Tehran Stocks opened in negative territory after a two-day Eid holiday, marking the end of the holy month of Ramadan, amid growing concern among investors that the bear market is here to stay. <\/p>\n\n\n\n
The benchmark of Tehran Stock Exchange lost more than 33,707 points on Tuesday to stand at 926, 132 points to fall 3.5%, moving farther away from the key 1,000,000 level. <\/p>\n\n\n\n
Value of trade in TSE and the junior equity market Iran Fara Bourse reached 130 trillion rials ($764 million) with shares in auto, bank, metal and refinery companies accounting for the majority of trade, according to Boursepress.ir.<\/p>\n\n\n\n
Market analysts see the government\u2019s recent decision to allow shareholders to sell 30% of the so-called Justice Shares as another shock to the bourse. <\/p>\n\n\n\n
Justice Shares belong to big government-owned companies and were given to the low income groups a decade ago. The shares were not tradable until recently. <\/p>\n\n\n\n
The Economy Ministry has allowed shareholders to place sale orders for 30% of the shares in their portfolio from May 30. <\/p>\n\n\n\n
Following the announcement, investors rushed to sell particularly large-cap shares in their portfolio in anticipation of oversupply in the coming days that may result in steep declines in share prices. <\/p>\n\n\n\n
Large-cap stocks account for a majority of shares in the Justice Share portfolio including 49 state-owned companies in the auto, metal, mining, and agriculture, petrochemical and banking sectors.<\/p>\n\n\n\n
Sell-off pressure was higher for large-cap stocks as indicated by lower losses in the equal-weighted index — at 1.8% — and higher TSE-30 index. The former gives the same weight to all stocks irrespective of their market cap while the latter only tracks the performance of 30 companies with the highest market cap. <\/p>\n\n\n\n
Sell-off pressure in refineries, petrochemical, metal, bank and auto stocks pushed the TSE-30 index down to 4.16 %. <\/p>\n\n\n\n
About 7.95 billion shares valued at 68.08 trillion rials ($391.3 million) changed hands at TSE on Tuesday.<\/p>\n\n\n\n
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.<\/p>\n\n\n\n
Sina Chemical Industries Company was the biggest winner as its shares went up 5% to 175,481 rials per share. <\/p>\n\n\n\n
Machine Sazi Arak company incurred the biggest loss among all TSE-listed companies to go down 6.35% to 11,392 rials per share.<\/p>\n\n\n\n
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark’s fall, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Social Security Investment Company.<\/p>\n\n\n\n
National Investment Company of Iran gave the biggest boost to the benchmark index, followed by Karafarin Bank, Bama Mining Company and Pars Oil Company.<\/p>\n\n\n\n
The Price Index lost 8,956.73 points, or 3.51% to close at 246,089.84. The First Market Index went down 26,434.35 points, or 3.75% to post 678,933.04.<\/p>\n\n\n\n
The Second Market Index was down 60,785.14 points, or 3.15% to reach 1,867,004.71.<\/p>\n\n\n\n
The Industry Index lost 30,522.63 points or 3.64% to register 808,933.66. The Free Float Index was down 43,321.4 points to hit 1,242,981.5.<\/p>\n\n\n\n
TSE 30 went down 1,742.21 points to settle at 40,125.67 and the TSE 50 ended 1,434.14 points lower to finish at 34,030.06.<\/p>\n\n\n\n
Iran Fara Bourse main index, IFX, lost 197.24 points, or 1.79%, to close Tuesday trade at 10,825.4.<\/p>\n\n\n\n
About 2.26 billion securities valued at 62.23 trillion rials ($357.65 million) were traded at the over-the-counter exchange for the day.<\/p>\n\n\n\n
Esfahan Steel Company had the highest number of traded shares as 155.61 million of its shares worth 849.88 billion rials ($4.88 million) were traded.<\/p>\n\n\n\n
Middle East Mines and Mineral Industries Development Holding Company, Esfahan Steel Company, Zagros Petrochemical Company and Saba Tamin Investment Company had the most negative impact on IFX. <\/p>\n\n\n\n
Marun Petrochemical Company gave the biggest boost to IFX, followed by Gohar Zamin Iron Ore Company, Ghadir Petrochemical Company and Toliddaru Company.<\/p>\n\n\n\n