Tehran Stocks Falls Under Relentless Sell-Off

EghtesadOnline: Tehran’s bourse was again counting its losses on Sunday as a bruising sell-off swept through a majority of small and large cap shares.

News ID: ۷۵۱۱۱۵

28 September 2020

The main index of Tehran Stock Exchange, TEDPIX, lost 43,373 points and fell 2.68% for the day to retreat below 1.6 million points and close trade at 1,572,158.

Giant listed companies in the banking, refinery, auto, petrochemical, mineral and steel sector were hit harder, pulling down the TSE 30 Index by a solid 4%. The index tracks the performance of 30 listed companies with highest market capitalization.

The equal-weighted index closed trade 1.15% lower. The index offers a better picture on the performance of penny stocks.

Tehran stocks continue to plunge amid investor disappointment about pledges by market authorities to prop up share prices.

Officials at the Securities and Exchange Organization approved measures over the past month to support a market that has lost more than 30% since early August.

Borrowing from the sovereign wealth fund, allowing banks to invest in shares and assigning market markers to boost the liquidity of shares are some of the efforts that all but failed to deliver.

In a latest move this week, the regulator decided to scrap day trading to prevent speculative activity in the fragile market.

TSE Trade

About 4.35 billion shares valued at 51.16 trillion rials ($179.53 million) changed hands at TSE on Sunday

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

Zanjan Province Investment Company was the biggest winner as its shares went up 43% to 1,430 rials. Parsian Electronic Commerce Company incurred the biggest loss among all TSE-listed companies with its share down 7.38% to 6,780 rials

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

Tamin Petroleum and Petrochemical Investment Company gave the biggest boost to the benchmark index, followed by Iranian Investment Petrochemical Group Company, Parsian Lotus Investment Bank and South Khorasan Province Investment Company.

The Industry Index lost 39,724.51 points or 2.76% to register 1,398,266.92. The Free Float Index was down 57,169.1 points to hit 2,088,254.4.

TSE 30 went down 3,386.38 points to settle at 81,895.58 and the TSE 50 ended 1,980.98 points lower to finish at 62,901.22.

IFX Down 1.38%

Iran Fara Bourse main index IFX lost 251.33 points or 1.38% to close Sunday trade at 17,950.74.

About 1.25 billion securities valued at 28.8 trillion rials ($101.08m) were traded at the junior exchange for the day.

Saba Tamin Investment Company had the highest number of traded shares as 142.94 million of its shares worth 1.84 trillion rials ($6.48m) were traded.

Arya Sasol Polymer Company, Pasargad Insurance Company, Zagros Petrochemical Company and Esfahan Steel Company had the most negative impact on IFX.

Marun Petrochemical Company gave the biggest boost to IFX, followed by Sepehr Saderat Financial Group Investment Company, Tukarail Company and Atieh Dadeh Pardaz Company.