EghtesadOnline: Tehran Stocks offered a sliver of hope at the close of trading week Wednesday as sell-off pressure eased in the final hours of trading session.
The main index of Tehran Stock Exchange, TEDPIX, closed session 0.87% lower by shedding 13,687 points, partly recovering from the 25,000 decline in early trade.
TEDPIX closed the session at 1,556,315 points to lose 4.5% during the trading week. TSE has plunged to historic lows since August and has lost more than 30%.
Rising demand for some blue chips in later hours of trade sparked hope among investors that the market may open in positive territory when the trading week stars on Saturday. Fresh statements from senior government officials in support of the panicky market should help calm the situation, investors say with a high degree of caution.
Speaking on the sidelines of a Cabinet meeting on Wednesday, the Economy Minister Farhad Dejpasand said more support measures are planned in the coming days.
As one of important measures, he pointed to the plan to tap the National Development Fund of Iran, the country’s sovereign wealth fund, to help lift the market bulging on the sell side for weeks.
As per the plan, 1% of NDFI revenue would be transferred to the Capital Market Stabilization Fund -- an organization created in 2017 to help resolve the credit crunch in the bourse.
Since inception, the NDFI was obliged to allocate 1% of its resources to the fund. That did not happen due to differences between NDFI and bourse officials, Dejpasand said.
About 10.34 billion shares valued at 110.15 trillion rials ($478.96 million) changed hands at TSE for the day.
Pakshoo Industrial Group Company was the biggest winner as its shares went up 4.77% to 60,580 rials per share.
International Construction Development Company incurred the biggest loss among all TSE-listed companies and went down 6.8% to 5,210 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Telecommunication Company of Iran, Islamic Republic of Iran Shipping Lines Company and MAPNA Group.
Golgohar Mining and Industrial Company gave the biggest boost to the benchmark index, followed by Pars Petrochemical Company, Chadormalu Mining and Industrial Company and Jam Petrochemical Company.
IFX Down 1.06%
Iran Fara Bourse main index IFX lost 177.02 points, or 1.06%, to close Wednesday trade at 16,489.94.
About 1.68 billion securities valued at 30.79 trillion rials ($133.87 million) were traded at the junior exchange for the day.
Middle East Mines and Mineral Industries Development Holding Company, Shahid Tondgooyan Petrochemical Company, Esfahan Steel Company and Day Bank had the most negative impact on IFX.
Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Marun Petrochemical Company, Zagros Petrochemical Company and Damavand Power Generation Company.