EghtesadOnline: The benchmark index on Tehran Stock Exchange closed above the 170,000 mark on Saturday for the first time in four months. TEDPIX soared 2,009.54 points or 1.19% to finish at 171,125.0 and thus crossing a resistance level in the last trading week of the current fiscal year (ends March 20.)
Although most shares saw booming trade during the Saturday session, petrochemical stocks particularly led to big gains for TSE. Among the giants that had the biggest positive impact on TEDPIX were Esfahan Oil Refining Company, Bandar Abbas Oil Refining Company, Khuzestan Steel Company and Tehran Oil Refining Company.
Iran chemical Industries Investment Company was the biggest winner on Saturday as its share prices rose 7.7% to be traded for 3,958 rials.
The Price Index at TSE increased 581.33 points to end at 49,503.8, the First Market index was up 1,504.48 points or 1.18% to close at 128,726.5 and the Second Market grew 3,892.39 point to end up at 328,245.4. The Industry Index climbed 1,854.03 points or 1.22% to close off at 153,792.0, according to Financial Tribune.
The junior stock exchange Iran Fara Bourse also had a thriving Saturday with the main gauge IFX growing 19.19 points or 0.92% to finish at 2,114.84. Gohar Zamin Iron Ore Company, Zagros Petrochemical Company and Middle East Mines & Mineral Industries Development Holding Company's (MIDHCO) had the biggest positive impact on IFX.
According to the stocks analytics website Donyaye Bourse, the reasons for the continued market rally were fundamental factors underlying the global commodity markets where oil, metals and chemical products have relatively retained robustness in prices.
Goldman Sachs says the world's appetite for oil and gasoline is growing faster than many forecasters expected, putting Brent crude on pace to top $70 a barrel.
The investment bank says oil demand grew by 1.55 million barrels per day in January alone, a strong result despite a tough comparison with high consumption last year.
For the first quarter, Goldman expects global oil demand to grow by nearly 2 million bpd, trouncing its earlier forecast for 1.1 million bpd and driven by consumption in emerging markets.
The United States introduced sanctions aimed at cutting Iran’s oil revenues in November but gave a six-month waiver to eight nations, including India and China, which allowed them to import some Iranian oil.
According to Reuters, the US will likely renew waivers to sanctions for most countries buying Iranian crude, including the biggest buyers China and India, in exchange for pledges to cut combined imports to below 1 million bpd.