EghtesadOnline: Keeping pace with trends in the domestic currency market, Tehran stocks rallied Saturday to new peaks.
The main gauge of Tehran Stock Exchange gained 5,000 points, sending TEDPIX 1.6% higher to 327,624.8 for the day.
Saturday’s rally marked the fourteenth consecutive growth for the TSE when the benchmark clawed back to a historic peak on Oct. 5.
Rather than taking influence from other fundamental factors, stocks seem to be following closely in the footsteps of the currency market as forex rates keep soaring in Tehran, according to Financial Tribune.
The US dollar on Saturday climbed above the psychological level of 130,000 rials and was worth 132,000 rials – a five-month high.
It appears that fluctuations in the currency market have again given rise to demand for all types of assets, including equities, as investors rush to change their rial liquidity into safe assets spurred by fears of further devaluation of the national currency.
In the meantime, international crude prices have apparently heightened sentiments for commodity stocks. Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020, according to the Business Times.
The TSE's main index TEDPIX gained 5,096.90 points or 1.58% on Saturday to end trading at 327,624.8.
About 3.67 billion shares valued at 20.36 trillion rials ($157.86 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Kaveh Paper Industries Company was the biggest winner as its shares went up 8.62% to 19,472 rials per share.
Esfahan Sugar Company incurred the biggest loss among all TSE-listed companies and went down 4.35% to 39,725 rials per share.
Kharg Petrochemical Company contributed the most to the benchmark's fall, followed by Mobile Telecommunication Company of Iran, Pars Petrochemical Company and Sepid Farab Kavir Steel Manufacturing Company.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industry Company, MAPNA Group and Khouzestan Steel Company.
IFX Up 1.6%
Iran Fara Bourse main index IFX gained 69.1 points or 1.66% to close Saturday trade at 4,228.78.
About 1.93 billion securities valued at 12.69 trillion rials ($98.41 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 166.40 million of its shares worth 319.82 billion rials ($2.48 million) were traded.
Sarcheshmeh Copper Investment Company, General Mechanic Company, Sina Port and Marine Services Development Company and Saman Insurance Company had the most negative impact on IFX.
Middle East Mines & Mineral Industries Development Holding Company gave the biggest boost to IFX, followed by Marun Petrochemical Company, Zagros Petrochemical Company and Jahrom Power Plant Development Company.