Tehran Stocks Surge 1.3%
EghtesadOnline: Tehran Stock Exchange and Iran Fara Bourse closed trading week in positive territory on Wednesday, riding on the power of fresh liquidity and increasing number of new investors who compete to make gains from the highly lucrative stock market.
TSE’s benchmark gained more than 5,600 points for the day, climbing about 1.3% to close session at the unprecedented level of 445,894 points, Financial Tribune reported.
Wednesday’s gains put the growth of TSE’s benchmark, TEDPIX, at 150% since the beginning of current fiscal year (ends in March), making it undoubtedly a top-performing market which is attracting investors like a magnet.
On Wednesday, institutional and legal entity investors sold more than 3.14 trillion rials ($23 million) worth of equities to retail investors, a rare record, which indicates the expanding dominance of individual and retail investors in the market. Retail investors traded shares worth 37.7 trillion rials ($290 million), according to stock market analytical website Donyaye Bourse.
Of total 315 companies listed on the TSE on Wednesday, 203 symbol tickers closed in the green zone while 90 closed at maximum daily prices.
In addition, from a total of 188 symbol tickers in IFB, 74 closed in positive territory and 39 finished session at maximum daily prices.
Boosted by fresh liquidity, stocks in banks, telecom and refinery groups were the main players in pushing up the benchmark.
Domestic stocks followed trends in most global stock markets on Wednesday. European stocks jumped sharply on reports that a Chinese university found a drug to treat people with the new coronavirus and researchers in the UK saying they made a “significant breakthrough” in finding a vaccine, several London-based traders told Reuters.
The benchmark pan-European STOXX 600 index, which started the day on the backfoot, reversed early losses and rose as much as 0.8%. US stock futures also turned positive, rising 0.5%.
China stocks also rose on Wednesday on hopes that Beijing will make a concerted effort to prop up the economy to calm coronavirus fears.
The TSE's main index, TEDPIX, gained 5,694.86 points, or 1.29%, on Wednesday to end trading at 445,894.14.
About 8.52 billion shares valued at 43 trillion rials ($320.8 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Alumtek Compay (an aluminum manufacturer ) was the biggest winner as its shares went up 5 % to 50,968 rials per share.
Saadi Tiles and Ceramic Company incurred the biggest loss among all TSE-listed companies and went down 5% to 22,355 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by National Iranian Copper Industry Company, Omid Investment Company and Golgohar Mining and Industrial Company.
Bank Mellat gave the biggest boost to the benchmark index, followed by Telecommunication Company of Iran, Isfahan Oil Refinery Company and Tamin Petroleum & Petrochemical Investment Company.
Iran Fara Bourse main index IFX gained 109.49 points, or 1.97%, to close Wednesday trade at 5,654.98.
About 2.56 billion shares valued at 21.78 trillion rials ($156 million) were traded at the over-the-counter exchange for the day.