It seems that after remarkable gains in the past few days, the market is beginning to correct as many market participants, who were in the buying position in recent days, adopt a selling stance in Wednesday trade.
According to Donyaye Bourse analytical website, the corrective move which started Tuesday, gained momentum on Wednesday.
About 83% of the total symbol tickers were red in the early hours of the trade, overloaded with excessive selloff pressure. Banks, sugar and pharmaceutical groups contributed mostly to the selloff, Financial Tribune reported.
The downward trend did not last long as demand rose after some major shareholders took a buying position which slowed further decline in TSE’s benchmark index.
The positive news about price surges in international markets plus promising news about the companies' monthly performance was among major factors behind the rising demand bringing the TEDPIX to the resistance level of 200,000 points.
Boosted by new liquidity, the TEDPIX crossed all-time highs last Sunday and rallied above 200,000 points for the first time. The rally continued on Monday but lost its momentum Tuesday.
Index Performance
Tehran Stock Exchange’s main index TEDPIX lost 1,972.03 points or 0.98% on Wednesday to end trading at 199,918.8.
More than 8.4 billion shares valued at 17.990 trillion rials ($132.5 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday. Sabet Fariman Sugar company was the biggest winner as its shares went up 30.28% to 4,728 rials per share.
Piranshahr Food Products and Cube Sugar Company incurred the biggest loss among all TSE-listed companies and went down 5 % to 1,190 rials per share.
Chadormalu Mining and Industrial Company and Mapna Group contributed most to the benchmark’s fall, followed by Tamin Petroleum & Petrochemical Investment Company and Mobarakeh Steel Company.
MAPNA is a leading player in the power construction industry, technology transfer, manufacture of main equipment for thermal power plants, project management and execution plus investment.
Golgohar Mining and Industrial Company gave the biggest boost to the benchmark index, followed by Persian Gulf Chemical Industry Company and Parsian Oil and Gas Group.
The Price Index lost 586.77 points to close at 57,649.6. First Market Index was down 1,559.540 points to post 150, 084.7. Second Market Index decreased by 3,452.62 points to reach 384,865.4.
The Industry Index went down 1,546.99 points to register 180,208. Free Float Index was up 2,441.33 points to register 225,570.95.
The TSE 30 went down 117.29 points to settle at 9,909.7 and the TSE 50 lost 89.85 points to finish at 4,480.9.
IFX Down 1.78%
Iran Fara Bourse’s main index IFX lost 43.83 points or 1.78% to close Wednesday trade at 2,414.15.
Over 1.5 billion securities valued at 7.800 trillion rials ($51 million) were traded at the junior exchange for the day.
Maskan Pardis Investment Company was the biggest winner in Wednesday’s trade at IFB as its shares went up 4.91% to reach 2,438 rials per share.
The Ghiam Isfahan Company -- active in animal husbandry and agricultural products -- incurred the biggest loss among all IFB-listed companies and went down 5% to 11,141 rials per share.