Stock Rally Loses Momentum
EghtesadOnline: Tehran stocks eked out modest gains on Sunday after a strong rally a session earlier as sell-side pressure mounted on shares in the final moments of trade.
The main index of Tehran Stock Exchange, TEDPIX, closed 0.65% higher, gaining 8,780.70 points to end trading at 1,360,281. The benchmark had gained more than 2.6% amid high demand of blue chips.
Daily gains for equal-weighted index were lower at 0.3%, indicating that small caps lagged behind.
Despite positive net capital inflow by retail investors, injection of fresh money by retail traders declined sharply compared to the session earlier. Net capital inflow was 450 billion rials -- down 85% on the previous session.
About 7.77 billion shares valued at 62.17 trillion rials ($248.7 million) changed hands at TSE for the day.
Hormozgan Province Investment Company was the biggest winner as its shares went up 5% to 504 rials per share. Shahd Company (sugar company) incurred the biggest loss among all TSE-listed companies and went down 7.8% to 17,500 rials per share.
Tehran Oil Refining Company contributed the most to the benchmark's fall, followed by Khorasan Razavi Province Saham Edalat Investment Company, Tejarat Bank and Social Security Investment Company.
Middle East Mines and Mineral Industries Development Holding Company gave the biggest boost to the benchmark index followed by Persian Gulf Petrochemical Industries Company, Pars Petrochemical Company and Ghadir Investment Company.
IFX Up 0.83%
Iran Fara Bourse main index, IFX, gained 163.58 points or 0.83% to close Sunday trade at 19,957.62. About 1.82 billion securities valued at 27.2 trillion rials ($108.8m) were traded at the junior exchange for the day.
Kerman Province Development Investment Company had the highest number of traded shares as 218.97 million of its shares worth 284.9 billion rials ($1.14 million) were traded.
Saba Tamin Investment Company, Shahid Tondgooyan Petrochemical Company, Lavan Oil Refining Company and Esfahan Steel Company had the most negative impact on IFX.
Pasargad Insurance Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Arfa Iron and Steel Company and Iran Fara Bourse.