EghtesadOnline: A sharp rally in the early hours of stock trade on Sunday gave way to sell-off in most ticker symbols as investors rushed to sell and save past gains.
The main index of Tehran Stock Exchange, TEDPIX, gained close to 28,000 points in early trade but reversed later as sell-side pressure mounted in some blue chips and large caps.
TEDPIX pared much of early gains and closed 12,487 points higher to stand at 1,234,557 up 1%. The equal-weighted index, however, crept into negative territory pulling down the index by 0.64%.
About 66% of shares comprising 326 tickers declined despite the TSE's main index hike. The session also featured remarkable increase in value of deals.
Trade value in both the TSE and the junior exchange Iran Fara bourse increased 98.2% to reach 236.4 trillion rials ($1 billion). Value of trade by retail investors jumped 81% to 180 trillion rials ($782 million), the highest in the since Dec. 15, according to eghtesadnews website.
There was a noticeable increase in share offers by institutional traders, who have been censured recently by retail traders due to their role in excessive oversupply of shares and disrupting the market balance.
About 17.18 billion shares valued at 156.09 trillion rials ($678.67m) changed hands at TSE for the day. The Persian Gulf Petrochemical Industries Company was the biggest winner as its shares went up 5.22% to 9,870 rials per share.
Shahroud Sugar Company incurred the biggest loss among all TSE-listed companies and went down 5.5% to 3,780 rials per share. Parsian Oil and Gas Development Group Company contributed the most to the benchmark's fall, followed by Pars Petrochemical Company, Omid Investment Management Group Company and Mobile Telecommunication Company of Iran.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Social Security Investment Company.
IFB Down 0.81%
Iran Fara Bourse main index, IFX lost 149.48 points or 0.81% to close Sunday trade at 18,297.56. About 3.42 billion securities valued at 79.7 trillion rials ($346.55m) were traded at the junior exchange for the day.
Gohar Zamin Iron Ore Company, Minoo Industrial Group Company, Esfahan Steel Company and Sepehr Saderat Financial Group Investment Company had the most negative impact on IFX.
Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Iran Cultural Heritage and Tourism Investment Group Company, Saba Tamin Investment Company and Iranol Oil Company.