EghtesadOnline: Investors heaved a sigh of relief on the last day of trading week Wednesday as share prices in Tehran picked up following steep declines in five consecutive rallies.
The main gauge of Tehran Stock Exchange, TEDPIX, gained 33,260 points and climbed 2.9% pushing up the benchmark to 1,183,978 points.
The rally was driven by price rise in blue chips and large caps of the TSE as indicated by 4.43% rise in TSE-30 Index, which tracks the performance of 30 listed companies with the highest market capitalization.
TSE's equal-weighted index eked out smaller gains rising 0.63% and penny stocks didn’t perform well. Top gainers were refineries, minerals, chemical and metal companies while prices in sugar, communication, mass construction and ceramic declined.
The rally came after growing retail investors' discontent about the inability, or unwillingness, of the market regulator to come to the aid of the struggling market.
Mounting criticism compelled Hassan Ghalibaf-Asl, managing director of Securities and Exchange Organization, to step down on Tuesday.
It his resignation letter, submitted to the Economy Minster Farhad Dejpasand, he said his efforts to revive the struggling stock market were futile "due to politicized moves and intervention of non-professionals in the working of the capital market.”
About 5.96 billion shares valued at 68.61 trillion rials ($298.32 million) changed hands at TSE for the day.Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Golgohar Mining and Industrial Company was the biggest winner as its shares went up 5% to 16,380 rials per share.
Maskan Shomalshargh Investment Company incurred the biggest loss among all TSE-listed companies and went down 6.11% to 6,450 rials per share.
Sepid Farab Kavir Steel manufacturing Company contributed the most to the benchmark's fall, followed by Iran Transfo Company, Post Bank Iran and Esfahan Cement 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.
IFB Up 2.73%
Iran Fara Bourse main index, IFX, gained 479.4 points or 2.73% to close Wednesday trade at 18,010.15. About 2.88 billion securities valued at 163.11 trillion rials ($709.18m) were traded at the junior exchange for the day.
Isfahan Parsian Kowsar Hotel had the highest number of traded shares as 243.09 million of its shares worth 815.05 billion rials ($3.54m) were traded.
Iran Cultural Heritage and Tourism Investment Group Company, MAPNA Asaluyeh Power Generation Company, Zagros Kowsar Power Generation Company and Kowsar Insurance Company had the most negative impact on IFX.
Marun Petrochemical Company Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Gohar Zamin Iron Ore Company and Middle East Mines and Mineral Industries Development Holding Company.