Tehran Stocks Moving Higher
EghtesadOnline: The share market in Tehran opened on strong note Saturday extending a bullish trend into the ninth day with shares in big listing companies again pushing up market indicators.
The benchmark of Tehran Stocks Exchange, TEDPIX, added 46,822 points to gain 3.3%, closing trading session at 1,466,275 points.
Unlike recent rallies where only large-cap shares had the upper hand, Saturday’s climb swept through all type of shares as demonstrated in the 2.22% growth in equal-weighted index.
However, a 4% hike in the TSE-30 Index indicates that the benchmark growth was driven mainly by giant companies. TSE-30 tracks the performance of 30 TSE-listed largest companies in terms of capitalization.
Spike in currency rates has been the main trigger of the consecutive rallies in recent days. Higher forex prices particularly impact shares of export-oriented listed companies, including refineries, metals, petrochemical and minerals.
Foreign currencies resumed rally at the opening of trading week on Saturday after a two-day hiatus. The US dollar jumped close to 3% to 198,000 rials in Tehran’s open market after dropping 5.5% in the two previous sessions following injection of hard currency by Central Bank of Iran.
A total of 5.82 billion shares valued at 95.42 trillion rials ($502.24 million) were traded at the TSE on Saturday.
Pars Oil Company was the biggest winner as its shares went up 32.67% to 73,170 rials per share.
Magsal Agricultural and Animal Husbandry Company incurred the biggest loss among all TSE-listed companies and went down 4.44% to 60,010 rials per share.
Behshahr Industrial Development Corporation contributed the most to the benchmark's fall, followed by Bama Mining Company, Iran Transfo Company and Pars Switch Company (an electronic company).
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Social Security Investment Company.
IFX Up 5.44%
The benchmark of the junior equity market, Iran Fara Bourse, experienced higher gains thanks to remarkable growth in shares of Gohar Zamin Iron Ore Company.
The IFX climbed 5.44% on Saturday, gaining 827.28 points to close Saturday trade at 16,029.75.
About 2.64 billion securities valued at 48.75 trillion rials ($256.6 million) were traded at the over-the-counter exchange for the day.
Kowsar Insurance Company, Alborz Distribution Company, Pars Paper Industrial Group Company and Day Insurance Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Esfahan Steel Company, Middle East Mines and Mineral Industries Development Holding Company and Saba Tamin Investment Company.