TSE Extends Losses

EghtesadOnline: Stocks lost further ground in thin trading on the Tehran Stock Exchange Saturday with active buying held in check amid a dearth of fresh positive news, both domestic and international.

News ID: ۷۴۶۳۴۱

16 December 2018

Saturday's doldrums was further sign that investors expect no early auspicious momentum as the rial also enjoys relative stability in the currency market.

The rial jumped to 105,500 against the US dollar on Wednesday from 117,000 at the end of last week - and 152,500 at the end of October. The greenback was traded close to 102,000 rials on Saturday.

It is apparent that the rial’s much-awaited rebound, from record lows around 190,000 to the USD in late September, is good news for a government that is struggling to overcome the US sanctions. But it implies less export earnings for export companies, according to Financial Tribune.

As investors digest the effects of the new US restrictions on export companies, the only boost for the market could come from the monthly earnings report of companies expected on New Year eve.

The Tehran Stock Exchange main index lost 866.21 points or 0.52% on Saturday to end trading at 164,485.9.

About 1.2 billion shares valued at 3.5 trillion rials ($35 million) changed hands at TSE for the day.

Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.

West Azarbaiijan’s Pegah Dairy Company was the biggest winners as its shares went up 8.26% to 2,254 rials. Pegah company produces a wide range of dairy  products. The company is based in the northwestern city of Urmia.

Pars Animal Feed Co. incurred the biggest loss among all TSE-listed companies and went down 4.99% to 8,619 rials per share.

Omid Investment Management Group Co. contributed the most to the benchmark's fall, followed by Bank Mellat and Persian Gulf Petrochemical Industries Company.

MAPNA Group - a conglomerate involved in development and execution of thermal and renewable power, oil & gas and railway transportation–gave the biggest boost to the benchmark index, followed by Kharg Petrochemical Company and Golgohar Mineral & Industrial Co.

The Price Index lost 251.76 points to close at 47,815.2.

The First Market Index was down 740.10 points to post 121, 195.9. Second Market Index decreased by 1,231.17 points to reach 327,583.8.

The Industry Index went down by 619.13 points to register 149,347.9. Free Float Index was down 1,001.06 points to hit 176,492.22.

TSE 30 went down 53.61 point to settle at 8,086.3 and the TSE 50 ended 40.28 points lower to finish at 7,137.0.