Petrochemical stocks also helped pull the market lower, outweighing gains by food stocks. Oil prices continued a steep slide early Tuesday, as concerns that slowing global growth could further hinder demand for crude outweighed production cuts by the Organization of the Petroleum Exporting Countries.
Extending a decline from Asia, January West Texas Intermediate crude dropped $1.54, or 3%, to $48.33 a barrel. The bearish oil prices came as investors are dealing with a dearth of positive news on the domestic front. Gains for the national currency rial has also dampened sentiment further about the possibility of fat margins for export companies as was hoped earlier.
Index Performance
The Tehran Stock Exchange main index lost 603.47 points or 0.38% on Tuesday to end trading at 159,146.4, according to Financial Tribune.
About 1billion shares valued at 3.34 trillion rials ($33.46 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Esfahan Sugar Company was the biggest winner as its shares went up 4.97% to 11,414 rials.
Pars Animal Feed Company incurred the biggest loss among all TSE-listed companies and went down 4.94% to 3,404 rials per share.
Isfahan Oil Refining Company contributed the most to the benchmark's fall, followed by Tehran Oil Refining Company and Bandar Abbas Oil Refining Company.
Omin Investment Management Company – gave the biggest boost to the benchmark index, followed by Bank Saderat and Khuzestan Steel Company.
The Price Index lost 175.41 points to close at 46,263.1.
First Market Index was down 268.77 points to post 116, 757.2. Second Market Index decreased by 2,047.96 points to reach 319,387.0.
The Industry Index went down by 670.54 points to register 144,406.5. Free Float Index was down 620.61 points to hit 170,581.63.
TSE 30 went down 21.47 point to settle at 7,765.3 and the TSE 50 ended 23.05 points lower to finish at 6,884.2.
IFX Down 0.06%
Iran Fara Bourse’s main index IFX lost 1.09 points or 0.06% to close Tuesday trade at 1,808.61.
About 682 million shares and securities valued at $43.36 million were traded at the over-the-counter exchange.
Esfahan Steel Company had the highest number of traded shares as 181.77 million of its shares worth $3.4 million changed hands.
Maskan Pardis Investment Company (a real-estate investment group) registered the highest value increase.
Iran Cultural Heritage and Tourism Investment Group (SEMEGA) suffered the biggest decline.
Esfahan Steel Company and Zagros Petrochemical Company had the most negative impact on IFX.