EghtesadOnline: Listed companies in the Tehran Stock Exchange closed trading day mostly in red on Tuesday as investors were disheartened by the sharp fall in the forex market.
The massive selloff pushed the TSE main index TEDPIX 2.78% lower for the day.
Fluctuations in currency rates were the main driving force behind the performance of companies in the stock market. The impact is deeper on export companies.
A market analyst told Iran Chamber of Commerce news agency that the decline in forex rates has a psychological effect on investors and cannot be a fundamental determining factor in market performance, Financial Tribune reported.
Ehsan Rezapour ascribed the poor performance of the market partly to jittery investor concerns to protect their profits during a long spree of stock market rallies.
However, he predicted that the market will recover after leaving behind this corrective phase.
The TSE's main index TEDPIX lost 7,035.21 on Tuesday to end trading at 246,268.1.
About 2.88 billion shares valued at 11.90 trillion rials ($100.01 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Melli Industrial Group was the biggest winner as its shares went up 5% to 48,175 rials.
Nirou Trans Company incurred the biggest loss among all TSE-listed companies and went down 9.29% to 10,561 rials per share.
Nirou Trans Company is an electronic equipments manufacturer producing voltage and current transformers, condenser bushings, generator circuit breakers, etc.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, Bandar Abbas Oil Refining Company, MAPNA Group, Tehran Oil Refining Company, and Omid Investment
Management Group Co.
Nouri Petrochemical Company gave the biggest boost to the benchmark index, followed by National Development Investment Group and Pars Switch Company-the largest manufacturer of medium and high voltage circuit breakers and disconnectors and Dashtestan Cement Complex.
The Price Index lost 1,958.68 points, or 2.78 % to close at 68,565.1.
The First Market Index was down 5,193.69 points, or 2.77% to post 182,009.3. Second Market Index increased by 13,943.53 points, or 2.78% to reach 487,327.5.
The Industry Index went down by 6,343.11 point or 2.80% to register 220,168.9. Free Float Index was down 7,786.50 points to hit 274,650.29.
TSE 30 went down 285.65 points to settle at 11,100.8 and the TSE 50 ended 286.72 points lower to finish at 9,963.1.
Iran Fara Bourse’s main index IFX lost 124.05 points or 3.75% to close Tuesday trade at 3,187.24.
About 1.57 billion shares and securities valued at 7.45 trillion rials ($62.6 million) were traded at the over-the-counter exchange for the day.