TSE Early Rally Ends in Sell-Off

EghtesadOnline: The share market opened trading on Tuesday on a strong note in the first session only to lose ground later as sell-side pressure mounted for many large-cap shares in the second round.

News ID: ۷۵۰۷۴۲

19 August 2020

The benchmark of Tehran Stock Exchange, TEDPIX, gained more than 46,000 points and climbed 2.2% in the early hours of trade but pared gains as trade commenced in the next round.

Gains shrunk to 0.5% and TEDPIX finally closed the session 9,599 points higher to stand at 1,825,354 points. The equal-weighted index was up 0.76%, indicating better performance of small-caps.

To help ease the crammed trading platform, the TSE has made changes to the trading hours since Monday. Now there are two sessions with small cap shares, shares of banks, minerals and auto companies traded in the first round (8:30-11:45 a.m.) and large cap stocks in the second (12:00- 03:15 p.m.).

Building on the upbeat mood created a session earlier, majority of shares in the first round gained on Tuesday. However, massive sell-off hit most refinery, metal and investment companies in late-hour trade.

About 12.16 billion shares valued at 193.5 trillion rials ($859.96 million) changed hands at TSE on Tuesday.

National Iranian Copper Industries Company contributed the most to the benchmark's fall, followed by Esfahan Oil Refining Company, Tehran Oil Refining Company and Social Security Investment Company.

Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Golgohar Mining and Industrial Company, Iran Khodro Company and Parsian Bank.

IFX Up 1.6%

Iran Fara Bourse main index, IFX, gained 306.85 points, or 1.6%, to close Tuesday trade at 19,429.93.

About 2.85 billion securities valued at 98.87 trillion rials ($439.44m) were traded at the junior equity market.

Arya Sasol Polymer Company, Pouya Investment Company, Tabarok Industrial Group Company and Yazd Rubber Industries Complex had the most negative impact on IFX.

Marun Petrochemical Company gave the biggest boost to IFX, followed by Gohar Zamin Iron Ore Company, Pasargad Insurance Company and Zagros Petrochemical Company.