EghtesadOnline: Almost all of the symbol tickers of listed companies in Tehran Stock Exchange were in the red on Tuesday as the selloff drags on in the stock market.
TSE’s benchmark lost more than 10,800 points for the day to reach 308, 978.9, sending TEDPIX 3.4% lower, the biggest since May 6, Donyaye Bourse reported.
Instead of being influenced by a particular factor, such as a slump in global markets, volatilities in foreign exchange market and financial records of listed companies, the downturn was driven mainly by investors’ fear of further losses.
The shares of 315 companies recorded negative prices on Tuesday, accounting for 97% of the total, with losses amounting to 400 trillion rials ($3.5 billion), Financial Tribune reported.
The stock market has been mainly sluggish since the beginning of the current fiscal month on Sept.23.
The bearish market was initially seen as a temporary correction following incessant rallies since the beginning of the current fiscal year (March 21).
The prolongation of the current trend, however, has raised concerns about the huge liquidity outflow.
“Due to the persistent decline in share prices, the pace of liquidity inflow has tamped down … This has prolonged the correction phase,” Reza Rahmati, a market analyst, told IBENA.
Investor s’ unwillingness to participate in trading in anticipation of the continuing bearish trend has become a noticeable feature of the stock market.
TSE's main index TEDPIX lost 10,892.68 points, or 3.41%, on Tuesday to end trading at 308,978.9.
About 3.29 billion shares valued at 12.87 trillion rials ($113.46 million) changed hands for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Fars Cement Company was the biggest winner, as its shares went up 5% to 21,218 rials per share.
Ardakan Industrial Ceramics Company incurred the biggest loss among all TSE-listed companies and went down 16.7% to 15,273 rials per share.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, Tehran Oil Refining Company and Parsian Oil and Gas Development Group.
Sepid Farab Kavir Steel Manufacturing Company gave the biggest boost to the benchmark index, followed by Fars Cement Company, Iran Merinos Factories and Iran Tractor Foundry Company.
IFX down 3.46%
Iran Fara Bourse main index IFX lost 140.6 points, or 3.46%, to close Tuesday trade at 3,917.37.
About 1.1 billion securities valued at 6.78 trillion rials ($59.77 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares, as 140.70 million of its shares valued at 269.75 billion rials ($2.37 million) were traded.
Marun Petrochemical Complex, Middle East Mines and Mineral Industries Development Holding Company, Esfahan Steel Company and Goharzamin Iron Ore Company had the most negative impact on IFX.
Daroupakhsh Distribution Company gave the biggest boost to IFX, followed by Pars Paper Industrial Group, Tuka Paint Foolad Sepahan Company and Atrin Nakh Qom Company.