EghtesadOnline: More than two weeks after the government ratified measures to try and lift the crippled stock market, nervous investors continue to withdraw money from the bourse fearing more losses lie ahead.
Despite hopes that the support measures could improve sentiment and push demand growth, Tehran stocks registered one of the biggest declines in the past five months at the beginning of the trading week on Saturday.
The main benchmark of Tehran Stock Exchange, TEDPIX, shed more than 26,680 points to fall 2.31%, closing the session at 1,128,164 million -- the highest daily decline this fiscal year (started March 21).
Saturday also saw the highest net capital outflow by retail investors with nearly 10 trillion rials ($45 million) flowing out, up 70% compared with the previous session and the highest since Feb. 2.
Commodity and large cap stocks were the biggest losers pulling down the TSE-30 index by almost 3%, driven also by sluggish trends in the forex market, which normally is impacted by profitability of export-based companies.
A set of support measures announced by the government earlier in the month coupled with buoyant annual financial reports for most listed companies failed to restore investors’ trust in the punctured market that has lost half its value since last August.
The Supreme Council of Economic Coordination, the top economic decision making body comprising heads of three branches of power, approved a package of 10 measures earlier in this month to revive demand in the share market.
About 5.89 billion shares valued at 42.41 trillion rials ($184.4 million) changed hands at TSE for the day.
Iran Merinos Manufacturing Company was the biggest winner as its shares went up 4.91% to 74,500 per share.
Navard Aluminum Manufacturing Group Company incurred the biggest loss among all TSE-listed companies and went down 5% to 25,460 rials per share.
National Iranian Copper Industries Company contributed the most to the benchmark's fall, followed by Golgohar Mining and Industrial Company, Persian Gulf Petrochemical Industries Company and Social Security Investment Company.
Parsian Bank gave the biggest boost to the benchmark index followed by Omid Development and Construction Company, Ma Insurance Company and Novin Investment Bank.
IFB Down 0.65%
Iran Fara Bourse main index, IFX, lost 114.97 points or 0.65% to close Saturday trade at 17,676.48.
About 917.27 million securities valued at 37.8 trillion rials ($164.35 million) were traded at the junior exchange for the day.
Arya Sasol Polymer Company, Zagros Petrochemical Company, Hormozgan Steel Company and Shahid Tondgooyan Petrochemical Company had the most negative impact on IFX.
Pasargad Insurance Company gave the biggest boost to IFX, followed by Ghaed Basir Petrochemical Company, Saveh Cement Company and Iranian Zinc and Lead Production Company.