Tehran Stock Exchange Back in Bull Market
EghtesadOnline: Tehran stocks rebounded on Tuesday after a brief correction phase a day earlier, getting back to the upbeat trend that started two weeks earlier.
The main gauge of Tehran Stock Exchange pared more than 2,500 points of Monday’s losses as the market recovered from the emotion-packed behavior of jittery investors.
Revaluation of assets of listed companies is seen by market analysts as the main driving force behind non-stop market rallies in recent days, Financial Tribune reported.
One case is about the shares Isfahan Oil Refinery Company. It registered 23% return in almost two weeks after increasing its capital in mid-August, according to the Donyaye Bourse.
The analytical website reported a dramatic demand for the shares of the giant steel maker Mobarakeh Steel Company in the later hours of trading on Tuesday after its board of directors proposed 60% rise in the capital of the company.
TSE's main index TEDPIX gained 2,510.87 points or 0.89% on Tuesday to end trading at 285,573.6.
About 3.02 billion shares valued at 13.45 trillion rials ($118.02 million) changed hands for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
One and One, a major food company, was the biggest winner as its shares went up 5% to 79,698 rials per share.
Behnoush Iran Company incurred the biggest loss among all TSE-listed companies and went down 5% to 16,105 rials per share.
Golgohar Mining & Industrial Company contributed the most to the benchmark's fall, followed by Pars Oil Company, Tabriz Oil Refining Company, and Barakat Pharmaceutical Group.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company, MAPNA Group, and Telecommunication Company of Iran.
IFB Stocks Flat
Iran Fara Bourse main index IFX gained 0.7 points or 0.02% to close Tuesday trade at 3,715.5.
About 1.86 billion securities valued at 8.91 trillion rials ($78.17 million) were traded at the over-the-counter exchange for the day.
Bank Day had the highest number of traded shares and trade value as 146.01 million of its shares worth 603.7 billion rials ($5.29 million) were traded.
Damavand Power Generation Company gave the biggest boost to IFX, followed by MAPNA Asaluyeh Power Generation Company and Omid Taban Hour Energy management.
Marun Petrochemical Complex, Kowsar Insurance, and Esfahan Steel Company had the most negative impact on IFX.