Tehran Stocks Extend Losing Streak

EghtesadOnline: Stocks plunged for the second day in a row on Wednesday as investors increased offers in anticipation of an extended market correction in the days to come.

News ID: ۷۵۰۰۳۳

14 May 2020

The benchmark of Tehran Stock Exchange dipped 0.37%  shedding 3,782 points to close trading week at 1,017,662.

As in the previous session, the market experienced several changes driven by excitement and herding behavior, particularly by a deluge of unprofessional investors.

Shares opened early trading hours at negative territory and moved toward the green zone in the middle of the session as a group of investors perceived the share prices to be attractive enough to place orders.

There also was a group of investors who increased offers later, causing the benchmark to retreat back into red.

About 16.88 billion shares valued at 180.98 trillion rials ($1.06 billion) changed hands at TSE for the day.

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

Pars Animal Feed Company was the biggest winner as its shares went up 9.14% to 105,059 rials per share.

Luleh va Mashinsazi Iran Company incurred the biggest loss among all TSE-listed companies and went down 11.51% to 26,250 rials per share.

Social Security Investment Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Islamic Republic of Iran Shipping Lines Company and Mellat Bank.

Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company, Telecommunication Company of Iran and Omid Investment Management Group Company.

IFX Down 0.29%

Iran Fara Bourse main index IFX lost 33.05 points or 0.29% to close Wednesday trade at 11,299.65.

About 3.56 billion securities valued at 53.71 trillion rials ($315.96 million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares and trade value as 723.88 million of its shares worth 4.44 trillion rials ($26.12 million) were traded.

Saba Tamin Investment Company, Shahid Tondgooyan Petrochemical Company, Hormozgan Steel Company and Zagros Petrochemical Company had the most negative impact on IFX.

Jahrom Power Plant Development Company gave the biggest boost to IFX, followed by Esfahan Steel Company, Middle East Mines and Mineral Industries Development Holding Company and Damavand Power Generation Company.