EghtesadOnline: Leaving behind a two-day correction phase, Tehran stocks opened Saturday in positive territory amid spike in foreign exchange rates, which always whet investor appetite for commodities and other export-based stocks.
The main index of Tehran Stock Exchange, TEDPIX, gained 54,711 points for the day, climbing 2.88% to end trading session at 1,955,858.
Stocks rallied in tandem with the currency market on Saturday. Besides creating inflationary expectations, the soaring value of the dollar helps export companies earn more when their earnings are converted into rials.
Apart from the currency spikes, which has mostly strengthened demand for shares of export-oriented listed companies, the bourse is booming mainly due to huge inflow of fresh mone.
About 9.53 billion shares valued at 188.36 trillion rials ($918.84 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday. IRCA Part Sanat Company was the biggest winner as its shares went up 12.49% to 57,720 rials per share.
Petrochemical Industries Investment Group Company incurred the biggest loss among all TSE-listed companies and went down 9.1% to 26,970 rials per share.
Mines and Metals Development Investment Company contributed the most to the benchmark's fall, followed by Parsian Bank, Ofogh Koorosh Chain Stores Company and Kish South Kaveh Steel Company.
National Iranian Copper Industries Company gave the biggest boost to the benchmark index, followed by Social Security Investment Company, Esfahan Oil Refining Company and Mobarakeh Steel Company.
IFX Up 3.68%
Iran Fara Bourse main index, IFX, gained 719.19 points, or 3.68%, to close Saturday trade at 20,237.92.
About 2.25 billion securities valued at 58.52 trillion rials ($285.48m) were traded at the over-the-counter exchange for the day.
Gohar Zamin Iron Ore Company, Pasargad Oil Company, Kowsar Insurance Company and Melal Credit Institution had the most negative impact on IFX.
Marun Petrochemical Company gave the biggest boost to IFX, followed by Day Bank, Esfahan Steel Company and Shahid Tondgooyan Petrochemical Company.