Glimmer of Hope for Share Market
EghtesadOnline: The stock market showed some sign of recovery at the start of trading week on Saturday as share prices of majority of listed companies soared for the second day.
The benchmark of Tehran Stock Exchange, TEDPIX, climbed 3.22%, the highest daily gain in two months driven mainly by large caps. The market cap-weighted index gained more than 38,000 points and clawed back above the 1.2 million points.
Increase in demand for large caps, the so-called 'benchmark markers', pushed up the TSE-30 Index by 4.4%. The index tracks the performance of top 30 listed companies in terms of market capitalization.
The equal-weighted index was up by 1.7%, showing that small stocks were not as attractive as the large ones.
After consecutive sessions of capital outflow, Saturday saw net liquidity inflow by retail traders near 8.9 trillion rials ($40 million), according to Eghtesad News website.
There also was a noticeable decline in share offers by institutional traders, who have often been blamed for the deep downturn at the stock market due to their role in the excessive oversupply of shares.
About 5.61 billion shares valued at 71.42 trillion rials ($310.55 m) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Parsian Oil and Gas Development Group Company was the biggest winner as its shares went up 18.65% to 19,720 rials per share. Iran Industrial Development Investment Group Company incurred the biggest loss among all TSE-listed companies and went down 13.11% to 18,360 rials per share.
Omid Investment Management Group Company contributed the most to the benchmark's fall, followed by Iran Industrial Development Investment Group Company, Asia Insurance Company and Beh Pardakht Mellat.
Parsian Oil and Gas Development Group Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Social Security Investment Company.
IFB Up 2.4%
Iran Fara Bourse main index IFX gained 436.89 points or 2.43% to close Saturday trade at 18,447.04. About 2.94 billion securities valued at 47.73 trillion rials ($207.55m) were traded at the junior exchange for the day.
Kowsar Insurance Company, Iran Cultural Heritage and Tourism Investment Group Company, Tukarail Company and Kerman Development Investment Company had the most negative impact on IFX.
Esfahan Steel Company gave the biggest boost to IFX, followed by Gohar Zamin Iron Ore Company, Arya Sasol Polymer Company and Zagros Petrochemical Company.