 157,564.1. Second Market Index decreased by 2,324.35 points to reach 400,105.7.
The Industry Index went down by 1,977.77 points to register 187,757.2. Free Float Index was down 2,648.80 points to hit 234,295.09.
TSE 30 went down 217.47 points to settle at 9,918.2 and the TSE 50 ended 143.05 points lower to finish at 8,704.5.
Iran Fara Bourse’s main index IFX lost 16.16 points or 0.63% to close Saturday trade at 2,589.54.
About 1.74 billion shares and securities valued at 7.04 trillion rials ($45.57 million) were traded via the over-the-counter exchange for the day.