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EghtesadOnline: Tehran stocks are hitting new highs in a rally that seems to have no ceiling, at least for now. The market picked up where it had left off on Tuesday on the heels of more positive news from the political arena.

Tehran Stock Exchanges' main index, TEDPIX, surpassed another resistance level and reached the 180,635.6 point.  The benchmark index leapt by 6,017.44 points or 3.45% on Tuesday to record another milestone.  

According to analysts, stocks are still being fueled by monthly earnings reports of export-oriented companies which have been among the winners of a rapidly depreciating rial. 

Recent developments in Iran's action plan with the global anti-money laundering body, the Financial Action Task Force, President Hassan Rouhani's positive UN speech and European powers' fresh overtures toward Iran have underpinned the rising optimism among investors, according to Financial Tribune.

Rouhani was critical of Trump in his speech at one point criticizing leaders who: “ride public sentiments and gain popular support by fomenting extremist nationalism and racism” and through what he called “xenophobic tendencies resembling a Nazi disposition.” 

Rouhani later hit back at the embattled Trump saying his decision to impose more sanctions is akin to  "economic terrorism", accusing the US administration of trying to topple his government.

"It is ironic that the US government does not even conceal its plan for overthrowing the same government it wants to talk to," Rouhani said.

Lawmakers on Tuesday approved two bills related to the Iran Action Plan with the FATF. The Guardian Council had earlier found faults with the two bills and sent it back to the legislature for reconsideration.   

The latest move paves the way for Iran meeting its full obligations to the Paris-based group that monitors money laundering worldwide and makes its banks eligible for working with global lenders. 

And the European Union’s announcement late Monday that it would establish a special payments channel to maintain economic ties with Iran sent a clear message to Tehran and Washington according to many. Europe says it is intent on trying to save the 2015 nuclear deal trump tore up.

The special-payment channel is intended to bolster those in Iran arguing that Tehran should keep honoring the deal’s terms. Iranian officials have been warning for months they would follow the Trump administration in abandoning the agreement if the economic benefits of the 2015 deal stop.

According to an analysis by the website Donyaye Bourse on Wednesday, the rally could be affected in the coming week as investors take a closer look at companies' earnings reports and the possibility of them being hit by US sanctions. 

It's true that the stock market has had a return on investment of 15% only in the current week, thanks to the flow of liquidity by small investors and a plummeting rial. But the bull run has also made shareholders more keen about the sustainability of fundamentals and corporate profits.   

Indexes Performance  

Tehran Stock Exchange’s main index gained 6,017.44 points or 3.45% on Tuesday to end trading at 180,635.6.

About 4.56 billion shares valued at $106.16 million changed hands at TSE for the day.

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

Shahdiran was the biggest winner as its shares went up 109.65% to 6,086 rials per share. 

Mehrcam Pars Co. incurred the biggest loss among all TSE-listed companies and went down 3.9% to 2,934 rials per share.

Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Esfahan Steel Company, and Golgohar Mining and Industrial Complex.

Saipa Group was the biggest laggard behind the benchmark's fall, followed by Mobile Telecommunication Company of Iran, and Sepahan Oil Co.

The Price Index gained 1,758.76 points to close at 52,794.

The First Market Index was up 4,473.75 points to post 133,270.8. 

The Second Market Index added 11,790.67 points to reach 358,820.7.

The Industry Index increased by 5,411.29 points to register 164,736.3.

The Free Float Index was up 6,105.23 points to hit 192,473.12.

The TSE 30 went up 279.92 point to settle at 8,632.7 and the TSE 50 ended 268.89 points higher to finish at 7,747.4.

IFX Up 2.89%

Iran Fara Bourse’s main index IFX gained 58.25 points or 2.89% to close Wednesday trade at 2,071.02.

About 1.28 billion securities valued at $59.08 million were traded at the over-the-counter exchange for the day.

Bank Day had the highest number of traded shares as 65.69 million of its shares were traded.

Pars Paper Industries Group registered highest trade value as $1.12 million worth of its shares changed hands.

Tabarok Company, Bank Day, and Kimia Zanjan Gostaran Mining Co. registered the highest value increase.

Bahman Diesel Company, Saman Insurance, and Omid Taban Hour Energy Management company suffered the biggest decline.

Zagros Petrochemical Company, Esfahan Steel Co., and Middle East Mines Industries Development Holding Company had the most positive impact on IFX.

 

Tehran Stocks