EghtesadOnline: Iranian stocks rallied as global markets reopened on Monday, prompting the benchmark index on Tehran Stock Exchange to top 167,000 for the first time since the outset of winter. TEDPIX soared 2,900.92 points or 1.76% and finished off at 167,371.3.
Monday's growth also marked the biggest single-session surge for the main index in 12 days.
Investors have once again directed their attention to fundamental economic factors as opposed to past rallies when herd behavior was the major catalyst for the bull run. Commodity stocks were particularly favored by investors on Monday.
A report by Donyaye Bourse website said the stability in global and regional markets as well as permission issued for capital increase of listed companies was the driving forces behind Monday's robust activity, Financial Tribune reported.
On Monday stocks climbed in Europe and Asia and futures for the benchmark US gauge advanced as equity markets sought to shake off the worst week of the year. The dollar nudged higher.
In Asia, Chinese shares outperformed, paring some of Friday’s losses, with stocks in Japan and Hong Kong also higher. Treasuries declined with most European sovereign bonds. A slew of data released this week will be closely watched for clues on growth and the impact of central bank policy in the US, European Union and China, with the Bank of Japan the next to meet.
On the trade front, Beijing and Washington are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange, People’s Bank of China Governor Yi Gang said.
Elsewhere, oil prices climbed as Saudi Arabia extended deeper-than-agreed production cuts into a second month.
Similar to Sunday trade, Mobrakeh Steel Company, National Iranian Copper Industries Company and Golgohar Industrial and Mining Compay had the biggest positive impact on TEDPIX.
Paksan Company, a manufacturer of health consumer products, however, was the biggest winner at Monday's trading as its share rose 15.74% to be traded at 7,208 rials. Khazar Cement Company, Yazd Jooshkab Company and Lamiran Company (a razor blade producer) were among other firms that saw their share prices gain considerably on Monday.
The price index rose 839.90 points to close at 48,453.3. The First Market Index was up 2,390 points to finish at 125,807.7 and the Second Market Index increased 4,579 points to close at 321,495.5. The Industries Index grew 2,722 points and TSE 30 gained 216.78 points.
At the junior market Iran Fara Bourse, the main gauge IFX soared 26.96 points or 1.3% to close at 2,097.01.