EghtesadOnline: Tehran’s share market saw a bruising sell-off on Sunday pulling down the main market indicators as political concerns weighed on investor sentiment.
The main index of Tehran Stock Exchange, TEDPIX, shed 47,245 points for the day, dropping by 2.78%, to close trading session at 1,652,248 points.
Sell-off pressure mounted on a broad range of shares from the beginning of trade with close to 80% of ticker symbols finishing in the red with no buyers for sale orders worth 90 trillion rials ($346 million), eghtesadnews reported.
Retail trade value in both TSE and the junior equity market Iran Fara Bourse reached 98.58 trillion rials ($380 m), down 30% compared with the previous session.
The downturn comes despite analysts’ forecast that the share market is prone to an upswing after deep corrections in the past two months plus rising inflation expectations emanating from the steep rise in foreign exchange rates, which augurs well for profitmaking t for a majority of export-oriented and commodity-based companies.
About 7.09 billion shares valued at 92.74 trillion rials ($337.26m) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Iranian Investment Petrochemical Group Company was the biggest winner as its shares went up 4.94% to 15,090 rials per share.
Behshahr Iran Industrial Investment Group Company incurred the biggest loss among all TSE-listed companies and went down 5% to 10,080 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Persian Gulf Petrochemical Industries Company, National Iranian Copper Industries Company and Tamin Petroleum and Petrochemical Investment Company.
Bandar Abbas Oil Refining Company gave the biggest boost to the benchmark index, followed by Iranian Investment Petrochemical Group Company, Kharg Petrochemical Company and Ofogh Koorosh Chain Stores Company.
IFX Down 1.68%
Iran Fara Bourse main index IFX lost 303.77 points, or 1.68%, to close Sunday trade at 17,816.65.
About 1.5 billion securities valued at 36.54 trillion rials ($132.8m) were traded at the junior exchange for the day.
Saba Tamin Investment Company had the highest number of traded shares as 112.48 million of its shares worth 1.23 trillion rials ($4.5m) were traded.
Marun Petrochemical Company, Gohar Zamin Iron Ore Company, Middle East Mines and Mineral Industries Development Holding Company and Arya Sasol Polymer Company had the most negative impact on IFX.
Pasargad Insurance Company gave the biggest boost to IFX, followed by Zagros Petrochemical Company, Saba Tamin Investment Company and Day Bank.