After a flat performance a day earlier, the stock market in Tehran took a drubbing Sunday as the sell-off impulse hit stocks of a wide range of companies.
The main gauge of Tehran Stock Exchange shed 4,544 points for the day, sending TEDPIX 1.48% lower to 302,340.7 as financial markets continued to react to the government’s decision to ration gasoline and raise fuel prices.
The market on Sunday featured widespread sale in refinery shares soon after major listed refinery companies enjoyed rarely seen price hikes following investors rush to purchase stocks in this category.
Refinery shares were well received by investors on Saturday as they expected rising prices in shares of this category following a three-fold rise in the price of unsubsidized gasoline on Friday.
The government announced and immediately implemented a gasoline rationing scheme on Friday based on which un-rationed gasoline at the pumps cost 200% more.
About 7.64 billion shares valued at 39.55 trillion rials ($318.95 million) changed hands at TSE on Sunday.
Esfahan Cement Company was the biggest winner as its shares went up 5% to 35,837 rials per share.
Niroumoharekeh Machine Tools Company incurred the biggest loss among all TSE-listed companies and went down 9.22% to 7,436 rials per share.
Bandar Abbas Oil Refining Company contributed the most to the benchmark's fall, followed by Iran Khodro Company (IKCO), MAPNA Group and Bank Mellat.
Mines and Metals Development Investment Company gave the biggest boost to the benchmark index, followed by Omid Investment Management Group Company, National Iranian Copper Industries Company and Chadormalu Mining and Industrial Company.
The Price Index lost 1,217.58 points, or 1.48% to close at 80,999.9.
The First Market Index was down 2,784.64 points, or 1.25% to post 219,597.4. Second Market Index went down 11,577.47 points, or 1.85% to reach 615,485.5.
The Industry Index went down 3,759.34 points or 1.37% to register 271,501.7. The Free Float Index was down 6,771.36 points to hit 350,254.94.
TSE 30 lost 78.34 points to settle at 13,117.9 and the TSE 50 ended 95.53 points lower to finish at 11,873.2.
IFX Down 2.12%
Iran Fara Bourse main index IFX lost 83.52 points or 2.12% to close Sunday trade at 3,851.89.
About 923.67 million securities valued at 6.69 trillion rials ($54.00 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company, Jahrom Power Plant Development Company, Hormozgan Steel Company and Lavan Oil Refining Company had the most negative impact on IFX.
Marun Petrochemical Complex gave the biggest boost to IFX, followed by Iran Fara Bourse and Arfa Iron and Steel Company.
