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EghtesadOnline: Tehran stocks bucked a rising trend on Saturday that lasted for 10 sessions in a row as sell-side pressure mounted again in most large caps.

The benchmark of Tehran Stock Exchange, TEDPIX, shed 10,866   points or 0.86% to retreat to 1,246,111. Consecutive rallies pushed up the TEDPIX by 3.6% in the previous trading week. Compared to its low on May 24, the index has surged almost 15%.

Referring to chart patterns and technical analysis, market observers say the benchmark is nearing a resistance level, where investors prefer to sell shares to save gains.

Blue chips and small caps contributed the most to the share market downswing. This was seen in the 1.7% decline in TSE-30 Index, which tracks the performance of top TSE-listed companies in terms of market capitalization.

The TSE’s equal-weighted index was down about 0.4%. It reflects the performance of small caps.    

Mineral, refinery, base metal, auto, banks, communication, financial intermediary and construction stocks were among the biggest losers. However, shares of chemical, agriculture and tire companies gained for the day.

On Saturday, about 6.94 billion shares valued at 54.21 trillion rials ($216.85 million) changed hands at TSE for the day. Trading at TSE and junior exchange Iran Fara Bourse starts on Saturday and ends Wednesday.

Karafarin Leasing Company was the biggest winner as its shares went up 23.35% to 3,883 rials per share. Loabiran Company incurred the biggest loss among all TSE-listed companies and went down 8.15% to 11,270 rials per share.

Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Social Security Investment Company, National Iranian Copper Industries Company and Esfahan Oil Refining Company.

Nouri Petrochemical Company gave the biggest boost to the benchmark index followed by Pars Petrochemical Company, Fanavaran Petrochemical Company and Kharg Petrochemical Company.

IFB Up 0.13%

Iran Fara Bourse main index, IFX, gained 23.74 points or 0.13% to close Saturday trade at 18,111.38. About 2.99 billion securities valued at 30.62 trillion rials ($122.5 million) were traded at the junior exchange for the day.

Kerman Province Development Investment Company had the highest number of traded shares as 1.06 billion of its shares worth 1.32 trillion rials ($5.3m) were traded.

Saba Tamin Investment Company, Esfahan Steel Company, Hormozgan Steel Company and Iran Fara Bourse had the most negative impact on IFX.

Marun Petrochemical Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Zagros Petrochemical Company and Sepehr Saderat Financial Group Investment Company.


Tehran TEDPIX Stocks