EghtesadOnline: Tehran stocks shed more of the previous gains at the start of trading week on Saturday to extend a losing streak into the third day.
The benchmark of Tehran Stock Exchange lost more than 30,000 points and dipped 3% to retreat back below the milestone 1,000,000 points reached last Saturday.
While the relentless sell-off hit all shares, the downturn for large-cap stocks was deeper as seen in the 1.86% drop in equal-weighted index and a staggering 3.2% loss for the TSE-30 index.
The former tracks all stocks irrespective of market capitalization and the latter focuses on shares of 30 large companies listed with TSE.
Saturday marked a noticeable drop in trade value as investors were largely reluctant to buy and a huge volume of sales orders were left unprocessed.
The total value of trade in both TSE and Iran Fara Bourse (junior equity market) amounted to 75 trillion rials ($440 million) for the day, way lower than 240 trillion rials ($1.4 billion) worth of trade conducted last Tuesday.
While the downturn is seen by a group of market analysts as a signal of outflow of liquidity, the managing director of the TSE Ali Sahrae linked it to investor intention to save gains.
“Investors are awaiting to buy shares at cheaper prices,” he was quoted as saying by ISNA.
The TSE's main index TEDPIX lost 30,186.91 points, or 2.97%, on Saturday to end trading at 987,475.32.
About 5.88 billion shares valued at 64.56 trillion rials ($382.03 million) changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Iran Combine Manufacturing Company was the biggest winner as its shares went up 9.81% to 13,469 rials per share.
Shomal Cement Company incurred the biggest loss among all TSE-listed companies and went down 14.73% to 10,127 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 Social Security Investment Company.
Iran Khodro Company gave the biggest boost to the benchmark index, followed by Telecommunication Company of Iran, Informatics Services Corporation and SAIPA Automaker Company.
IFX Down 2.1%
Iran Fara Bourse main index IFX lost 237.28 points or 2.1% to close Saturday trade at 11,062.37.
About 2.19 billion securities valued at 31.24 trillion rials ($184.8 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 153.8 million of its shares worth 914.8 billion rials ($5.41 million) were traded.
Middle East Mines and Mineral Industries Development Holding Company, Damavand Power Generation Company, Zagros Petrochemical Company and Esfahan Steel Company had the most negative impact on IFX.
Iran Office Machines Industries Company gave the biggest boost to IFX, followed by Gohar Zamin Iron Ore Company, Day Bank and General Mechanic Company.