EghtesadOnline: Tehran stocks opened trading week Saturday on a strong note as demand remained high for a range of large cap stocks particularly in refinery, base metals and bank groups.
The market-cap weighted benchmark of Tehran Stock Exchange gained 36,127 points to end trading session at 1,189,807 points, pushing up the TEDPIX 3.13% for the day.
The rally was driven by a combination of factors, namely rising currency prices, rise in prices of goods and permissions granted by authorities to listed companies to increase prices of their products.
However, upsurge in commodity prices in the world market is seen as the main driver of fortunes of giant listed companies such as metals, refineries and petrochemicals.
Prices of base metals, bullion and energy futures in the international market have improved over the past month, with those of industrial commodities jumping by 3.5-12% from their recent lows about a month ago, the Business Standard reported.
In addition, government permission to increase prices of goods has boosted shares in a number of food, cement and pharma companies in recent days.
The bourse regulator announced changes in the stock market’s trading platform on Saturday to smooth the flow of trade by easing the load on platforms arising from the overwhelming increase in deals in recent weeks.
As one of the most important changes, the regulator banned using iceberg orders. Iceberg orders are large single orders that have been divided into smaller limit orders, usually through the use of an automated program, for the purpose of hiding the actual order quantity. In other words, a large order is split into several smaller orders to conceal the "real" size of the order.
About 7.71 billion shares valued at 99.03 trillion rials ($556.36 million) changed hands at TSE for the day.
Sepah Investment Company was the biggest winner as its shares went up 5% to 13,570 rials per share.
Iran Aluminium Company incurred the biggest loss among all TSE-listed companies and went down 4.67% to 25,870 rials per share.
Ghadir Investment Company contributed the most to the benchmark's fall, followed by Parsian Oil and Gas Development Company, Iran Aluminium Company and Shazand Petrochemical Company.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Persian Gulf Petrochemical Industries Company and Mellat Bank.
IFX Up 2.42%
Iran Fara Bourse main index IFX gained 311.56 points or 2.42% to close Saturday trade at 13,182.5.
About 2.76 billion securities valued at 46.09 trillion rials ($258.98 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares and trade value as 327.9 million of its shares worth 2.4 trillion rials ($13.51 million) were traded.
Omid Taban Hour Energy Management Company, Sabzevar Cement Company, Taliseh Nemooneh Dairy Farm Company and Tukarail Company had the most negative impact on IFX.
Middle East Mines and Mineral Industries Development Holding Company gave the biggest boost to IFX, followed by Saba Tamin Investment Company, Zagros Petrochemical Company and Esfahan Steel Company.