Tehran Stocks Roar Back to Life
EghtesadOnline: Leaving behind a lethargic week, Tehran stocks opened trading session on a strong note Saturday as the market recovered a weeklong correction phase.
The main gauge of Tehran Stock Exchange gained more than 9,000 points, or 2.8%, to 322,000 to partially recuperate the last week’s losses.
Last week, the TSE fell more than 4% during the five trading sessions.
Observers ascribe Saturday’s rally to investors’ willingness to buy shares at lower prices as a large number of stocks depressed to minimum levels due to relentless selloff last week, according to Financial Tribune.
Stocks of petrochemical, refinery, steel and mineral companies were the main driving force behind the benchmark growth.
Reviewing the performance of different industries in the stock market since the beginning of the current calendar year (March) indicates that these groups lagged the recent rallies, according to the Donyaye Bourse website.
While the TSE’s benchmark has grown 75% over the past six months, the mineral, metal, chemical and refinery stocks registered growth of 32%, 44%, 67% and 71%, respectively.
The TSE's main index TEDPIX gained 9,010.72 points or 2.88% on Saturday to end trading at 322,059.8.
About 3.77 billion shares valued at 20.67 trillion rials ($181.35 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Doodeh Sanati Pars Company (Pars Carbon Black Company) was the biggest winner as its shares went up 8.33% to 10,998 rials per share.
Niroo Investment Company incurred the biggest loss among all TSE-listed companies and went down 8.3% to 2,409 rials per share.
The company also contributed the most to the benchmark's fall, followed by Alborz Darou Pharmaceutical Company, Sobhan Pharmaceutical Group and Razak Laboratories.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company and National Iranian Copper Industries Company.
IFX Up 2.1%
Iran Fara Bourse main index IFX gained 85.27 points or 2.1% to close Saturday trade at 4,154.92.
About 1.43 billion securities valued at 7.97 trillion rials ($69.99 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 151.663 million of its shares worth 318.08 billion rials ($2.79 million) were traded.
MAPNA Asaluyeh Power Generation Company, Damavand Power Generation Company and Pasargad Insurance Company had the most negative impact on IFX.
Goharzamin Iron Ore Company gave the biggest boost to IFX, followed by Marun Petrochemical Complex, and Middle East Mines and Mineral Industries Development Holding Company.