The stock market sell-off on Tehran Stock Exchange continued Wednesday, knocking the TEDPIX 3,400 points and wiping out the gains made since the beginning of autumn. Low oil and commodity prices are still the main reason for the down market. The fall comes, however, as some detect a silver lining behind share prices becoming more real.
Oil prices have crashed more than 25% since climbing to a four-year high in early October. The sharp decline has ratcheted up the pressure on oil refinery and other commodity stocks.
Tehran Stock Exchange’s main index lost 3,427.69 points or 2.05% on Wednesday to end trading at 163,772.1
About 1.5 billion shares valued at 4.65 trillion rials ($39.10 million) changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Shahdiran Company was the biggest winner as its shares went up 4.99% to 5,766 rials per share. Shahdiran supplies its products to market under the brands of "Goldis, Honey, and Benis which include various fruit concentrates, fruit puree, fruit nectars and energy drinks.
Kermanshah Petrochemical Industries Company incurred the biggest loss among all TSE-listed companies and went down 4.97% to 5,813 rials per share.
Mobarakeh Steel Company, which boasts the tile of largest steelmaker in MENA region, contributed the most to the benchmark's fall, followed by Golgohar Mining and Industrial Complex and Bank Mellat.
Khouzestan Steel Company-a producer of crude steel located in Khuzestan province in the southwest – gave the biggest boost to the benchmark index, followed by Iranian Aluminum Company (the largest producer of aluminum in Iran) and Asan Pardakht Persian ( a payment service provider).
The Price Index lost 998.18 points to close at 47,694.0.
The First Market Index was down 2,880.48 points to post 120,392.5. Second Market Index decreased by 5,105.51 points to reach 327,503.5
The Industry Index went down by 3,060.55 points to register 148,691.5. The Free Float Index was down 3,800.69 points to hit 174,962.96.
TSE 30 went down 211.39 point to settle at 8,089.5 and the TSE 50 ended 171.00 points lower to finish at 7,130.3.
IFX Down 2.14%
Iran Fara Bourse’s main index IFX lost 38.85 points or 2.14% to close Wednesday trade at 1,777.48
About 767.56 million securities valued at $28.34 million were traded at the over-the-counter exchange for the day.
Goharzamin Iron Ore Co. had the highest number of traded shares and trade value as 139.718 million of its shares worth $14.39 million changed hands.
Iran Office Machines Industries (Maadiran Group) and Kish Parsian Electronic Commerce (KIPEC) registered the highest value increase.
Sabzevar Lar Cement Company (PLC , Shomal Shargh Shahrood Industrial and Mining Company, Barkat Pharmaceutical Group, and Bank Day suffered the biggest decline.
Marun Petrochemical Co, Zagros petrochemical Co, and Middle East Mines & Mineral Industries Development Holding Company's (MIDHCO) had the most negative impact on IFX.
