Tehran Stocks Extend Consecutive Rallies
EghtesadOnline: Stocks continued to rally on Sunday for the third session in a row amid rising demand for shares of major mineral, petrochemical and refinery companies plus selloff pressure in auto stocks.
The market was dominated by trade in stocks of small companies over the past two weeks, according to the Donyaye Bourse website.
However, in a noticeable change in trend since the beginning of trading week on Saturday, more investors are showing interest in stocks of commodity companies, spurred by optimism over the Q1 financial reports.
The capital market got a further boost thanks to fresh liquidity from an unprecedented Initial Public Offering on Saturday. In the IPO attended by more than 562,000 investors, Nouri Petrochemical Company offered 10% of its shares worth 96 trillion rials ($750 million), according to Financial Tribune.
Auto stocks were hit by selloff after the performance reports of SAIPA Group revealed the deepening of losses in the shares of the troubled carmaker from the previously announced 1,230 rials in the last fiscal year (ended on March 20,2019) to 1,420 rials as per news reports.
Tehran Stock Exchange’s main index TEDPIX gained 2,972.49 points or 1.19% on Sunday to end trading at 253,577.5.
More than 3.01 billion shares valued at 13.71 trillion rials ($109.74 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Iran Industrial Development Investment Company was the biggest winner as its shares went up 8.08% to 5,283 rials per share. Chin Chin Agro-Industries Company incurred the biggest loss among all TSE-listed companies and went down 5% to 55,557 rials per share.
Mapna Group gave the biggest boost to the benchmark index, followed by Chadormalu Mining and Industries Company, Pars Petrochemical Company, Mobile Telecommunication Company of Iran, and Golgohar Mining and Industrial Company.
National Investment Company of Iran contributed the most benchmark's fall followed by Iran Khodro (IKCO), SAIPA Group, and Jam Petrochemical Company
The Price Index gained 830.08 points to close at 70,809.2.
First Market Index was up 2,036.95 points to post 187,747.0.
Second Market Index increased by 6,592.67 points to reach 500,314.7.
The Industry Index went up by 2,847.89 points to register 226,657.9. Free Float Index was up 2,819.50 points to register 283,226.88.
The TSE 30 went up 151.57 points to settle at 11,385.8 and the TSE 50 gained 137.79 points lower to finish at 10,252.3.
Iran Fara Bourse’s main index IFX rose 1.84% to close Sunday trade at 3,316.28 points. Over 1.64 billion securities valued at 8 trillion rials ($64.06 million) were traded at the junior exchange for the day.