EghtesadOnline: Tehran stocks extended a losing streak that started last Monday into the fifth session on Sunday as share offers by nervous investors far outweighed demand.
The main index of Tehran Stock Exchange, TEDPIX, shed 10,102 points, or 0.82% to retreat to 1,222,614 points.
Sell-off in majority of ticker symbols pulled down the equal-weighted index by 0.26%. Unlike the market cap-weighted index, the TSE's equal-weighted index gives the same weight to all shares irrespective of their market cap.
A total of 391 tickers posted price decline accounting for 92% of the total, according to the Persian-language economic website Eghtesad News.
As buyers were few and far between, sale orders worth 47.12 trillion rials ($188 million) remained unprocessed, which was 57% higher compared to the earlier session and the highest in the past three weeks.
The low liquidity of shares is partly attributed to new price spread mechanism enforced by the stock market regulator since Feb. 13, based on which share prices spread from -2% to +6% a day instead of the previous ą5%.
The new daily price spread has helped prevent the TEDPIX from further collapse as share prices can fall maximum 2% per day. However, it has visibly failed to support retail investors and shore up the struggling share market.
About 2.03 billion shares valued at 25.12 trillion rials ($104.67 m) changed hands at TSE for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Loabiran Company was the biggest winner as its shares went up 5.99% to 19,300 rials per share. Bandar Abbas Oil Refining Company incurred the biggest loss among all TSE-listed companies and went down 2% to 25,020 rials a share.
Mobarakeh Steel Company the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Social Security Investment Company and Golgohar Mining and Industrial Company.
Mobile Telecommunication Company of Iran gave the biggest boost to the benchmark index followed by Omid Investment Bank, System Group Company and Iran Refractories Company.
Iran Fara Bourse main index, IFX, lost 98.4 points or 0.56% to close Sunday trade at 17,402.13. About 2.82 billion securities valued at 68.37 trillion rials ($284.9m) were traded at the junior exchange for the day. Mihan Insurance Company had the highest number of traded shares as 56.28 million of its shares worth 285.54 billion rials ($1.19m) were traded.
Arya Sasol Polymer Company, Zagros Petrochemical Company, Marun Petrochemical Company and Shahid Tondgooyan Petrochemical Company had the most negative impact on IFX.
Chaharmahal Food Products and Sugar Company gave the biggest boost to IFX followed by Zagros Kowsar Power Generation Company, Sina Port and Marine Services Development Company and General Mechanic Company.