Tehran stocks closed on Monday in negative territory as unrelenting sell-off continued to pull down prices amid lack of demand.
Extending seven sessions of the losing streak, the main index of Tehran Stock Exchange, TEDPIX, lost 12,189 points or 1.1% to end trade at 1,095,726.
TSE’s equal-weighted index was down 1.3%. The index gives the same weight to all stocks irrespective of their market cap.
Bank stocks were the biggest losers of the day with Bank Mellat taking the lead. Its shares dropped more than 20% after the bank was allowed to offer shares without observing the regular daily price spread of ±5%.
Trading without daily price limits is for companies that disclose significant information about their financial performance. Several companies experienced price declines above the regular daily price spread.
About 4.43 billion shares valued at 28.84 trillion rials ($125.39 million) changed hands at TSE for the day. Trading at TSE and the junior equity exchange Iran Fara Bourse starts on Saturday and ends Wednesday.
Khazar Cement Company was the biggest winner as its shares went up 5.95% to 17,280 per share. Khavar Spring Manufacturer Company incurred the biggest loss among all TSE-listed companies and went down 54.16% to 3,970 rials per share.
Mellat Bank contributed the most to the benchmark's fall, followed by Tejarat Bank, Parsian Oil and Gas Development Group Company and Bank Saderat Iran.
Tehran Oil Refining Company gave the biggest boost to the benchmark index followed by Ghadir Investment Company, Chadormalu Mining And Industrial Company and Khouzestan Steel Company.
IFX Down 15%
Iran Fara Bourse main index IFX lost 27.31 points or 15% to close Monday trade at 17,476.65. About 1.44 billion securities valued at 33.19 trillion rials ($144.3m) were traded at junior exchange for the day.
Sepid Damavand Fund had the highest number of traded shares as 270 million of its shares worth 270 million rials ($1,173) were traded.
Asia Zarin Madan Company, Marun Petrochemical Company, Saba Tamin Investment Company and Iran Office Machines Industries Company had the most negative impact on IFX.
Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Shahid Tondgooyan Petrochemical Company, Zagros Petrochemical Company and Esfahan Steel Company.
