Iran: Retail Investors Lured by Stock Market Gain
EghtesadOnline: With stocks delivering good winter runs after heavy losses in late autumn, retail investors are being lured back into the market days after Tehran's main bourse was about to sound the alarm.
Individual investors are pumping more money into brokerage accounts after the Tehran Stock Exchange surged close to 2% at Sunday's session – thanks in large part to institutional players.
Meanwhile Donyay-e-Bourse, a stock analytical website, reported that battered share prices along with good prospects for companies' nine-monthly reports ( due to be released soon), is encouraging more people to buy shares.
Bank stocks maintained their appeal on Monday as shareholders are buoyed with prospects of increased profit for lenders from assets revaluation which only reflects the rise in currency rates compared to a year ago, according to Financial Tribune.
Among these, Bank Mellat, Tejarta Bank and Bank Saderat Iran have been the most notable winners.
Tehran Stock Exchange’s main index TEDPIX gained 790.23 points or 0.50% on Monday to end trading at 157,484.0.
About 2.17 billion shares valued at 5.94 trillion rials ($57.70 million) changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Winners and Losers
Abadan Petrochemical Company was the biggest winner as its shares went up 8.62% to 3,969 rials per share.
Saipa Glass Company (a subsidiary of the Saipa auto group) incurred the biggest loss among all TSE-listed companies and went down 4.58% to 2,872 rials per share.
National Iranian Copper Industries Company and Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Isfahan Oil Refining Company.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Tamin Petroleum & Petrochemical Co and Kharg Petrochemical Company.
The Price Index gained 229.74 points to close at 45,779.8. First Market Index was up 863.00 points to post 115,920.0.
The Second Market Index increased by 222.51 points to reach 314,208.5. Industry Index went up by 569.50 points to register 141,693.5.
The Free Float Index gained 1,329.50 points to hit 170,627.92.
The TSE 30 went up 67.53 points to settle at 7,721.9 and the TSE 50 ended 37.50% points lower to finish at 6,791.2.
At the over-the-counter market, Iran Fara Bourse’s main index IFX gained 9.76 points or 0.54% to close Monday trade at 1,826.67.
Over 562 million shares and securities valued at $25.33 million were traded at the junior exchange for the day.