Refineries Pull Down Bourse
EghtesadOnline: Tehran stock market closed the first weekly session on Saturday slightly lower amid a sell-off of major refinery shares.
The benchmark of Tehran Stock Exchange, TEDPIX, lost 4,602 points to drop by 0.27% at 1,699,506 points.
TEDPIX swung up and down for the day. It opened in the red as a negative climate, driven mainly by political factors, perturbed investors. However, it recovered later as demand picked up for blue chips, pushing up the TEDPIX by 8,000 points, before reversing course later.
The shift was triggered mainly by sell-off in shares of four refineries as the market regulator reopened their ticker symbols. The tickers were suspended two weeks ago after companies “disclosed significant information”. The regulator delayed the reopening of tickers due to steep market volatility, waiting for a semblance of stability.
About 12.9 billion shares valued at 132.52 trillion rials ($500.1 million) changed hands at TSE for the day.
Neyshabour Sugar Company was the biggest winner as its shares went up 5% to 103,950 rials per share.
Tehran Oil Refining Company incurred the biggest loss among all TSE-listed companies and went down 11.55% to 30,090 rials per share.
Tehran Oil Refining Company contributed the most to the benchmark's fall, followed by Esfahan Oil Refining Company, Mellat Bank and Telecommunication Company of Iran.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company, Golgohar Mining and Industrial Company and Parsian Oil and Gas Development Group Company.
***IFX Up 1.12%
Iran Fara Bourse main index IFX gained 199.89 points or 1.12% to close Saturday trade at 18,120.41.
About 1.89 billion securities valued at 44.1 trillion rials ($166.41 m) were traded at the junior equity exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 283.83 million of its shares worth 1.94 trillion rials ($7.35m) were traded.
Marun Petrochemical Company, Esfahan Steel Company, Lavan Oil Refining Company and Iran Office Machines Industries Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Saba Tamin Investment Company, Arya Sasol Polymer Company and Pasargad Insurance Company.