Share Market Rally Loses Momentum
EghtesadOnline: A sharp rally that dominated Tehran stocks for more than a week lost momentum on Sunday as sell off increased when most investors sold shares to save gains.
The benchmark of Tehran Stock Exchange, TEDPIX, closed 4,747.43 points or 0.38% higher to end trade at 1,238,485.75. The gain was much lower compared to the 3.9% rise in the past two sessions.
Stocks were choppy during the session. The market cap-weighted TEDPIX was in the red in the early hours of trade before creeping into positive territory in mid-trade. Sell-side pressure mounted again in late hours of the session.
Reflecting the performance of penny stocks, the TSE’s equal-weighted index also climbed 0.37%. About 9.54 billion shares valued at 72.88 trillion rials ($303.6 million) changed hands at TSE for the day.
Fars Construction and Development Company was the biggest winner as its shares went up 5% to 8,190 rials per share.
Ilam Cement Company incurred the biggest loss among all TSE-listed companies and went down 9.55% to 9,760 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Esfahan Oil Refining Company and Persian Gulf Petrochemical Industries Company.
The Social Security Investment Company gave the biggest boost to the benchmark index, followed by Tamin Petroleum and Petrochemical Investment Company, Jam Petrochemical Company and Nouri Petrochemical Company.
Iran Fara Bourse main index, IFX, closed at flatline on Sunday at 17,767. About 1.59 billion shares and securities valued at 19.97 trillion rials ($83.21m) were traded at the junior exchange for the day.
Minoo Industrial Group Company, Damavand Power Generation Company, Esfahan Steel Company and Iran Cultural Heritage and Tourism Investment Group Company had the most negative impact on IFX.
Saba Tamin Investment Company gave the biggest boost to IFX, followed by Arfa Iron and Steel Company, Iran Fara Bourse and Gohar Zamin Iron Ore Company