Tehran Stocks Shed 2%
EghtesadOnline: Tehran stocks closed Sunday under heavy selloff pressure as budgetary decisions weakened sentiments.
The main index of Tehran Stock Exchange, TEDPIX, lost 25,254 points or 1.97% for the day to plunge to 1,256,547, the lowest since early July.
Panic selling broke out after news that the parliament is planning to eliminate tax exemptions, given to selected industries, in the March 2022-23 budget. If it becomes law, the move will especially impact the profitability of petrochemical companies.
Net capital outflow by retail investors on Sunday amounted to 7.91 trillion rials ($28 million) on Sunday, up 190% on the session before and the highest in three months. Prices in 439 tickers dropped, representing 89% of the total tickers.
About 6.06 billion shares valued at 36.26 trillion rials ($129.5m) changed hands at TSE for the day.
Zagros Pharmed Pars Pharmaceutical Company was the biggest winner as its shares went up 4.22% to 8,400 rials per share.
Shiraz Petrochemical Company incurred the biggest loss among all TSE-listed companies and went down 4.99% to 58,780 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Persian Gulf Petrochemical Industries Company and Tamin Petroleum and Petrochemical Investment Company.
Tehran Oil Refining Company gave the biggest boost to the benchmark index followed by Mines and Metals Development Investment Company, Pakshoo Industrial Group Company and Middle East Mines and Mineral Industries Development Holding Company.
IFX Down 1.15%
Iran Fara Bourse main index, IFX, lost 201.27 points or 1.15% to close Sunday trade at 17,354. About 4.26 billion shares and securities valued at 54.97 trillion rials ($196.3m) were traded at the junior exchange for the day.
Tajali Mines and Metals Development Company had the highest number of traded shares as 2.23 billion of its shares worth 2.33 trillion rials ($8.3m) were traded.
Zagros Petrochemical Company, Hormozgan Steel Company, Shahid Tondgooyan Petrochemical Company and Arfa Iron and Steel Company had the most negative impact on IFX.
Tajali Mines and Metals Development Company gave the biggest boost to IFX, followed by Omid Taban Hour Energy Management Company, Daroupakhsh Distribution Company and Chaharmahal Food Products and Sugar Company.