Tehran Stocks Dip 1%

EghtesadOnline: The main gauge of Tehran Stock Exchange slipped Sunday amid lack of fundamental drivers that could bolster the market.

News ID: ۷۴۸۹۰۷

11 November 2019

Reports say the benchmark fell more than 3,063 points, or 1%, to 302,795.2 for the day as sell-off hit a large number of equities.

Symbol tickers of 240 companies were in the red an hour before trading ended on Sunday, according to the stock market analytical website Donyaye Bourse.

Mahmoud Ehterami, a market analyst, told IRNA that the market needs positive news to enter a recovery phase, pointing to reports of capital boost of listed companies via asset revaluation as a highly likely driver of the market, Financial Tribune reported.

“The market is thirsty for asset revaluation,” he said, advising investors to go for shares of companies that can get the most out of this.

Market Performance

The TSE's main index TEDPIX lost 3,063.74 points, or 1%, on Sunday to end trading at 302,795.2.

About 2.42 billion shares valued at 12.38 trillion rials ($108.30 million) changed hands for the day.

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

Iran Glass Wool Company was the biggest winner as its shares went up 5% to 26,298 rials per share.

Mahram Company incurred the biggest loss among all TSE-listed companies and went down 4.97% to 38,486 rials per share.

Bank Mellat contributed the most to the benchmark's fall, followed by Mobarakeh Steel Company, Kharg Petrochemical Complex and Golgohar Mining and Industrial Company.

Behran Oil Company gave the biggest boost to the benchmark index, followed by Tidewater Middle East Company and Tabriz Oil Refining Company.

The Price Index lost 820.72 points, or 1%, to close at 81,121.7.

The First Market Index was down 2,125.74 points, or 0.96% to post 219,890.3.

The Second Market Index was down 6,681.59 points, or 1.07% to reach 616,578.4.

The Industry Index went down 2,652.34 points or 0.97% to register 271,609.7. The Free Float Index was down 3,804.39 points to hit 351,812.95.

TSE 30 went down 111.46 points to settle at 13,118.8 and the TSE 50 ended 105.98 points lower to finish at 11,884.9.

IFX Down 0.6%

Iran Fara Bourse main index IFX lost 23.18 points or 0.6% to close Sunday trade at 3,870.9.

About 905.5 million securities valued at 6.49 trillion rials ($57.18 million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares as 109.19 million of its shares valued at 195.50 billion rials ($1.7 million) were traded.

Esfahan Steel Company, Shiraz Oil Refining Company, Bank Day and Ghasem Iran Company (active in the distribution industry) had the most negative impact on IFX.

Marun Petrochemical Complex gave the biggest boost to IFX, followed by Esfahan Kesht Mechanized Agricultural Company, Damavand Power Generation Company and Pars Paper Industries Group Company.