Tehran Stock Exchange’s primary index, TEDPIX, slipped 13,954.47 points, or 0.87%, to close Tuesday trade at 1,581,206.28.
Losses sustained by auto companies, refineries and energy firms were the main factors contributing to the benchmark’s lackluster performance.
Over 10.395 billion shares valued at 117.513 trillion rials were traded for the day.
Ardakan Industrial Ceramics posted the biggest loss as its shares sank 8.85%, followed by Persian Toos Gostar Investment Company for Urban Development and Behnoush Iran Company.
Hafez Tile Company and Seamorgh Co had the best performance as its share value rose 4.95%. Iranian Investment Petrochemical Group Company and Kowsar Agricultural Investment Co. came next.
National Iranian Copper Industry Co. was the biggest market laggard dragging down TEDPIX by 2787.28 points followed by Mobarakeh Steel Company and Isfahan Oil Refinery.
Persian Gulf Chemical Industry Company provided the biggest boost to the benchmark. Tamin Petroleum and Petrochemical Investment Co and Pars Petrochemical Company came next.
The Price Index shed 3660.15 points or 0.87% to stop at 3660.15. The First Market Index was down 19631.25 points or 1.66% to reach 1,160,627.86.
The Second Market Index advanced by 9711.68 points or 0.31% to post 3,178,286.92. The Industry Index retreated by 10621.17 points or 0.75% to settle at 1,404,403.
The Free Float Index inched down 30443.19 points or 1.42% to register 2,120,410.95.
IFX Gains
Iran Fara Bourse’s all-share index, IFX, gained 113.68 points or 0.65% to 17,712.94. Over 2.184 billion securities valued at 42.101 trillion rials changed hands in 390,193 transactions.
Binalood Agriculture & Animal Husbandry Co recorded the biggest loss, followed by Taliseh Nemooneh Dairy Farm Company and Tolid Darou Pharmaceutical Company
Esfahan Steel Company recorded the highest number of traded shares. Dey Bank and Aria and Arya Sasol Polymer Company were also on the radar of investors.
Arya Sasol Polymer Company provided the biggest boost to the benchmark, followed by Pasargad Insurance Company and Saba Tamin Investment Company.
Up and Down
Tehran’s bourse has seen more than its fair share of volatility in the past several months. Despite having grown several hundred percent (almost 250%) up until mid-August, the market began its decline as large numbers of investors rushed to the exits.
Though the share market remains much higher compared to previous years and got out of the rut, novice investors understandably remain highly skeptical about what lies ahead.
It has been reported that many ordinary folks bought shares with little or no knowledge about how actually share markets function. For instance, many sold their assets (homes, cars, jewelry) to buy shares and make a quick buck. Disappointment was around the corner of which they were unaware or feigned indifference.
Those who are among losers including key stakeholders tend to blame the government for their financial losses leaning on insolvency. Needless to say, over the past several months senior government officials had strongly backed the share market and even encouraged ordinary people to invest in it.
But when the tide turned for the worst, one senior official, unsurprisingly said, “The stock is a place where you win and lose.” The message was unambiguous.
