Economy, Business And Markets

Stocks Plummet in Worst Drop in 9 Months

Stocks Plummet in Worst Drop in 9 MonthsStocks Plummet in Worst Drop in 9 Months

Stocks continued to plummet on Tehran’s equity exchanges in their worst drop in nine months, as the best performers of the January rally, due to the lifting of sanctions, led the losses.

TSE shares fell for the eighth day in a row, bringing its benchmark to its lowest in two months. Stocks were being passed on like hot potatoes on the Iran Fara bourse over-the-counter market too, which saw its index, IFX, dip 1.37% to its lowest since February first.

Tehran Stock Exchange’s main index TEDPIX shed 468.60 points or 0.60% to end Sunday trade at 77,516.2. The benchmark was mostly dragged down by oil refineries, automakers and mining companies.

Over 70% of the companies listed on TSE posted losses for the day, with cement, pharmaceutical and auto manufacturing companies staging the worst performances.

More than 1.2 billion shares valued at $84.4 million changed hands on Sunday. As such, daily trade value rose nearly 10% compared to the prior trading day.

Tehran Cement Company was the biggest loser, its share prices dropping 5% to 2,299 rials each.

Iran Credit Investment Company posted the highest gains, as its shares rose 4.96% to 1,821 rials each.

Bandar Abbas Oil Refining Company weighed the most on the benchmark (-67.15 points).

Islamic Republic of Iran Shipping Lines gave the biggest lift to TEDPIX by 45.2 points, followed by MAPNA Group and National Iranian Copper Industries Company with 42.17 and 25.14 points respectively.

The Price Index lost 178.20 points or 0.60% to close at 29,472.8.

The First Market Index shed 435.20 or 0.80% to reach 53,971.

The Second Market Index gave up 387 points or 0.23% to settle at 171,145.

The Industry Index was down 421.40 points or 0.65% to post 64,768.8.

The Free Float Index registered the highest downfall among all indices and lost 707.64 points or 0.90% to register 87,681.990.

The TSE 30 Index went down 22.20 points or 0.60% to finish at 3,195.7 while the TSE 50 Index slipped 16.40 points or 0.52% to hit 3,122.6.

  IFX Down 1.47%

Iran Fara Bourse’s main index IFX lost 10.50 points or 1.47% to settle at 758.55.

According to IFB data, more than 260 million securities valued at $64.4 million changed hands in 25,000 transactions. Daily trade value nearly doubled compared to the previous trading day.

Esfahan Steel Company posted the day’s highest number of shares traded and daily trade value, as 48 million of its shares valued at $3.2 million were transacted.

Tuka Paint Company, System Group and Tabas Coal Company posted the highest increase in share value. Shiraz Oil Refining Company, Kerman Development and Construction Company and Lavan Oil Refining Company registered the highest decline.

Marun Petrochemical Company, Tehran Oil Refining Company and Esfahan Steel Company weighed most on the benchmark.

Etemad Fund, with the transaction of 3 million shares, registered the highest trade volume among listed exchange-traded funds. Moreover, 50,000 leasing bonds of Dana System were sold out.