EghtesadOnline: Tehran Stock Exchange and over-the-counter market Iran Fara Bourse extended earlier rallies on Tuesday as the power of fresh money continues to beat external risks.
The main gauge of TSE gained 14,910 points for the day and closed at 544,239, sending TEDPIX 2.8% higher. Tuesday’s gains put the index growth above 200% since the beginning of the current fiscal year last March, Financial Tribune reported.
The dramatic growth has turned the stock market into a force to reckon with. Ever-increasing number of investors over the past 20 months and the money they pump into shares and stocks have rendered pundits and market analysts unable to make informed evaluations about where the stock rallies with stop, if ever.
Almost 1,290 trillion rials ($8.5 billion as per current exchange rates) has been injected into Iran’s stock market since last March up until December 21, according to Mohsen Khodabakhsh, the Securities and Exchange Organization deputy chief for stock markets.
Investor enthusiasm has also rendered systematic risks, such as outbreak of the coronavirus pandemic in Iran and the country being placed on the Financial Action Task Force blacklist in February ineffective.
Retail traders accounted for 45.8 trillion rials of a total 56.19 trillion rials ($367.27 million) worth of shares traded on TSE on Tuesday -- a figure that indicates dominance of individual investors in the market, according to Donyaye Bourse website.
There was no seller for 16.16 trillion rials worth of buy orders for the day. More than half of active symbol tickers (out of the total 310) were closed at the highest daily prices while there was selloff for barely six companies.
Iran Chemical Industries Investment Company contributed the most to the benchmark's fall, followed by Pars Switch Company (an electronic company), Khorasan Steel Company and Butane Industrial Group Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Pars Petrochemical Company.
IFX Up 2.19%
Iran Fara Bourse main index, IFX, gained 148.71 points, or 2.19%, to close Tuesday trade at 6,933.04.
About 1.56 billion securities valued at 15.97 trillion rials ($104.41 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 243.32 million of its shares worth 721.23 billion rials ($4.71 million) were traded.
Damavand Power Generation Company, Rail Pardaz Seir Company, Kowsar Insurance Company and Day Insurance Company had the most negative impact on IFX.
Goharzamin Iron Ore Company gave the biggest boost to IFX, followed by Zagros Petrochemical Company, Iran Fara Bourse and Mehr Ayandegan Financial Development Group Company.