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EghtesadOnline: Tehran Stock Exchange’s main index gained 2,818.97 points or 2.14% on Sunday to end trading at 134,354.8.

About 1.85 billion shares valued at $61.96 million changed hands at TSE for the day.

Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.

Azarab Industries Company was the biggest winner, as its shares went up 10.05% to 2,530 rials per share, according to Financial Tribune.

Sina Chemical Industries Company incurred the biggest loss among all TSE-listed companies and went down 4.23% to 5,998 rials per share.

Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company and Iran National Copper Industry Company.

Islamic Republic of Iran Shipping Lines Company was the biggest laggard behind the benchmark's fall, followed by Abidi Pharmaceuticals and Kharazmi Investment Company.

The Price Index gained 826.56 points to close at 39,391.5.

The First Market Index was up 2,168.65 points to post 98,196. 

The Second Market Index added 5,176.43 points to reach 271,329.4.

The Industry Index scored 2,798.49 points to register 123,340.5.

The Free Float Index was up 2,785 points to hit 142,727.61.

The TSE 30 gained 160.40 point to settle at 6,676.6 and the TSE 50 ended 128.95 points higher to finish at 5,868.4.

> IFX Up 2.1%

Iran Fara Bourse’s main index IFX gained 31.58 points or 2.1% to close Sunday trade at 1,537.47.

About 564.49 million securities valued at $36.96 million were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares and trade value, as 173.98 million of its shares worth $3.13 million changed hands.

Pasargad Oil Company, Yazd Alloy Steel Company and Parvardeh Tabas Coal Processing Company registered the highest value increase.

Kowsar Insurance, Marjankar Company and Saman Insurance suffered the biggest decline.

Zagros Petrochemical Company, Esfahan Steel Company and Hormozgan Steel Company had the most positive impact on IFX.

> Crucial Decision

Sunday's jump in stocks is mainly attributed to the Securities and Exchange High Council's decision to end the sale of steel and petrochemical products on the mercantile exchange at the subsidized government-issued price of 42,000 rials per dollar. 

The council, headed by the minister of economic affairs and finance, is the highest authority on the exchange market, and responsible for setting the markets' main course of action.

The main problem with the enforced pricing was that the subsidized product was not delivered to the general populace, according to a Donya-e-Eqtesad report on Aug. 16. Rather, it was the middlemen that gained huge rents and profits from the subsidies, which also weakened the industries, disheartened those who trusted the government's promise to keep the industry booming and made pension funds (the biggest legal shareholders of the industries) bleed money.

The council's decision, despite reluctance shown on the part of the government and the Ministry of Industries, Mining and Trade, seems to have won the favor of investors in the related sectors and the buoyancy in both the stock markets is ample proof of that, Donya-e-Bourse reported.

 

Tehran Stock Exchange TEDPIX