Tehran Stock Exchange Enters Correction Phase

According to the Donyaye Bourse website, the main gauge of TSE continued to soar during midday trade and briefly touched 227,000 points, before being stopped by selloff pressures in the final hours of the trading session. 

Big shares contributed the most to the benchmark fall while the demand for small shares were still high. 

After several rallies in recent days, the correction phase had been predicted by the analytical website.  Stock markets usually turn bearish after experiencing consecutive bullish sessions as in the midterm investors turn to buying and compete to safeguard past profits, Financial Tribune reported.

The TSE's main index TEDPIX lost 532.31 points or 0.24% on Sunday to end trading at 224.057.3.

About 8.02 billion shares valued at 20.25 trillion rials ($136 million) changed hands on the TSE for the day.

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

Iran Merinos, specializing in textiles, woolen and worsted merino, was the biggest winner as its shares went up 10.21% to 17,600 rials. 

Iran Investment Company (IIC) incurred the biggest loss among all TSE-listed companies and went down 4.84% to 5,096 rials per share.

ICC is involved in oil, gas and petrochemical projects plus energy, construction and development services. 

Tamin Petroleum and Petrochemical Investment Company (TAPPICO) contributed the most to the benchmark's fall, followed by MAPNA Group, Golgohar Mining and Industrial Company, and Esfahan Oil Refining Company (EORC). 

MAPNA is involved in development and execution of thermal and renewable power plants, oil & gas, railway transportation, gas and steam turbines, electrical generators, turbine blades and other industrial projects. 

Bank Mellat gave the biggest boost to the benchmark index, followed by Khorasan Steel Complex (KSC) Co., and Telecommunication Company of Iran. 

The Price Index lost 153.34 points or (0.24%) to close at 64,572.3.

The First Market Index was up 94.79 points or (0.06%) to post 168,935.8. Second Market Index decreased by 3,309.73 points or (0.77%) to reach 427,932.3.

The Industry Index went down by 1,183.52 points or (0.58%) to register 201,129.5. Free Float Index was up 398.29 points to hit 253,924.38.

TSE 30 went down 42.74points to settle at 10,913.6 and the TSE 50 ended 50.33 points lower to finish at 9,393.7.

Iran Fara Bourse’s main index IFX lost 1.55 points or 0.06% to close Sunday trade at 2,663.52.

About 2.4 billion shares and securities valued at 8.82 trillion rials ($60 million) were traded at the over-the-counter exchange for the day.