EghtesadOnline: Stocks in Tehran took another drubbing on Sunday as the market correction drags on and widespread selloff keeps hitting a wide range of shares.
The benchmark of Tehran Stock Exchange TEDPIX ended 2.6% lower, retreating back into the psychological level of 300,000 points.
TSE’s main gauge shed more than 8,000 points for the day to close trading session at 301,391.08. As reported earlier, the bearish market started from the middle of the current calendar month, following a long spree of bullish trend, and apparently continues to hurt investors, Financial Tribune reported.
Main index of the TSE has lost more than 5% over the past two weeks. Losses for equal-weighted index were even deeper, at 12%, indicating a bigger impact of selloff pressure on small stocks, Donyaye Bourse reported.
The highly anticipated downturn was sparked by a widespread sell-off in a wide range of shares by legal entity investors, which soon provoked bigger number of retail investors to sell, according to the newsroom of Iran Chamber of Commerce, Industries, Mines and Agriculture.
The newsroom pointed to later attempts by legal entity investors to support the benchmark and encourage retail investors -- who at times blindly imitated legal entities- to stay in the market, apparently to little avail.
With negative climate looming large in the market, retail investors, mostly novices, tend to distance from trade and get closer to the sell side.
The TSE's main index TEDPIX lost 8,249.22 points or 2.66% on Sunday to end trading at 301,391.1.
About 2.72 billion shares valued at 10.55 trillion rials ($92.56 million) changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Chin Chin Company (tomato paste and jam producer) was the biggest winner as its shares went up 5% to 36,069 rials per share.
Iran Transfo Corporation incurred the biggest loss among all TSE-listed companies and went down 5.53% to 7,040 rials per share.
Bank Mellat contributed the most to the benchmark's fall, followed by Tehran Oil Refining Company, Tamin Petroleum and Petrochemical Investment Company and Parsian Oil and Gas Development Group Company.
Pars Switch Company (an electronic company) gave the biggest boost to the benchmark index, followed by Sepid Farab Kavir Steel Manufacturing Company and Asia Insurance Company.
The Price Index lost 2,217.02 points, or 2.66% to close at 81,000.9.
First Market Index was down 6,291.31 points, or 2.79% to post 218,812.7. The Second Market Index was down 15,450.02 points, or 2.45% to reach 613,949.0.
Industry Index went down 7,156.75 points or 2.58% to register 269,716.3. Free Float Index was down 10,487.67 points to hit 342,359.16.
TSE 30 went down 367.15 points to settle at 13,240.4 and the TSE 50 ended 311.81 points lower to finish at 12,013.9.
IFX Down 3.51%
Iran Fara Bourse main index IFX lost 135.7 points or 3.51% to close Sunday trade at 3,732.75.
About 834.1 million securities valued at 5.84 trillion rials ($51.2 million) were traded at the over-the-counter exchange for the day.
Marun Petrochemical Complex, Zagros Petrochemical Company, Esfahan Steel Company and Hormozgan Steel Company had the most negative impact on IFX.
Daroupakhsh Distribution Company gave the biggest boost to IFX, followed by Pegah Fars Dairy Company, MAPNA Asaluyeh Power Generation Company and Pegah Golestan Dairy Company.