Tehran Stock Trade Mixed
EghtesadOnline: Tehran’s stock market went through two different trading versions on Sunday, with the benchmark of Tehran Stock Exchange rising nearly 14,000 points in early hours of trading before sliding into negative territory as the session drew to a close.
The TSE’s main gauge, TEDPIX, dropped 3,083 points for the day to stand at 970,411 points and close trading session 0.33% lower.
While a solid 3.7% gain a session earlier boosted sentiments that the stock market is poised for new gains after a long correction phase, the rally proved to be short-lived amid cautionary behavior among investors as enthusiasm for buying shares in the opening hours of trading session gave way to a rush to sell.
The sell-off particularly hit small-cap shares as many giant companies listed with the TSE managed to recover the sell-off and regain composure.
According to Donyaye Bourse website, many shares in metal, mineral, auto and bank groups dropped to the minimum daily prices before touching the ceiling again, making the benchmark to escape further collapse.
The upbeat performance of large-cap stocks pushed the TSE-30 index higher at 0.38%. The index tracks shares of the 30 listed companies with the highest market capitalization.
About 12.62 billion shares valued at 95.26 trillion rials ($553.83 million) changed hands at TSE for the day.
Azarbaijan Investment Development Company was the biggest winner as its shares went up 20.09% to 114,100 rials per share.
Shahid Bahonar Copper Industries Company incurred the biggest loss among all TSE-listed companies and went down 8.22% to 45,622 rials per share.
Telecommunication Company of Iran contributed the most to the benchmark's fall, followed by MAPNA Group, Pars Petrochemical Company and Chadormalu Mining and Industrial Company.
Ghadir Investment Company gave the biggest boost to the benchmark index, followed by Tamin Petroleum and Petrochemical Investment Company, Esfahan Oil Refining Company and Parsian Oil and Gas Development Group Company.
The Price Index lost 818.76 points, or 0.32% to close at 257,709.98. The First Market Index went down 1,746.68 points, or 0.24% to post 714,104.93.
The Second Market Index was down 8,348.62 points, or 0.43% to reach 1,945,000.96. The Industry Index lost 2,015.86 points or 0.24% to register 848,197.43. Free Float Index was down 897.10 points to hit 1,301,131.49.
TSE 30 went up 162.38 points to settle at 43,313.84 and the TSE 50 ended 104.43 points lower to finish at 36,093.61.
IFX Down 0.31%
Iran Fara Bourse main index IFX lost 31.66 points, or 0.31%, to close Sunday trade at 11,216.98.
About 2.61 billion securities valued at 46.94 trillion rials ($272.93 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 296.57 million of its shares worth 1.65 trillion rials ($9.6 million) were traded.
Iran Cultural Heritage and Tourism Investment Group Company, Zagros Petrochemical Company, Hormozgan Steel Company and Jahrom Power Plant Development Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Day Bank, Iran Fara Bourse and Toliddaru.