Share Market on Thin Ice
EghtesadOnline: The main indicator of Tehran Stock Exchange retreated to 1.2 million points on Tuesday after two consecutive sessions of heavy losses.
The TSE benchmark, TEDPIX, lost 28,238.65 points or 2.3% for the day, despite institutional traders' efforts to boost demand.
Tehran's share market has entered a sideways phase after solid gains in the first few months of the current year that ends in March with the TEDPIX vacillating between 1.2 million to 1.5 million points in four months.
The sideways trends has forced investors to walk away from the once lucrative market. On Tuesday retail traders left with 10 trillion rials ($41 million), according to Eghtesadnews website.
About 12.51 billion shares valued at 114.56 trillion rials ($477.33m) changed hands at TSE on Tuesday.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Social Security Investment Company.
Sadr Tamin Investment Company gave the biggest boost to the benchmark followed by Islamic Republic of Iran Shipping Lines Company, Pakshoo Industrial Group Company and Barakat Pharmaceuticals Group Company.
IFB Down 0.94%
Iran Fara Bourse main index IFX lost 167.91 points or 0.94% to close Tuesday trade at 17,669.02. About 2.26 billion securities valued at 52.07 trillion rials ($216.98m) were traded at the junior exchange for the day.
Minoo Industrial Group Company, Arya Sasol Polymer Company, Hormozgan Steel Company and Esfahan Steel Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX followed by Damavand Power Generation Company, Iran Cultural Heritage and Tourism Investment Group Company and Gilan Electric Power Development Company.