Shares Fall to Make Comeback in Tehran Market
EghtesadOnline: Tehran stocks opened Sunday in negative territory with the benchmark of Tehran Stock Exchange losing about 2,000 points only to rebound later as a fresh rally in the currency market boosted sentiment.
The TSE’s market-cap weighted benchmark, TEDPIX, gained more than 34,000 points to climb 2.1%, closing the session at 1,655,406 points, market data released on Tehran Securities Exchange Technology Management Company website showed.
Led by large-cap shares, a broad range of micro-cap stocks gained for the day pushing up the equal-weighted index by 1.16%.
The share market is growing on inflationary expectations emanating from the surge in currency prices.
The US dollar rose 3% on Sunday and touched the historic 220,000 rials in Tehran’s open market.
Besides creating inflationary expectations, the soaring value of the dollar can help export-oriented listed companies earn more.
About 9.4 billion shares valued at 153.3 trillion rials ($696.83 million) changed hands at TSE on Sunday.
Fars Cement Company was the biggest winner as its shares went up 13.97% to 135,220 rials per share.
Shahroud Cement Company incurred the biggest loss among all TSE-listed companies and went down 5.96% to 27,000 rials per share.
Informatics Services Corporation contributed the most to the benchmark's fall, followed by Tehran Stock Exchange, Behran Oil Company and Tehran Cement Company.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Esfahan Oil Refining Company and Tamin Petroleum and Petrochemical Investment Company.
IFX Up 1.75%
Iran Fara Bourse main index, IFX, gained 298.1 points, or, 1.75% to close Sunday trade at 17,285.7.
About 3.47 billion securities valued at 71.89 trillion rials ($326.8 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company, Melal Credit Institution, Iran Office Machines Industries Company and Tukarail Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Marun Petrochemical Company, Zagros Petrochemical Company and Pasargad Insurance Company.