EghtesadOnline: After a one-day hiatus, the stock market in Tehran resumed its record-setting rally climbing more than 1% on Saturday.
The main gauge of Tehran Stocks Exchange TEDPIX added 3,904.98 points to stand at record high of 343,291.8 for the day.
TSE was bullish for 17 consecutive sessions thanks to fluctuations in the foreign exchange market, before hitting a flatline on Wednesday.
With currency rates approaching relative stability, investors in the stock market seem buoyed by the potential spillovers and inflationary expectations emanating from soaring currency prices, Financial Tribune reported.
The dollar fell more than 5% in one day and was traded for 132,000 rials Wednesday, climbing above the psychological level of 140,000 rials a day earlier. The greenback was worth 127,000 rials on Saturday.
It appears that the relative calm in parallel markets discouraged investors to move their money out of stock market.
Out of 322 listed companies in the market, the symbol tickers of 242 ended in the green, representing 75% of total stocks, according to Donyaye Bourse website.
The growth was mainly due to investors buying commodity and metal stocks. The two categories accounted for 4.5 trillion rials of daily trade value.
About 4.86 billion shares valued at 25.84 trillion rials ($201.88 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Alborz Cable Company was the biggest winner as its shares went up 10.56% to 13,272 rials per share.
Zahravi Pharmaceutical Company incurred the biggest loss among all TSE-listed companies and went down 4.99% to 10,157 rials per share.
Telecommunication Company of Iran contributed the most to the benchmark's fall, followed by Mobile Telecommunication Company of Iran, Tehran Cement Company and Bank Pasargad.
National Iranian Copper Industries Company gave the biggest boost to the benchmark index, followed by Tamin Petroleum and Petrochemical Investment Company, Persian Gulf Petrochemical Industries Company and Mobarakeh Steel Company.
IFX Up 1.4%
Iran Fara Bourse main index IFX gained 63.41 points or 1.45% to close Saturday trade at 4,449.08.
About 1.65 billion securities valued at 13.44 trillion rials ($105.06 million) were traded at the over-the-counter exchange for the day.
Damavand Power Generation Company, Lavan Oil Refining Company, Avicenna Laboratories Incorporation and Iranol Oil Company had the most negative impact on IFX.
Hormozgan Steel Company gave the biggest boost to IFX, followed by Middle East Mines & Mineral Industries Development Holding Company, Jahrom Power Plant Development Company and Esfahan Steel Company.