Tehran Shares Drop 12,141 Points
EghtesadOnline: Tehran stocks extended a losing streak into the second day on Monday as sell-side pressure remained high under retreat of blue chips.
The benchmark of Tehran Stock Exchange, TEDPIX, dropped by 12,141 points for the day, down 0.62%, to close trading session at 1,933,943 points.
Sell-off hit a broad range of stocks for the day amid investor hesitance to buy as the TEDPIX faltered near the psychological level of 2 million points.
Small shares also faced a steep downturn by the dominant negative sentiment in the market driven by decline of the giants of the market such as Mobarakeh Steel Company, National Iranian Copper Industries Company and Persian Gulf Petrochemical Industries Company. Shares in major refinery companies drifted down after days of bull market.
About 13.8 billion shares valued at 229.1 trillion rials ($1.11 billion) changed hands at TSE for the day.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Golgohar Mining and Industrial Company.
Iran Khodro Company Company gave the biggest boost to the benchmark index, followed by Social Security Investment Company, Pasargad Bank and Tehran Oil Refining Company.
IFX Down 1.06%
Iran Fara Bourse main index, IFX, lost 213.51 points, or 1.06%, to close Monday trade at 19,898.68.
About 2.71 billion securities valued at 55.18 trillion rials ($269.17 million) were traded at the over-the-counter exchange for the day.
Gohar Zamin Iron Ore Company, Marun Petrochemical Company, Saba Tamin Investment Company and Hormozgan Steel Company had the most negative impact on IFX.
Shahid Tondgooyan Petrochemical Company gave the biggest boost to IFX, followed by Middle East Mines and Mineral Industries Development Holding Company, Saman Insurance Company and Arya Sasol Polymer Company.