Tehran Stocks Open on Strong Note
EghtesadOnline: Tehran stocks opened trading week Saturday on a high note after losing 5.4% in the last trading week.
Leaving behind a 5-day bearish trend, shares began a weak rally on Wednesday that gathered momentum on Saturday.
The main index of Tehran Stock Exchange, TEDPIX, gained 26,516 points to climb 2.17% and close trading session at 1,247,591.
The equal-weighted index was up 1.24% and the TSE-30 Index gained 2.83%, indicating that both large and small cap stocks gained. The former index gives the same weight to all shares irrespective of their market cap and the latter tracks the performance of 30 top companies in terms of market capitalization.
Tehran's share market showed signs of recovery amid investor disappointment and growing street protests against the performance of the stock market authorities.
Registering capital outflow for 19 straight days, Saturday featured net capital inflow of 6.39 trillion rials ($25 million) mainly by retail traders, according to eghtesadnews.
Reaching an all-time high of 2.1 million points, TEDPIX gained more than 300% during the first five months of current fiscal year (March- August) before taking a nosedive and losing one million points.
News outlets reported capital outflow of 400 trillion rials ($1.5 billion) by retail traders after the chaotic market started to collapse from mid-August.
In the meantime, government officials and lawmakers have tried to appease retail investors regarding the future of the market by holding ad hoc meetings the outcome of which has been more disappointment and undermining trust in the uncertain market.
About 5.04 billion shares valued at 61.91 trillion rials ($229.32 million) changed hands at TSE for the day.
Jooshkab Yazd Industries Company was the biggest winner as its shares went up 5% to 204,760 rials per share.
AzarAb Industries Company incurred the biggest loss among all TSE-listed companies to fall 23.06% to 28,360 rials per share.
The Mines and Metals Development Investment Company contributed the most to the benchmark's fall, followed by Persian Gulf Petrochemical Industries Company, AzarAb Industries Company and Informatics Services Corporation.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Iran Khodro Company and Golgohar Mining and Industrial Company.
The Industry Index was up 22,752.75 points or 2.11% to register 1,100,213.99. The Free Float Index was up 36,585.82 points to hit 1,686,081.91.
TSE 30 went up 1,675.07 points to settle at 60,938 and the TSE 50 ended 1,094.11 points higher to finish at 48,140.51.
IFX Up 2.5%
Iran Fara Bourse main index, IFX, gained 399.61 points, or 2.56%, to close Saturday trade at 15,994.53.
About 2.21 billion securities valued at 41.67 trillion rials ($154.3m) were traded at the junior equity exchange for the day.
Omid Taban Hour Energy Management Company, Kerman Development Investment Company, Tejarat Insurance Company and Kosar Insurance Company had the most negative impact on IFX.
Sepehr Saderat Financial Group Investment Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Pasargad Insurance Company and Middle East Mines and Mineral Industries Development Holding Company.
Caption: The main index of Tehran Stock Exchange, TEDPIX, gained 26,516 points to climb 2.17%.