Tehran Stocks Post New Losses

EghtesadOnline: Trading in the Tehran Stock Exchange tumbled on Sunday as the negative psychological climate created by political developments continued to batter investor sentiment.

News ID: ۷۴۷۳۲۴

13 May 2019

The bearish trends that started in the middle of last week, deepened Sunday with the main index of TSE, TEDPIX, shedding more than 5,000 points.

Hit by the massive selloff, the price of almost 90% of  TSE stocks fell in mid-day trading, Donyaye Bourse reported.

In the absence of buying, the selloff pressure on banks and auto stocks extended to a wide-range of other stocks in the early hours of the trading day, according to Financial Tribune.

Auto, banks, and cement company stocks contributed the most to the benchmark fall.

Unmoved by the psychological climate, market participants tapped the opportunity to buy shares at lower prices during the final hours of trading day.

Stocks in the basic metal groups were traded at the minimum daily prices following the US move to impose new sanctions on Iran’s metal industry.

In an executive order on Wednesday, US President Donald Trump imposed new sanctions on Iran’s industrial metals. The order covers iron, steel, aluminum and copper exports, the country’s largest non-petroleum-related sources of export revenue and 10% of its export economy, according to a statement by the White House.

The TSE's main index TEDPIX lost 5,085.49 points or 2.43% on Sunday to end Sunday trading at 204,069.4.

About 3.4 billion shares valued at 10.76 trillion rials ($72.21 million) changed hands at TSE for the day.

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

Salemin, an Iranian food industry company was the biggest winner as its shares went up 32.84% to 16,762 rials.

Azar Refractories Company incurred the biggest loss among all TSE-listed companies and went down 9.5% to 3,496 rials per share.

Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Bandar Abbas Oil Refining Company, Persian Gulf Petrochemical Industries Company, and Mapna Group.

Mobarakeh Steel Company is the biggest steel producer in Middle East and Northern Africa.  The company produces more than 50% of Iran’s steel in major markets including automotive, construction, household appliances and packaging.

Eghtesad Novin Bank of Iran (EN Bank) gave the biggest boost to the benchmark index, followed by Abidi Pharmaceutical Company, and Kashan Amir Kabir Steel Company.

The Price Index lost 1,459.91 points to close at 58,583.8.

The First Market Index was down 4,127.87 points to post 153,436.1. Second Market Index decreased by 8,337.87 points to reach 391,767.1.

The Industry Index went down by 4,407.30 points to register 183,349.7. Free Float Index was down 5,968.90 points to hit 228,326.17.

TSE 30 went down 258.47 points to settle at 9,659.7 and the TSE 50 ended 218.83 points lower to finish at 8,485.7.

IFB Down 3.6%

Iran Fara Bourse’s main index IFX lost 95.31 points or 3.68% to close Sunday trade at 2,494.24

About 1.32 billion shares and securities valued at 5.86 trillion rials ($39.37 million) were traded at the junior stock market for the day.

Iran Office Machines Industries (Maadiran) gave the biggest boost to the IFB’s benchmark index, followed by Kerman Development & Investment Company and Bahman Diesel Compay.

Maadiran is focused on consumer electronics, home appliances and business solutions sectors.

Gohar Zamin Iron Ore Company and Marun Petrochemical Complex contributed the most to the benchmark's fall.