EghtesadOnline: Tehran’s stock market moved higher at the start of trading week on Saturday as investors’ attention shifted again toward giants in the market.
The benchmark of Tehran Stock Exchange, TEDPIX, soared more than 57,325 points, or 3.01%, to close trade at 1,961,649.
Led by large-cap shares, shares of a broad range of smaller companies also gained pushing up the equal-weighted index to 2.16%.
Leaving behind a weeklong correction phase in blue chips, the so-called “benchmark makers”, it seems that a bullish trend has returned to the market as fresh money flows into the fast-pacing market openly and strongly backed by the government.
Reporting about the performance of the share market to members of the Expediency Council, the highest legislative body in Iran, Economy Minister Farhad Dejpasand said earlier in the week that more than 700 trillion rials ($3 billion) in fresh money has flown into the market since the start of the fiscal year in March.
The government is determined to support the trend, Dejpasand said, the Securities and Exchange News Agency reported.
About 10.62 billion shares valued at 176.27 trillion rials ($819.86 million) changed hands at TSE on Saturday.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Ardakan Industrial Ceramics Company was the biggest winner as its shares went up 8.51% to 36,600 rials per share.
Lamiran Company incurred the biggest loss among all TSE-listed companies and went down 4.63% to 142,710 rials per share.
Bank Saderat Iran contributed the most to the benchmark's fall, followed by Bandar Abbas Oil Refining Company, Tejarat Bank and Fanavaran Petrochemical Company.
Social Security Investment Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Persian Gulf Petrochemical Industries Company and National Iranian Copper Industries Company.
IFB Up 2.84%
Iran Fara Bourse main index, IFX, gained 559.22 points, or 2.84%, to close Saturday trade at 20,282.89.
About 2.94 billion securities valued at 61.97 trillion rials ($288.25m) were traded at the over-the-counter exchange for the day.
Marun Petrochemical Company, Tehran Housing Investment Group Company, Shiraz Oil Refining Company and Sobhan Oncology Pharmaceutical Company had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Middle East Mines and Mineral Industries Development Holding Company, Shahid Tondgooyan Petrochemical Company and Saba Tamin Investment Company.