EghtesadOnline: After undergoing a correction phase on Wednesday, stocks soared again on Saturday to break another record. The main gauge of Tehran Stock Exchange, TEDPIX, rose 4,464 points and lifted the index by 2.23% to register a new record at 204,375 points.
According to the Donyaye Bourse website, the positive developments about auto and petrochemical stocks, launching the regulated foreign exchange market and extending tax exemption on capital boost of listed companies were among the driving forces behind the weekend rally.
This is while stocks in Asia traded mixed on Friday after modest gains in their US counterparts, ahead of a holiday weekend in many countries.
Shares edged higher in Japan and Korea, and fluctuated in China, with trading volumes lighter than usual, according to Financial Tribune.
After remarkable gains in the past few days, the market began to correct in Wednesday trades as many market participants, who were in the buying mood in recent days, preferred on Wednesday.
Burdened by excessive selloff pressure, the TSE lost close to 1% on Wednesday and shed 1,972 points to fall below the supportive level of 200,000 points.
Tehran Stock Exchange’s main index TEDPIX gained 4,464.02 points or 2.23% on Saturday to end trading at 204,375.30.
More than 4.1 billion shares valued at 12.127 trillion rials ($89.6 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Rouz Darou Pharmaceutical Company was the biggest winner as its shares went up 20.34% to 3,537 rials per share.
Mahram Manufacturing Group - a major food company, incurred the biggest loss among all TSE-listed companies and went down 5% to 23,786 rials per share.
Persian Gulf Petrochemical Industry Company and Parsian Oil & Development Group Company gave the biggest boost to the benchmark index, followed by Pardis Petrochemical Company and Bank Mellat.
PGPI produces polymers, aromatics, chemical and basic products, and feed stocks. It makes petrochemicals and sells its products in the international market and supplies petrochemical industries downstream.
Pardis Petrochemical Company is a producer and supplier of urea/ammonia in Iran. The company owns one of the biggest urea and ammonia production units in the Middle East.
Tejarat Bank contributed the most to the benchmark's fall, followed by Mines and Metals Development Investment Company and Shahd Sugar Company.
MMDIC is a leading regional mining and metals group that focuses on exploring, mining, processing and marketing the mineral resources and metallic products in Iran.
The Price Index gained 1,276.59 points to close at 58,900.01. The Industry Index went up by 3,981.72 points to register 184,182.52.
First Market Index was up 3,165.56 points to post 153, 241.71. Second Market Index increased by 9,466.54 points to reach 394,332.01.
Free Float Index was up 5,267.39 points to register 230,822.54. The TSE 30 went up 108.20 points to settle at 10,089.91 and the TSE 50 gained 175.37 points lower to finish at 8,656.22.
IFX Up 2.37%
Iran Fara Bourse’s main index IFX rose 2.37% to close Saturday trade at 2,477.83 points.
Over 1.6 billion securities valued at 7.1 trillion rials ($52.5 million) were traded at the junior exchange for the day.