Commodity Stocks Edge Up in Tehran
EghtesadOnline: The main gauge of Tehran Stock Exchange gained more than 4,000 points as the demand for commodity stocks rose on Sunday.
The market, which was dominated by auto and bank stocks in recent days, witnessed a noticeable change of heart as investors turned to commodity stocks in the early hours of trading day.
Among commodity stocks, those of petro-refinery companies were in high demand.
Petrochemical stocks breathed a sigh of relief after week-long negative signals from the international market as well as the US sanctions on Iran’s petrochemical industry undermined their performance, according to Financial Tribune.
The US Treasury announced new sanctions against Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) last week. As announced in the treasury statement, the move aims to choke off financing for the country’s largest and most profitable petrochemical group and extends to its 39 subsidiaries and “foreign-based sales agents”.
The petrochemical sector is the second-most important industry in Iran after oil and gas.
According to the Donyaye Bourse website, the price of auto stocks climbed down from the daily ceilings to reach the minimum daily prices on Sunday. This can be ascribed to the negative financial report of Iran's biggest car manufacturer Iran Khodro in the previous fiscal.
The website said Iran Khodro has incurred losses to the tune of 81 trillion rials ($600 million) by the end of previous fiscal.
Tehran Stock Exchange’s main index TEDPIX gained 4,052.47 points or 1.73% on Sunday to end trading at 238,220.2.
More than 5.1 billion shares valued at 18.86 trillion rials ($138.67 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Pars Animal Feed Company, a live stock and poultry food producing company, was the biggest winner as its shares went up 10.07% to 37,771 rials per share.
Fajr Petrochemical Company incurred the biggest loss among all TSE-listed companies and went down 5.24% to 9,747 rials per share.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobile Telecommunication Company of Iran, Tamin Petroleum and Petrochemical Investment Company, and Informatics Services Corporation.
Mobin Petrochemical Company contributed the most benchmark's fall followed by Fajr Petrochemical Company, MAPNA Group, and Parsian Oil and Gas Development Group Co.
The Price Index gained 1,147.56 points to close at 67,455.3. First Market Index was up 2,777.96 points to post 176,123.0.
Second Market Index increased by 9,023.73 points to reach 471,213.7. The Industry Index went up by 3,676.26 points to register 212,450.3.
Free Float Index was up 4,039.73 points to register 268,194.99.
The TSE 30 went up 215.13 points to settle at 10,816.7 and the TSE 50 gained 203.17 points lower to finish at 9,667.0.
Iran Fara Bourse’s main index IFX rose 1.14% to close Sunday trade at 2,985.27 points.
Over 1.8 billion securities valued at 9.23 trillion rials ($67.88 million) were traded at the junior exchange for the day.