Tehran Stocks Face Selloff Pressures

EghtesadOnline: After leaving behind a relatively tepid week, stocks in Tehran’s market began trading week in negative territory, amid selloff pressures over a wide range of equities.

News ID: ۷۴۷۷۸۳

07 July 2019

The main gauge of Tehran Stock Exchange shed more than 3,000 points on Saturday, sending TEDPIX 1.4% lower.

Investors reaped the benefits of upbeat monthly financial performance of listed companies over the past week. They prefer to take caution and await the seasonal performance of listed companies, the Donyaye Bourse website reported.

The stocks of major petrochemical and steel companies contributed the most to the benchmark’s fall, Financial Tribune reported.

TSE's main index TEDPIX lost 3,498.21 points or 1.41% on Saturday to end trading at 245,445.8.

About 2.8 billion shares valued at 10.96 trillion rials ($84.65 million) changed hands at TSE for the day.

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

Pars Switch Company, a manufacturer of medium and high voltage circuit breakers and disconnectors, was the biggest winner as its shares went up 34.43% to 10,664 rials.

Hegmatan Cement Company incurred the biggest loss among all TSE-listed companies and went down 4.98% to 6,221 rials per share.

Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, Tamin Petroleum and Petrochemical Investment Company and Telecommunications Company of Iran.

Iran Chemical Industries Investment Company gave the biggest boost to the benchmark index, followed by Iranian National Investment Company and Sepahan Oil Company.

The Price Index lost 982.21 points, or 1.41% to close at 68,915.4.

The First Market Index was down 2,691.86 points, or 1.46% to post 181,531.1. Second Market Index decreased by 6,445.56 points, or 1.31% to reach 485,159.4.

The Industry Index went down by 3,327.44 points, or 1.49% to register 219,323.6. Free Float Index was down 3,820.02 points to hit 279,591.05.

TSE 30 went down 167.71 points to settle at 11,081.9 and TSE 50 ended 163.39 points lower to finish at 9,942.1.

Iran Fara Bourse’s main index IFX lost 20.71 points, or 0.64% to close Saturday trade at 3,192.81.

About 3.16 billion shares and securities valued at 11.42 trillion rials ($88.25 million) were traded at the over-the-counter exchange for the day.