Stock Market Decline Gathers Momentum
EghtesadOnline: Sell-side pressure that has swept across Tehran’s battered share market in the past several months, gained momentum on Sunday further wrecking share prices.
The unceasing pressure from sellers caused the benchmark of Tehran Stock Exchange, TEDPIX, to lose a strong support level and plunge deeper.
TSE's main gauge lost 35,349.18 points or 2.57% to end trade at 1,340,319.
The TSE-30 Index lost close to 3% and the TSE’s equal-weighted index fell 2.8% indicting that the sell-off force hit all stock categories. The former index tracks the performance of top 30 listed companies in terms of market cap. The latter gives the same weight to all listed companies irrespective of their size.
Price in 457 tickers declined on Sunday accounting for 94% of the total stock tickers. Barely 24 tickers gained.
Nervous retail traders exited the market for the tenth session in a row. Net capital outflow by retail investors was 13.84 trillion rials ($51 million), the highest in 50 sessions.
About 6.16 billion shares valued at 39.45 trillion rials ($146.13 million) changed hands at TSE for the day.Leasing Iran Company was the biggest winner as its shares went up 4.97% to 2,366 rials per share.
Iran Ferrosilice Company incurred the biggest loss among all TSE-listed companies and went down 5.52% to 7,360 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Parsian Oil and Gas Development Group Company and Ghadir Investment Company.
Opal Kani Pars Mining and Processing Company gave the biggest boost to the benchmark index followed by Amin Investment Bank, Karafarin Bank and Leasing Iran Company.
IFB Down 1.9%
Iran Fara Bourse main index, IFX, lost 377.6 points or 1.93% to close Sunday trade at 19,231. About 2.27 billion securities valued at 36.67 trillion rials ($135.8m) were traded at the junior exchange for the day.
Arya Sasol Polymer Company, Zagros Petrochemical Company, Hormozgan Steel Company and Saba Tamin Investment Company had the most negative impact on IFX.
Minoo Industrial Group Company gave the biggest boost to IFX, followed by Day Insurance Company, Rail Seir Kousar Company and Vitana Company.