EghtesadOnline: Recovering from a two days of bear market, Tehran stocks made a stunning comeback Sunday with renewed interest in the giants.
With 3.08% growth, the benchmark of Tehran Stock Exchange TEDPIX snapped back by 3.08%, or 55,773 points, to hit 1,864,945.
Rallies swept through all shares as seen by 2.74% rise in the TSE’s equal-weighted index. The index gained 13,363 points touching 501,190.
The market experienced 30.74 trillion rials ($128 million) cash inflow on Sunday. The net retail trading value reached 279.55 trillion rials ($1.2 billion) indicating 65.2% growth compared to the previous day.
Basic metal companies were the winners absorbing the highest retail cash with 11.22 trillion rials whereas investment companies were the top losers losing 708 billion rials.
Spike in foreign exchange rates is seen as the main driver behind the market growth as the TEDPIX is heavily influenced by the export-based companies including petrochemical, refineries, mineral and metals.
Investor sentiment was boosted mainly by the remarkable rise in currency rates at the secondary market, known as Nima.
Nima rates climbed Sunday with the USD rising further by 16,287 rials, or 8.8%, to reach 200,737 rials.
Nima is trading platform where non-oil exporters sell their proceeds and importers buy them for their import need.
About 13.56 billion shares valued at 217.65 trillion rials ($934.13 mllion) changed hands at TSE on Sunday. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Iranian Investment Petrochemical Group Company was the biggest winner as its shares went up 102.53% to 12,800 rials per share.
Towlide Fibre Iran Company incurred the biggest loss among all TSE-listed companies and went down 5.56% to 12,560 rials per share.
Parsian Bank contributed the most to the benchmark's fall, followed by Saman Kish Electronic Payment Company, Iran Chemical Industries Investment Company and Tehran Stock Exchange.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Iranian Investment Petrochemical Group Company, Social Security Investment Company and Iran Khodro Company.
The Price Index gained 14,709.52 points, or 3.08% to close at 491,857.56. The First Market Index increased by 39,096.19 points, or 2.88% to post 1,397,404.45.
The Second Market Index went up 119,652.09 points, or 3.41% to reach 3,631,085.47. The Industry Index was up 50,670.62 points or 3.16% to register 1,653,613.31. The Free Float Index was up 68,083.25 points to hit 2,437,267.61.
TSE 30 went up 2,468.6 points to settle at 92,688.55 and the TSE 50 ended 2,204.44 points higher to finish at 74,237.81.
IFX Up 2.47%
Iran Fara Bourse main index IFX gained 464.96 points, or 2.47%, to close Sunday trade at 19,322.21.
About 3.5 billion securities valued at 77.8 trillion rials ($333.9m) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 310.73 million of its shares worth 2.73 trillion rials ($11.72m) were traded.
Damavand Power Generation Company, Day Bank, Lavan Oil Refining Company and Taliseh Nemooneh Dairy Farm Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Middle East Mines and Mineral Industries, Development Holding Company, Esfahan Steel Company and Saba Tamin Investment Company.