Tehran Stocks End on High Note
EghtesadOnline: After registering a 4.1% growth during four business days last week, Tehran stock market started the new trading week bullish on Saturday.
The main gauge of Tehran Stock Exchange gained more than 4,400 points for the day, sending the TEDPIX 1.5% higher and extending a winning streak into the third day.
Saturday’s market featured price hikes for the shares of 250 companies, accounting for at least 80% of total shares of listed companies.
Prospects for the stock market in light of non-stop rallies in recent days have become a topic of heated debate among capital market analysts, Financial Tribune reported.
While a group of analysts cast doubt on the likelihood of the upbeat trend to continue in the coming weeks, others are more positive about stock market outlook, according to Donyaye Bourse website.
The first group believes that further price rise is not supported by fundamental factors and pushes stocks toward a “warning zone”, giving rise to the risk of price bubble. This is likely particularly for stocks of retail companies.
The next group, however, still see enough room for growth in stock market indicators, underscoring the capacities of big shares for steady but gradual hikes in the coming weeks while taking note of the threat political developments may pose.
The TSE's main index TEDPIX gained 4,423.08 points or 1.52% on Saturday to end trading at 294,601.6.
About 3.68 billion shares valued at 16.66 trillion rials ($146.17 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Leasing Iran Company was the biggest winner as its shares went up 9.94% to 2,587 rials per share.
Tuka Transportation Company incurred the biggest loss among all TSE-listed companies and went down 4.77% to 17,837 rials per share.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Mobile Telecommunication Company of Iran, Khuzestan Steel Company, and Informatics Services Corporation.
National Iranian Copper Industry Company gave the biggest boost to the benchmark index, followed by Tehran Oil Refining Company, and Chadormalu Mining and Industrial Company.
The Price Index gained 1,188.90 points, or 1.52% to close at 79,180.6.
First Market Index increased by 3,683.47 points, or 1.74% to post 215,506.5. The Second Market Index increased by 6,894.30 points, or 1.18% to reach 592,823.3.
The Industry Index increased by 4,121.74 points or 1.58% to register 265,331.7. Free Float Index was up 5,302.68 points to hit 335,379.40.
TSE 30 increased by 152.65 points to settle at 12,712.0 and the TSE 50 ended 157.59 points higher to finish at 11,644.9.
IFX Up 1.65%
Iran Fara Bourse main index IFX gained 62.33 points or 1.65% to close Saturday trade at 3,832.98.
About 949.29 million securities valued at 7.82 trillion rials ($68.66 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 180.50 million of its shares worth 323.81 billion rials ($2.84 million) were traded.
Damavand Power Generation Company, Esfahan Steel Company, and Bank Day had the most negative impact on IFX.
Middle East Mines & Mineral Industries Development Holding Company gave the biggest boost to IFX, followed by Hormozgan Steel Company, and Marun Petrochemical Complex.