Stocks in Tehran Add Value
EghtesadOnline: After recording a whopping growth of 5,700 points on Monday, the main gauge of Tehran Stock Exchange continued its upward movement on Tuesday. TEDPIX recorded a fresh record by entering the 202,000 point in midday trading but lost some ground to finally close 84.97 points higher at 201,890.
According to Donyaye Bourse website, while on Monday all shares almost equally faced strong demand due to a flow of new liquidity into the market, the big firms mostly lifted the market on Tuesday. Mineral stocks, in particular, were shining on the day.
This is while Asian stocks hovered below a nine-month high Tuesday after disappointing bank earnings dented Wall Street, though recent signs that the global economy is likely to avoid a sharper downturn helped limit the losses.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed by mid-morning, according to Financial Tribune.
The index had risen to its highest level since July 2018 the previous day after strong export and banking data from China last week eased investors’ concerns about the health of the world’s second-largest economy, according to Reuters.
Expectations that Chinese and US trade negotiators would strike a deal soon also lifted market confidence.
Tehran Stock Exchange’s main index TEDPIX gained 84.97 points or 0.4% % on Tuesday to end trading at 201,890.8.
More than 11 billion shares valued at 18.77 trillion rials ($137 million) changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Ilam Cement Company was the biggest winner as its shares went up 45.48% to 5,131 rials per share.
West Cement Company Company incurred the biggest loss among all TSE-listed companies and went down 9.21% to 5,157 rials per share.
Golgohar Mining and Industrial Company and Omid Investment Management Company gave the biggest boost to the benchmark index, followed by Chadormalou Mining and Industrial Company and Persian Gulf Petrochemical Industries Company.
National Iranian Copper Industries Company contributed the most to the benchmark's fall, followed by Isfahan Oil Refining Company and Mobarakeh Steel Company.
Mobarakeh Steel Company is the largest steel maker in the MENA region, and one of the largest industrial complexes operating in Iran.
The Price Index gained 24.50 points to close at 58,218.7. First Market Index was up 469.11 points to post 151, 644.1. Second Market Index decreased by 1,737.73 points to reach 388,291.3.
The Industry Index went up by 108.57 points to register 181,755.6. Free Float Index was down 438.85 points to register 228,012.01.
The TSE 30 went up 7.51 points to settle at 10,027.0 and the TSE 50 ended 19.30 points to finish at 8,570.7.