Tehran Stocks Lose Only to Make a Comeback
EghtesadOnline: Market indicators in both Tehran Stocks Exchange and over-the-counter market Iran Fara Bourse made a complete U-turn at the start of trading week on Saturday.
The main gauge of TSE, TEDPIX, lost about 12,000 points at the early hours of trading session before clawing back to positive territory later, Financial Tribune reported.
The early collapse was a visible reaction by jittery investors to a decision by Financial Action Task Force, the global anti-money laundering watchdog, to place Iran on its blacklist.
The short-lived jitters soon give way to optimism about future hike in share prices emanating from rising currency rates on Saturday.
TEDPIX closed the session 0.65% higher to reach 481,869.64 points. The equal-weighted index closed higher at 1%. The index gives the same weight to all stocks irrespective of their market caps.
FATF blacklisted Iran on Friday after Tehran failed to comply with international anti-terrorism funding norms.
The TSE's main index TEDPIX gained 3,113.98 points or 0.65% on Saturday to end trading at 481,869.6.
About 7.13 billion shares valued at 43.22 trillion rials ($298.08 million) changed hands at TSE for the day.
Alborz Darou Pharmaceuticals Company was the biggest winner as its shares went up 23.78% to 17,929 rials per share.
Agricultural Services and Industrial Development Company incurred the biggest loss among all TSE-listed companies and went down 4.99% to 43,977 rials per share.
Bank Mellat contributed the most to the benchmark's fall, followed by Golgohar Mining and Industrial Company, Pasargad Bank and Tejarat Bank.
Pars Petrochemical Company gave the biggest boost to the benchmark index, followed by Paksho Industrial Group Company, Islamic Republic of Iran Shipping Lines Company and Khorasan Steel Company.
IFX Up 0.11%
Iran Fara Bourse main index IFX gained 6.65 points, or 0.11%, to close Saturday trade at 6,213.32.
About 2.17 billion securities valued at 22.42 trillion rials ($155.05 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares and trade value as 314.46 million of its shares worth 871.3 billion rials ($6 million) were traded.
Middle East Mines and Mineral Industries Development Holding Company, Marun Petrochemical Company, Esfahan Steel Company and Damavand Power Generation Company had the most negative impact on IFX.
Iran Fara Bourse gave the biggest boost to IFX, followed by Zagros Petrochemical Company, Mehr Ayandegan Financial Development Group Company and Kowsar Insurance Company.