Iran: Bourse at Lowest Level in One Year

EghtesadOnline: Tehran stocks plummeted on Sunday to levels a year ago with the Tehran Stock Exchange main index giving away 1.8%.

News ID: ۷۸۶۴۸۵

24 May 2021

Following a sharper decline in large caps, the TEDPIX shed 20,303.42 points to close at 1,107,915.12 points, wiping out whatever little gains it had made in the past 12 months.

The TSE’s benchmark reached its apex in mid-August at 2.1 million points after falling into a tailspin ever since. Except for subtle gains in some penny stocks, almost all share categories fell on Sunday including large caps with refinery shares hit the hardest.

The TSE-30 Index was down more than 2.4% and the TSE’s equal-weighted index lost 1%. While the former tracks the performance of top 30 large cap companies, the latter gives the same weight to all shares irrespective of their market cap.

After nine months of consecutive decline, the market is still in what some say is the “correction phase” with nervous investors the least interested in recurring support measures announced by the government to revive the bourse.

On Sunday, about 4.28 billion shares valued at 30.706 trillion rials ($133.5 million) changed hands at TSE on Sunday. Iran Merinus Company was the biggest winner as its shares went up 4.38% to 77,760 rials per share.

Mellat Leasing Company incurred the biggest loss among all TSE-listed companies and went down 34.76% to 5,030 rials per share.

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

Shazand Petrochemical Company gave the biggest boost to the benchmark index, followed by Fars and Khuzestan Cement Company, Parsian Bank and Bouali Sina Petrochemical Company.

IFX Down 1%

Iran Fara Bourse main index IFX lost 172.50 points or 0.98% to close Sunday trade at 17,503.96. About 1.101 billion securities valued at 26.36 trillion rials ($114.6 million) were traded at the junior exchange.

Arya Sasol Polymer Company, Hormozgan Steel Company, Pasargad Insurance Company and Saba Tamin Investment Company had the most negative impact on IFX.

Shahid Tondgooyan Petrochemical Company gave the biggest boost to IFX, followed by Saveh Cement Company, Iranol Company and Sobhan Investment Company.