Tehran Stocks Surge to New Highs
EghtesadOnline: Tehran stocks gained ground on Saturday as liquidity continued to flow from small-cap stocks into giant listed companies amid investor optimism toward monthly financial records.
The main gauge of Tehran Stocks Exchange TEDPIX climbed 1%, gaining more than 3,600 points for the day to stand at an all-time high of 353,996 points.
Apart from awaiting promising financial records, market analysts name bullish trends in the currency market and upbeat performance of global stock markets as the main drivers of TSE rally.
On Saturday, symbol tickers of 260 companies, which account for 80% of all stocks, ended in the green zone with giant petrochemical, metal, bank and auto stocks at the helm, Financial Tribune reported.
TSE also witnessed a noticeable sell-off in cement, leasing, pharmaceuticals and tire stocks, causing the equal-weighted index to lag behind TEDPIX.
Equal-weighted index, which gives the same weight to each stock stood at 0.89%, indicating poor performance of SMEs.
The TSE's main index TEDPIX gained 3,674.13 points, or 1.05%, on Saturday to end trading at 353,996.7.
About 4.73 billion shares valued at 22.69 trillion rials ($175.26 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Razi Glass Company was the biggest winner as its shares went up 19.1% to 7,450 rials per share.
Khazar Cement Company incurred the biggest loss among all TSE-listed companies and went down 4.91% to 7,783 rials per share.
Khorasan steel Company contributed the most to the benchmark's fall, followed by Pakshoo Industrial Group Company, Jam Petrochemical Company and Dr. Abidi Pharmaceutical Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Omid Investment Management Group Company, Mobarakeh Steel Company and Mines and Metals Development Investment Company.
The Price Index gained 984.05 points, or 1.05% to close at 94,807.4.
The First Market Index increased 2,918.02 points, or 1.17% to post 253,362.0. Second Market Index increased by 6,361.13 points, or 0.87% to reach 737,550.1.
The Industry Index increased by 2,968.79 points or 0.95% to register 316,589.8 and the Free Float Index was up 4,984.55 points to hit 420,779.80.
TSE 30 gained 183.22 points to settle at 14,835.0 and the TSE 50 ended 159.68 points higher to finish at 13,435.3.
IFX Up 0.7%
Iran Fara Bourse main index IFX gained 32.68 points or 0.72% to close Saturday trade at 4,564.21.
About 1.9 billion securities valued at 13.28 trillion rials ($102.60 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 171.84 million of its shares worth 353.87 billion rials ($2.73 million) were traded.
Marun Petrochemical Company, Lavan Oil Refining Company, Kowsar Insurance Company and Jahrom Power Plant Development Company had the most negative impact on IFX.
Zagros Petrochemical Company gave the biggest boost to IFX, followed by Goharzamin Iron Ore Company, Middle East Mines and Mineral Industries Development Holding Company and Damavand Power Generation Company.