Tehran Stocks Surge to New Highs
EghtesadOnline: Tehran stocks were again of the ascending order on Sunday as the Tehran Stock Exchange benchmark peaked at 332,567.2, posting 4,942.43 points growth, or 1.51%.
A new wave of fluctuations in the currency and gold markets has been pushing up stock market indices for the past two weeks.
This was conspicuous in the value of TSE retail trade on Sunday. Trade conducted by retail investors hovered around 20 trillion rials ($153 million), up 60% compared with the average daily trade handled by this group, according to the stock market analytical website Donyaye Bourse.
This whopping growth should indeed be attributed to real entity investors rushing into the stock market fearful of further devaluation of the rial, according to Financial Tribune.
Soaring forex prices also tend to send positive signals that the value of export-oriented equities may rise further.
The US dollar bought 132,500 rials in Tehran’s open market on Sunday. It was traded at or near 113,000 rials for more than 70 days before climbing steadily since mid-November. In other words, the national currency has lost about 15% of its value against major currencies.
About 4.77 billion shares valued at 23.11 trillion rials ($178.45 million) changed hands at TSE for the day.
Nasir Machine Engineering Company was the biggest winner as its shares went up 9.74% to 15,858 rials per share.
Esfahan Pegah Dairy Company incurred the biggest loss among all TSE-listed companies and went down 4.84% to 42,656 rials per share.
Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by MAPNA Group, Kharg Petrochemical Company and Dr. Abidi Pharmaceutical Company.
Bank Mellat gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Golgohar Mining and Industrial Company and National Iranian Copper Industry Company.
IFX Up 1.26%
Iran Fara Bourse main index IFX gained 53.43 points or 1.26% to close Sunday trade at 4,282.21.
About 1.92 billion securities valued at 55.31 trillion rials ($427.1 million) were traded at the over-the-counter exchange for the day.
Ghasem Iran Company (active in distribution industry), Iran Office Machines Industries Company, Shirvan Sugar Company and Vitana Company (active in food industry) had the most negative impact on IFX.
Middle East Mines & Mineral Industries Development Holding Company gave the biggest boost to IFX, followed by Jahrom Power Plant Development Company, Zagros Petrochemical Company and Shiraz Oil Refining Company.