Tehran stocks opened trading week on Saturday lower to extend a four-day losing streak and post the biggest daily loss since the beginning of new fiscal year (started March 21).
The main index of Tehran Stock Exchange, TEDPIX, shed 11,573 points to lost 0.9%, closing the session at 1,282,984 points.
Sell side pressure mounted on blue chips and commodity stocks during the session as decline in foreign exchange rates further weakened investor sentiment.
Commodity stocks account for about 60% of the Tehran's share market comprising mainly export-oriented companies whose value is highly sensitive to the dollar. The US dollar dropped 4% on Saturday.
Penny stocks experienced smaller losses as shown by a 0.35% drop in equal weighted index, which gives the same weight to all shares irrespective of their market cap.
About 4.45 billion shares valued at 42.03 trillion rials ($160.12 million) changed hands at TSE for the day.
Mobarakeh Steel Company the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Social Security Investment Company and Persian Gulf Petrochemical Industries Company.
Informatics Services Corporation gave the biggest boost to the benchmark index followed by Islamic Republic of Iran Shipping Lines Company, Saman Kish Electronic Payment Company and Iran Alloy Steel Company.
IFB Down 0.66%
Iran Fara Bourse main index, IFX, lost 119.02 points or 0.66% to close Saturday trade at 18,003.35. Arya Sasol Polymer Company, Pasargad Insurance Company, Zagros Petrochemical Company and Saba Tamin Investment Company had the most negative impact on IFX.
Rayan Ham-Afza Company gave the biggest boost to IFX followed by Iran Office Machines Industries Company, Moallem Insurance Company and Hejrat Distribution Company.
