Tehran Stocks Shed 4,600 Points
EghtesadOnline: After four consecutive rallies, Tehran stocks fell on Tuesday amid a widespread sell-off in a number of large-cap commodity companies.
The main gauge of Tehran Stock Exchange, TEDPIX, closed session 0.98% lower and shed 4692.3 points to stand at 472,120.33, according to Financial Tribune.
TEDPIX had dropped more than 8,000 points at the start of the trade before partially recovering later as buying of small-cap stocks increased, according to Donyaye Bourse website.
The equal weighted index, which gives the same weight to all stocks irrespective of their market cap, closed Tuesday’s trade 0.33% lower, indicating better performance of small companies.
Unlike the dominant trends in previous session, investors shied away from commodity stocks and turned to auto and mass construction shares.
Tuesday also marked a decline in trade by individual investors and increase in the deals conducted by institutional and legal entities.
About 5.05 billion shares valued at 36.9 trillion rials ($263.52 million) changed hands at TSE for the day.
Pars Tile Company was the biggest winner as its shares went up 15.19% to 42,179 rials per share.
Pardis Petrochemical Company incurred the biggest loss among all TSE-listed companies and went down 5.12% to 28,408 rials per share.
Golgohar Mining and Industrial Company contributed the most to the benchmark's fall, followed by Omid Investment Management Group Company, MAPNA Group and Bandar Abbas Oil Refining Company.
Tehran Oil Refining Company gave the biggest boost to the benchmark index, followed by Tehran Stock Exchange, Pars Switch Company (an electronic company) and Pars Petrochemical Company.
The main index of Iran Fara Bourse IFX dropped 22.01 points, or 0.36%, to close Tuesday trade at 6,121.32.
Middle East Mines and Mineral Industries Development Holding Company, Esfahan Steel Company, Hormozgan Steel Company and Damavand Power Generation Company had the most negative impact on IFX.
Marun Petrochemical Company gave the biggest boost to IFX, followed by Iran Office Machines Industries Company, Mehr Ayandegan Financial Development Group Company and Goharzamin Iron Ore Company.