Tehran stocks dive amid huge selloff

Financial Tribune – Following a notice of “disclosure of significant information” by Social Security Investment Company (known as Shasta), its shares dropped by 19% on Sunday, alone wiping off more than 22,000 points to the TSE benchmark

Tehran stock market was hit hard at the fifth session of bear market Sunday and plunged in what is said to be one of its worst days in history.

The benchmark of Tehran Stock Exchange, TEDPIX, lost 89,693 points and fell 4.7% for the day to close trade at 1,813,574 points. This put TSE losses in five consecutive session at 12.7%.

Market data show retail investors fled selling 9.3 trillion rials ($42 million) in shares while more than 80 trillion rials ($365m) sale orders remained unprocessed.

Steep decline in the shares of Social Security Investment Company was the final nail in the coffin. SSIC, known as Shasta contributed the most to the benchmark, being the largest Iranian holding and the biggest in TSE in terms of market capitalization.