EghtesadOnline: Tehran stocks budged forward on Wednesday with gains in auto stocks offsetting doubts over commodity and petrochemical stocks.
As auto stocks were lifted by hopes over possible price rises, commodity stocks which had boosted the markets on Sunday and Monday were overshadowed by the grim global scene.
Global stocks fell on Wednesday after concern over US-China trade relations and worrying signals of economic health from the US bond market fuelled a sell-off on Wall Street overnight, Financial Tribune reported.
China’s commerce ministry said on Wednesday it was “confident” that a trade agreement with the US could be reached “within 90 days”, in Beijing’s first acknowledgment of the three-month deadline set by Trump. But on Tuesday night in the US, Trump wrote on Twitter: “We are either going to have a REAL DEAL with China, or no deal at all — at which point we will be charging major Tariffs against Chinese product being shipped into the United States.”
Iranian investors were in fact cough between negative global news and more promising ones inside the country where the foreign exchange market is enjoying relative stability and the monthly inflation rate has registered two consecutive declines.
Tehran Stock Exchange’s main index TEDPIX gained 1,158.40 points or 0.70% on Wednesday to end trading at 166,860.1.
About 1.49 billion shares valued at 5.62 trillion rials ($49.14 million) changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday and is also closed for public holidays.
Calcimin Public Company (KSIM)–a company specialized in production of lead and zinc located in Zanjan Province– was the biggest winner as its shares went up 5.14% to 7,951 rials per share.
IRAN Ferrosilice CO. (IFC)–a producer of ferrosilicon and micro silica based in Semnan Province – incurred the biggest loss among all TSE-listed companies and went down 4.9% to 6,461 rials per share.
Golgohar Mining and industrial Company (a company located in Sirjan, Kerman Province) and MAPNA Group-a conglomerate of Iranian companies involved in development and execution of thermal and renewable power, oil & gas and railway transportation-gave the biggest boost to the benchmark index, followed by Omid Investment Management Group Co.( OIMGC)–an investment management company focused on steel, cement, oil and gas ,financial services, real estate and petrochemical industries.
Fanavaran Petrochemical Company contributed the most to the benchmark's fall, followed by Behshahr Industrial Development Corp.) and Tamin Petroleum & Petrochemical Investment Co. (TAPPICO)–a company owned by Social Security Investment Company (Shasta).
The Price Index gained 336.82 points to close at 48,505.4.
The First Market Index was up 1,016.03 points to post 123,337.
The Second Market Index increased by 1,524.36 points to reach 330,419.4.
The Industry Index went up by 1,001.12 points to register 151,734.1.
The Free Float Index was up 1,425.78 points to hit 179,005.03.
The TSE 30 went up 49.19 points to settle at 8,302.3 and the TSE 50 ended 45.46 points higher to finish at 7,284.8.
IFX Up 0.83%
At the over-the-counter market, Iran Fara Bourse’s main index IFX gained 15.12 points or 0.83% to close Sunday trade at 1,844.62
Over one billion shares and securities valued at $35.63 million were traded at the junior exchange for the day.
Esfahan Steel Company (ESCO) had the highest number of traded shares and trade value as 191.47 million of its shares worth $3 million were traded.
Iran Office Machines Industries (Maadiran Group), Alborz Distribution Company and Shomal Shargh Shahrood Industrial and Mining Company registered the highest value increase.
Rail Seir Kowsar Company (a rail transport company)), Fars & Khuzestan Tadbirgaran Investment Company and Pegah-e-Fars dairy company suffered the biggest decline.
Esfahan Steel Company, Damavand Power Generation Company and Hormozgan Steel Company had the most positive impact on IFX.