Tehran stocks opened trading week again under sell-side pressure as the government move to intervene in pricing cars produced by domestic companies weakened sentiment and added to uncertainty.
The main gauge of Tehran Stock Exchange, TEDPIX lost 17,301.52 points or 1.19% to retreat to 1,439,177. The benchmark had gained for three straight the sessions.
TSE’s equal-weighted index slipped 0.85%, indicating that small caps outperformed many large cap stocks.
The market was expected to manifest a semblance of recovery spurred by auto companies’ announcement to increase auto prices by 17%. TEDPIX gained more than 4% last week. However, at the weekend the government opposed the price rise, spurring a sell-off across the bourse that has seen more than its share of volatility for more than a year.
About 5.9 billion shares valued at 48.44 trillion rials ($179.4 million) changed hands at TSE for the day. Sepid Makian Company was the biggest winner as its shares went up 5.22% to 60,480 rials per share.
Iran Radiator Industrial Group Company incurred the biggest loss among all TSE-listed companies and went down 4.99% to 17,130 rials per share.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, Social Security Investment Company and Esfahan Oil Refining Company.
Shiraz Petrochemical Company gave the biggest boost to the benchmark index followed by Pardis Petrochemical Company, Khorasan Petrochemical Company and Islamic Republic of Iran Shipping Lines Company.
IFX Down 0.87%
Iran Fara Bourse main index IFX lost 178.98 points or 0.87% to close Saturday trade at 20,468.45. About 3.66 billion securities valued at 90.32 trillion rials ($334.5m) were traded at the junior exchange for the day.
Marun Petrochemical Company had the highest number of traded shares as 1.24 billion of its shares worth 10.16 trillion rials ($37.6m) were traded.
Zagros Petrochemical Company, Arya Sasol Polymer Company, Saba Tamin Investment Company and Esfahan Steel Company had the most negative impact on IFX.
Minoo Industrial Group Company gave the biggest boost to IFX, followed by Lavan Oil Refining Company, Iran Cultural Heritage and Tourism Investment Group Company and Takhte Jamshid Petrochemical Company.
