Tehran stocks extended a losing streak into the third session Tuesday amid relentless sell-off. The main index of Tehran Stock Exchange shed 55,834 points, pulling down TEDPIX by 3.8%. The index closed trade on Tuesday at 1,428,324.49.
As in the recent past, the downturn was spurred by sell side pressure in major large cap stocks as indicated in the 4.4% decline in the TSE-30 Index that tracks the performance of top 30 listed companies in terms of market capitalization.
The trend soon extended to shares of smaller listed companies, pushing down the equal-weighted index by 2.4%. Observers blame market makers and institutional traders for the excess supply of shares in three days.
After capital outflow of 20 trillion rial ($80 million) a session earlier, the share market on Tuesday set a new record with net capital outflow of 30 trillion rials ($120m). It was the third biggest capital outflow in the bourse history, according to eghtesadnews.
Weak market sentiment compelled the regulator to cancel the initial public offering of Opal Kani Pars Mineral Processing Company scheduled on Wednesday.
TSE Trade
About 7.26 billion shares valued at 74.21 trillion rials ($285.42 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Chin Chin Agricultural and Industrial Complex was the biggest winner as its shares went up 5% to 59,270 rials per share. Esfahan Sugar Company incurred the biggest loss among all TSE-listed companies and went down 9.31% to 228,370 rials per share.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Mobarakeh Steel Company and Social Security Investment Company.
Bouali Sina Petrochemical Company gave the biggest boost to the benchmark index followed by Parsian Lotus Investment Bank, Behpardakht Mellat and Isfahan Province Investment Company.
IFX Down 2.81%
Iran Fara Bourse main index IFX lost 547.12 points or 2.81% to close Tuesday trade at 18,946.84.
About 1.37 billion securities valued at 39.82 trillion rials ($153.16m) were traded at the junior exchange for the day.
Etemad Afarin Pars Fund had the highest number of traded shares as 93.21 million of its shares worth 3.15 trillion rials ($12.13m) were traded.
Arya Sasol Polymer Company, Marun Petrochemical Company, Zagros Petrochemical Company and Hormozgan Steel Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Pasargad Insurance Company, Iranian Reinsurance Company and Asia Seir Aras Company.
