Tehran Stock Exchange's main gauge, TEDPIX, slumped for the second straight day on Wednesday as investors remained cautious given the uncertainty about the commodity and oil prices as well as the global trade picture.
The uncertainty led to big declines in base metal and petrochemical stocks as they had the most negative effect on the index. The sour sentiment did not stay in these groups however as bank and auto stocks also took a drubbing. The bright spot in the midst of the down market was smaller companies with food stocks especially doing well.
This is while despite dramatic slides in the oil market, some forecasters remain positive on prices and demand going into 2019. A year ahead outlook report from Bank of America expects Brent crude to regain its recent losses in 2019 and settle at $70 a barrel. But amid mounting global uncertainty on everything from trade and monetary policy to politics, that forecast is far from consensus.
Tehran Stock Exchange’s main index lost 882.93 points or 0.53% on Wednesday to end trading at 165,321.1.
About 1.5 billion shares valued at 3.2 trillion rials ($31.22 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
The one and one industrial group (a major food industry company) and Sina Darou Laboratories Company (a pharmaceutical company) were the biggest winners as their shares went up 4.99% to 12,030 rials and 17,471 rials, respectively.
Mahram Food Industries incurred the biggest loss among all TSE-listed companies and went down 5% to 41,491 rials per share.
Mobarakeh Steel Company - which boasts the title of the largest steelmaker in MENA region -- contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Co. and Kuzestan Steel Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed Behshahr Industrial Development Corp. and Tejarat Bank.
The Price Index lost 256.66 points to close at 48,067.0.
The First Market Index was down 947.85 points to post 121, 936.2. Second Market Index decreased by 318.11 points to reach 328,815.9.
The Industry Index went down by 846.20 points to register 149,967.8. Free Float Index was down 1,001.00 points to hit 177,493.23.
The TSE 30 went down 67.85 point to settle at 8,140.0 and the TSE 50 ended 48.04 points lower to finish at 7,177.3.
IFX Down 0.35%
Iran Fara Bourse’s main index IFX lost 6.53 points or 0.35% to close Wednesday trade at 1,851.22.
About 993 million securities valued at $50.56 million were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 314 million of its shares worth $6.26 million changed hands.
Saina Hygienic Industries Company registered the highest value increase.
Iran Office Machines Industries (Maadiran Group), and Barkat Pharmaceutical Group suffered the biggest decline.
Zagros Petrochemical Co. and Marun Petrochemical Company had the most negative impact on IFX.
