Tehran stocks took another beating on Sunday as bruising selloffs that have persisted since March 7 continue to hit a broad range of stocks.
Selloffs wiped more than 8,600 points off the main index of Tehran Stock Exchange for the day, sending TEDPIX 1.7% lower and retreating below the critical 500,000 points.
Although key market indicators displayed relative improvement over previous sessions, there was still a massive selloff in 145 symbol tickers of TSE-listed companies, accounting for 47% of all active symbols for the day, according to Donyaye Bourse website.
Sunday’s market featured broader participation of institutional and legal traders in a market that for weeks was dominated by retail investors. Institutional investors mainly took the buy side on Sunday apparently in bid to shore up the market.
Their intervention in the market was conspicuous in large-cap companies, such as the giant Persian Gulf Petrochemical Industries Company.
Market Performance
The TSE's main index TEDPIX lost 8,629.73 points or 1.72% on Sunday to end trading at 494,109.3.
About 7.15 billion shares valued at 51.62 trillion rials ($346.5 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Shahid Ghandi Corporation Complex (an electronic equipment manufacturer) was the biggest winner as its shares went up 5% to 56,155 rials per share.
Zagros Pharmed Pars Pharmaceuticals Company incurred the biggest loss among all TSE-listed companies and went down 6.58% to 18,185 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Pars Petrochemical Company, Ghadir investment Company and Islamic Republic of Iran Shipping Lines Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by MAPNA Group, National Iranian Copper Industries Company and Golgohar Mining and Industrial Company.
IFX Down 1.09%
Iran Fara Bourse main index IFX lost 71.45 points or 1.09% to close Sunday trade at 6,511.95.
About 1.5 billion securities valued at 140.29 trillion rials ($941.54 million) were traded at the over-the-counter exchange for the day.
Lavan Oil Refining Company had the highest number of traded shares as 228.68 million of its shares worth 13.65 trillion rials ($91.63 million) were traded.
Zagros Petrochemical Company, Iran Fara Bourse, Iran Office Machines Industries Company and Iran Cultural Heritage and Tourism Investment Group Company had the most negative impact on IFX.
Shahid Tondgooyan Petrochemical Company gave the biggest boost to IFX, followed by Tukarail Company, Saveh Cement Company and Gohar Zamin Iron Ore Company.
