Tehran Stocks Rise
EghtesadOnline: After a remarkable rebound on Saturday, the main gauge of Tehran Stock Exchange continued to extend gains Tuesday as investors took a buying position in a wide range of stocks.
The market was in a rather good mood after worries over political tensions subsided and positive news about monthly performance reports of listed companies boosted investor sentiments.
The main TEDPIX index gained more than 5500 points to close trading day on Tuesday at 223,253 points.
Besides relative calm in the political climate, the TSE was buoyed more by the up-beat performance report of listed companies published on Codal - an information website created for instant official publication of corporate data and news, Financial Tribune reported.
The website shows extraordinary performance in terms of volume and value of shares in the last Iranian month (April 21- May-21), particularly in the metal, petrochemical, pharmaceuticals, cement and food stocks.
Mobarakeh Steel Company stocks were the most frequently traded stocks on Tuesday thanks to its remarkable growth in production and significant increase in sales a month ago.
A development which signaled easing political tensions between Iran and United States was US President Donald Trump’s green light to Japan’s rare offer for mediating between the two sides.
Trump on Monday backed Japanese Premier Shinzo Abe's plan in using both his good offices and his country’s good relations with Iran to help arrange a possible dialogue between Washington and Tehran.
Iran and the US do not have diplomatic relations for four decades. Trump has dispatched huge volumes of firepower to the Persian Gulf in recent weeks in a clear sign of dangerous provocation and renewed hostility against Iran.
Shares in Asia closed higher on Tuesday. Mainland Chinese stocks were higher on the day, with the Shanghai composite gaining 0.61% to about 2,909.91.
The Nikkei 225 in Japan added 0.37% to close at 21,260.14, while the Topix index rose 0.26% to finish the trading day at 1,550.99.
After gains in Asia, hopes that European stocks would open higher were dashed, with Italian shares falling more than half a percent, unwinding early gains in both the pan-regional STOXX 600.
The pan-European Stoxx 600 index was down around 0.3% during mid-morning deals, with most sectors and major bourses in negative territory. Italy’s FTSE MIB index led the losses, falling more than 1%.
TEDPIX gained 5,679.90 points or 2.61% on Tuesday to end trading at 223,253.8.
More than 5.1 billion shares valued at 17.66 trillion rials ($127.57 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Post Bank of Iran was the biggest winner as its shares went up 13.2% to 2,976 rials per share.
Tehran Derakhshan Industrial Manufacturing Company incurred the biggest loss among all TSE-listed companies and went down 4.94% to 36,931 rials per share.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Iran National Copper Industry Company, Golgohar Mining and Industrial Complex, and Persian Gulf Petrochemical Industries Company.
Informatics Services Corporation of Iran contributed the most benchmark's fall followed by Fajr Petrochemical Company and Darou Pakhsh Pharmaceutical Company.
The Price Index gained 1,620.88 points to close at 63,710.2.
First Market Index was up 4,367.21 points to post 166,749.2. Second Market Index increased by 10,456.24 points to reach 433,795.2.
The Industry Index went up by 5,295.25 points to register 200,677.3. Free Float Index was up 7,220.43 points to register 252,496.16.
The TSE 30 went up 320.10 points to settle at 10,414.3 and the TSE 50 gained 238.33 points lower to finish at 9,174.0.
Iran Fara Bourse’s main index IFX rose 2.65% to close Tuesday trade at 2,787.74 points.
Over 3.32 billion securities valued at 7.57 trillion rials ($54.70 million) were traded at the junior exchange for the day.
Gohar Zamin Iron Ore was the winners of IFX as its shares rose 13.7% to close at 11,906 rials.
Afranet, an internet service provider company, incurred the biggest loss as its shares went down 4.9% and traded at 6,756 rials per share.