Tehran Stocks Make Stunning Comeback
EghtesadOnline: Tehran Stock Exchange jumped 4.4% with its main index, TEDPIX, soaring 15,800 points on Sunday as investors strive to make up for the deep losses last week triggered by fears over the escalation of political and military tensions.
As things started getting back to normal and the high geopolitical risks took a back seat (so far), the market reversed course on Saturday as buyers far outweighed the camp of sellers, according to Financial Tribune.
Out of the total 314 active symbol tickers for the day, 308 companies ended trade in green territory and shares of 277 companies were traded at the highest maximum daily prices, according to the analytical website Donayaye Bourse.
Perturbed investors rushing to sell and the lack of buyers for almost all equities led the main TSE index (TEDPIX) to drop more than 30,000 points, or 8%, over five days last week.
The new trend is attributed to the return of liquidity that flowed out from the market by a large number of jittery investors.
Amid lack of buyers, investment companies and legal entity investors picked up the slack and injected a total of 37 trillion rials ($285 million) to help support the market last week.
However, micro investors emerged as key players in the past two days as they purchased 13 trillion rials worth of shares offered by legal entity investors.
The TSE's main index TEDPIX gained 15,843.16 points, or 4.40%, on Sunday to end trading at 375,650.2.
About 5.33 billion shares valued at 29.41 trillion rials ($226.25 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Eghtesad Novin Bank was the biggest winner as its shares went up 12.84% to 3,207 rials per share.
Amirkabir Kashan Steel Company incurred the biggest loss among all TSE-listed companies and went down 4.47% to 19,920 rials per share.
Amirkabir Kashan Steel Company contributed the most to the benchmark's fall, followed by Iran Ferrosilice Company, Fars Cement Company and Techinco Company (a corrosion control company).
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Golgohar Mining and Industrial Company and Pars Petrochemical Company.
IFX Up 5.34%
Iran Fara Bourse main index IFX gained 248.29 points, or 5.34%, to close Sunday trade at 4,894.25.
About 1.68 billion securities valued at 15.03 trillion rials ($115.67 million) were traded at the over-the-counter exchange for the day.
All listed companies listed with the junior stock market ended trade in the green. Hormozgan Steel Company gave the biggest boost to IFX, followed by Marun Petrochemical Company, Goharzamin Iron Ore Company and Zagros Petrochemical Company.