EghtesadOnline: Tehran stocks extended a losing streak for the fourth day on Wednesday as geopolitical tensions continue to shake financial markets across continents.
Tehran’s stock market fell 1.4% at the end of trading week with its main index losing another 5,000 points to retreat back to 353,807.51, according to Financial Tribune.
The relentless selloff of almost all stocks from Saturday forced capital market officials to narrow the price spread from the normal 5% to 2% on Wednesday.
This was a sign of relief for a large number of investors as they saw their assets depreciate 2% instead of 5% daily.
“The move was aimed to control incitement in the market,” Mohsen Khodabakhsh, the Securities and Exchange Organization’s deputy for overseeing stock markets, was quoted as saying by IRNA.
SEO has urged investment funds and legal entity investors to direct their funds into the stock market to prop up the TEDPIX and prevent further decline in the highly shaky market.
Investment funds have pumped billions of rials into the bourse to buy big-cap stocks that traditionally have the most significant impact on TEDPIX.
While the liquidity pumped by legal entities in the past days was apparently not enough to support the index, the efforts reportedly delivered partially on Wednesday as stocks in auto and metal companies gained some composure.
The TSE's main index TEDPIX lost 5,035.69 points, or 1.4%, on Wednesday to end trading at 353,807.5.
About 5.15 billion shares valued at 20.19 trillion rials ($151.87 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Bahman Investment Company was the biggest winner as its shares went up 1.99% to 5,173 rials per share.
Pardis Investment Company incurred the biggest loss among all TSE-listed companies and went down 2% to 2,597 rials per share.
National Iranian Copper Industries Company contributed the most to the benchmark's fall, followed by Persian Gulf Petrochemical Industries Company, Pars Petrochemical Company and Parsian Oil and Gas Development Company.
Tehran Oil Refining Company gave the biggest boost to the benchmark index, followed by Bahman Investment Company, Sazeh Pouyesh Company and Borujerd Textile Company.
The Price Index lost 1,347.26 points, or 1.40% to close at 94,664.8.
The First Market Index was down 3,676.94 points, or 1.43% to post 253,702.1. Second Market Index was down 10,164.19 points, or 1.36% to reach 735,018.8.
Industry Index went down 4,497.91 points or 1.39% to register 319,959.1 and the Free Float Index too fell 5,844.26 points to hit 412,889.05.
TSE 30 went down 202.22 points to settle at 15,029.6 and the TSE 50 ended 195.15 points lower to finish at 13,648.8.
IFX Down 1.53%
Iran Fara Bourse main index IFX lost 71.03 points or 1.53% to close Wednesday trade at 4,559.86.
About 2.05 billion securities valued at 9.65 trillion rials ($72.57 million) were traded at the over-the-counter exchange for the day.
All listed companies in the IFB ended in the red on Wednesday. The companies with highest negative impact on IFX were Marun Petrochemical Complex, Middle East Mines and Mineral Industries Development Holding Company, Damavand Power Generation Company and Zagros Petrochemical Company.