EghtesadOnline: Extending a bearish trend that started on Sunday, Tehran’s share market stumbled Wednesday closing the trading week with negative returns.
The main index of Tehran Stock Exchange, TEDPIX, lost 15,000 points to drop more than 1%, putting the total loss this week at 6%.
On Wednesday, however, the sell side pressure eased in the later hours and the TSE benchmark rebounded from a 28,000-points loss in early trade. This could bode well for trade on Saturday.
With share prices declining to attractive levels, trade value increased 193% on Wednesday, reaching close to 320 trillion rials ($1.3 billion) in the TSE and junior equity market Iran Fara Bourse.
Some market observers blame institutional traders and market makers for the new bout of market volatility. To improve the liquidity of shares, the regulator has asked market markers to get active. Nonetheless, retail investors complain that market makers have not complied and engage in swing trade for short-term gains.
Almost 14.1 billion shares valued at 148.89 trillion rials ($572.67 million) changed hands at TSE for the day.
Social Security Investment Company contributed the most to the benchmark's fall, followed by Esfahan Oil Refining Company, Persian Gulf Petrochemical Industries Company and Tamin Petroleum and Petrochemical Investment Company.
National Iranian Copper Industries Company gave the biggest boost to the benchmark index followed by Golgohar Mining and Industrial Company, Chadormalu Mining And Industrial Company and Nouri Petrochemical Company.
IFX Down 0.17%
Iran Fara Bourse main index, IFX, lost 32.98 points, or 0.17%, to close Wednesday trade at 18,913.86. Almost 3.51 billion shares valued at 192.37 trillion rials ($739.88m) were traded at the junior exchange for the day.
Minoo Industrial Group Company, Day Bank, Shahid Tondgooyan Petrochemical Company and Esfahan Steel Company had the most negative impact on IFX.
Middle East Mines and Mineral Industries Development Holding Company gave the biggest boost to IFX, followed by Pasargad Insurance Company, Zagros Petrochemical Company and Hormozgan Steel Company.