Tehran Stocks Enjoy Strong Start
EghtesadOnline: The main gauge of Tehran Stock Exchange climbed more than 1% on Saturday to register its biggest rally in a month (since Oct. 30). TEDPIX gained 3,357 points to close trading at 314,587.8.
Bullish trends in parallel markets plus optimism among investors regarding key economic variables in the next fiscal budget (March 2020-21) are seen as the main driving forces behind the upside.
Out of a total of 320 symbol tickers 257 ended trade in the green on the first trading day (Saturday) of the week, representing more than 80% of the stocks.
Big listed companies in the communication, bank, metal and petrochemical sectors made the greatest impact on the benchmark growth while refinery stocks performed poorly, Financial Tribune reported.
Market analysts ascribe the current trend in part to fluctuations in the currency market that directly affect the export-oriented listed companies.
Last week the foreign exchange market experienced a new bout of volatility with the dollar rising more than 5.2% in one week. The greenback fetched 125,500 rials in Tehran’s open market on Saturday.
The TSE's main index TEDPIX gained 3,357.70 points, or 1.08%, on Saturday to end trading at 314,587.8.
About 3.21 billion shares valued at 16.15 trillion rials ($128.73 million) changed hands for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Tuka Transportation Company was the biggest winner as its shares went up 7.92% to 12,983 rials per share.
Novin Investment Bank incurred the biggest loss among all listed companies and went down 4.57% to 3,446 rials per share.
Esfahan Oil Refining Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industries Company, Bandar Abbas Oil Refining Company and Tehran Oil Refining Company.
MAPNA Group gave the biggest boost to the benchmark index, followed by the Telecommunication Company of Iran, Mobile Telecommunication Company of Iran and Mobin Petrochemical Company.
The Price Index gained 899.59 points, or 1.08% to close at 84,278.1.
The First Market Index increased 2,127.17 points, or 0.95% to post 226,031.2. Second Market Index increased by 8,240.88 points, or 1.28% to reach 651,502.9.
The Industry Index increased by 2,920.60 points or 1.05% to register 280,683.6. The Free Float Index was up 4,741.63 points to hit 368,838.33.
TSE 30 gained 78.34 points to settle at 13,276.8 and the TSE 50 ended 92.65 points higher to finish at 12,061.4.
IFX Up 0.7%
Iran Fara Bourse main index IFX gained 31.61 points or 0.78% to close Saturday trade at 4,092.77.
About 1.76 billion securities valued at 10.564 trillion rials ($84.18 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 324.22 million of its shares worth 616.09 billion rials ($4.90 million) were traded.
Zagros Petrochemical Company, Pars Paper Industrial Group, Marun Petrochemical Company and Shiraz Oil Refining Company had the most negative impact on IFX.
Esfahan Steel Company gave the biggest boost to IFX, followed by Pasargad Insurance Company, Iran Cultural Heritage and Tourism Investment Group Company and Iran Office Machines Industries Company.