EghtesadOnline: Tehran’s stock market picked up on Wednesday on relative optimism among investors as they approached the shares of export-oriented companies, mostly commodity stocks.
Increase in demand for the “dollar-earning companies” pushed up the index of Tehran Stock Exchange, TEDPIX, more than 2%. The market cap-weighted TEDPIX gained 26,093 points to close at 1,290,571 points, marking the highest daily growth since October 11.
The TSE-30 Index was up 3.07% as share prices in many giant mineral, metal, refinery, and petrochemical companies increased. The index tracks the performance of 30 largest companies with the highest market cap at the TSE. The equal-weighted index was up 0.58%, indicating that small-caps gained less.
Shares of auto, bank, and transportation categories were the biggest losers of the day and traded at the lowest daily prices.
Eying trends in the forex market and the US presidential election, investors seem to be expecting higher currency rates, which could lift the margins for exporting companies.
About 5.98 billion shares valued at 56.4 trillion rials ($194.47 million) changed hands at TSE for the day.
Sina Ceramic and Tile Industries Company was the biggest winner as its shares went up 9.87% to 47,630 per share.
Iran Khodro Company contributed the most to the benchmark's fall, followed by Islamic Republic of Iran Shipping Lines Company, SAIPA automaker and Bank Saderat Iran.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Golgohar Mining and Industrial Company.
IFX Up 1.92%
Iran Fara Bourse main index IFX gained 303.87 points or 1.92% to close Wednesday trade at 16,164.79. About 1.68 billion securities valued at 61.72 trillion rials ($212.83m) were traded in the junior exchange.
Damavand Power Generation Company, Day Bank, Iran Fara Bourse and Kosar Insurance Company had the most negative impact on IFX.
Marun Petrochemical Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Middle East Mines and Mineral Industries Development Holding Company and Zagros Petrochemical Company.