EghtesadOnline: Following three bear market sessions, the Tehran Stock Exchange on Wednesday turned bullish amid rising investor demand for big shares.
The main index of TSE, TEDPIX, pared some of its earlier losses and gained over 3,000 points on Wednesday to close the trading week at 211,344 points.
According to the Donyaye Bourse website, the TEDPIX was boosted mainly by the metals, minerals, and commodity stocks.
While the demand for big shares was high, the small shares were undergoing a massive selloff. Auto company shares contributed the most to the selloff pressure, Financial Tribune reported.
Data released by the Ministry of Industry showed a massive 29% fall in auto production in the month to April 21 compared to a month ago.
In a development that boosted bank stocks wax an announcement by the Bank Saderat CEO that the lender plans to adjust its financial structure.
World shares held near five-week lows on Wednesday amid renewed trade tensions and fears for the global economy.
European shares inched higher in an effort to shake off the gloom of dismal session in Asia and sharp slides on Wall Street.
Tehran Stock Exchange’s main index TEDPIX gained 3,146.90 points or 1.51% on Wednesday to end trading at 211,344.0.
More than 6 billion shares valued at 15.06 trillion rials ($98.02 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Kaveh Paper Industries was the biggest winner as its shares went up 5% to 5,189 rials per share.
Qayen Cement Industry incurred the biggest loss among all TSE-listed companies and went down 5% to 14,481 rials per share.
Steel and Copper High
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Iran National Copper Industry Company, Chadormalu Mining and Industrial Complex, Golgohar Mining and Industrial Complex, and the Mapna Group.
Mobarakeh Steel Company is the largest steel maker in the MENA region and one of the largest industrial complexes in Iran.
Iran Khodro Industrial Group (IKCO), a major automaker, contributed the most to the benchmark's fall followed by Islamic Republic of Iran Shipping Lines (IRISL), SAIPA (the second largest auto company), and Parsian Bank.
The IRISL Group is a maritime fleet comprising 115 ocean-going vessels, with the total capacity of 3.3 million tons deadweight.
The Price Index gained 903.66 points (1.51%) to close at 60,689.3. First Market Index was up 2,865.91 points (1.83%) to post 159,610.9.
Second Market Index increased by 3,705.86 points (0.93%) to reach 402,430.9. The Industry Index went up by 2,990.32 points (1.60%) to register 189,735.3.
Free Float Index was up 2,967.06 points to register 236,943.68.
The TSE 30 went up 210.11 points (2.12%) to settle at 10,135.7 and the TSE 50 gained 151.46 points (1.74%) lower to finish at 8,847.5.
Iran Fara Bourse’s main index IFX rose 1.37% to close Wednesday trade at 2,605.7 points.
Over 1.79 billion securities valued at 6.36 trillion rials ($41.43 million) were traded at the junior exchange for the day.