Tehran Stocks Dive Deeper

EghtesadOnline: Tehran stocks fell deeper on Sunday extending a losing streak that has dominated the market for more than two weeks.

News ID: ۷۵۰۷۸۸

24 August 2020

The benchmark of Tehran Stock Exchange, TEDPIX, shed 65,023 points to plunge further by 3.76% and close trade at 1,662,215. It now stands at a point reached almost one and a half month ago, on July 5. It has parted ways from the historic peak by a solid 500,000 points.

The downturn came despite the fact that observers expected a better sentiment on Sunday after bourse officials decided to adopt supportive measures a day earlier to prop up the market.

With sell-off pressure mounting on majority of stocks and money flowing out, it appears that the regulator’s supportive measures have a long way to go.

About 6.05 billion shares valued at 92.5 trillion rials ($411.13 million) changed hands at TSE on Sunday.

Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Social Security Investment Company, Mobarakeh Steel Company and National Iranian Copper Industries Company.

Amin Investment Bank gave the biggest boost to the benchmark index, followed by Behsaz Kashaneh Tehran Company, Sepahan Industrial Group Company and Dashtestan Cement Industries Company.

IFX Down 3%

Iran Fara Bourse main index IFX lost 553.79 points or 3.01% to close Sunday trade at 17,824.36.

About 873.89 million securities valued at 25.73 trillion rials ($114.35m) were traded at the junior equity market for the day.

Marun Petrochemical Company, Gohar Zamin Iron Ore Company, Arya Sasol Polymer Company and Saba Tamin Investment Company had the most negative impact on IFX.

Gilan Electric Power Development Company gave the biggest boost to IFX, followed by Kish Parsian Electronic Commerce Company, Malard Shir Company and Rail Seir Kousar Company.