Tehran Stock Exchange Notches Second Straight Record, But Sunday's Gain Shrinks to Just 0.14 Percent

Tehran's benchmark stock index hit a fresh record today, but behind that record was a very different story. At midday the index's gain had reached ninety three thousand points, but by the close only eight thousand remained. A fresh wave of selling hit the market in the second half and erased most of that gain. Iran Iran Khodro and Mobarakeh Steel still had buy queues at the close, but Isfahan Refining ended in a sell queue. Real money that flowed into stocks in the morning had completely reversed and flowed out by evening. That same day, fixed income funds lost more than three and a half trillion tomans. Bank Mellat, Mobarakeh Steel, Iran Iran Khodro and Saipa led today's gainers on the bourse. The selling wave hit refining and metals names harder, not the automakers. Four hundred sixty symbols closed green and three hundred sixty two closed red, as trading value jumped. Real investors buying power turned negative today, meaning sellers had the upper hand. The index climbed from five million nine hundred fifty two thousand points on Tuesday to today's record. The question now is where the cash leaving fixed income funds will land next. Tehran stocks set a record, but the strength behind it clearly faded, Sunday, August twenty third. Read the full story on Sahmino dot com, where do you think this money is headed next?