Tehran Stocks Buck 11-Day Decline
EghtesadOnline: Tehran’s stock market moved into positive territory on Tuesday after posting declines for eleven straight sessions, thanks to rise in demand for large caps.
The main gauge of Tehran Stock Exchange, gained 18,398 points to climb 1.5% closing at 1,244,556 points. Surge in blue chips and large caps pushed up the TSE-30 Index by 2.7%. The index tracks the performance of 30 top listed companies in terms of market cap.
Amid investor enthusiasm for large caps, small caps struggled as seen in the subtle 0.12% hike in the equal-weighted index.
Capital outflow by retail traders also eased after 13 sessions in a row as the market logged net inflowl worth 850 billion rials.
Trade by retail investors increased by 76% to reach 49.7 trillion rials, Eghtesad News website reported. Investor sentiment was buoyed by news that the regulator is planning to boost the share market by allowing investment firms to join.
Mohammad Ali Dehqan-Dehna, head of the Securities and Exchange Organization, said Monday that the regulator had given okay to holding companies and investment firms to sell bonds and in the process help revive the market hit hard by systemic selloff.
About 6.87 billion shares valued at 51.01 trillion rials ($204.04 million) changed hands at TSE for the day. The Social Security Investment Company was the biggest winner as its shares went up 5.97% to 11,540 rials per share.
Iran Darou Pharmaceutical Company incurred the biggest loss among all TSE-listed companies and went down 2% to 26,460 rials per share.
Mobarakeh Steel Company contributed the most to the benchmark's fall, followed by Social Security Investment Company, National Iranian Copper Industries Company and Tamin Petroleum and Petrochemical Investment Company.
Sadr Tamin Investment Company gave the biggest boost to the benchmark index, followed by Sepid Farab Kavir Steel manufacturing Company, Civil Pension Fund Investment Company and Bank Saderat Iran.
IFB Up 0.8%
Iran Fara Bourse main index IFX gained 144.06 points or 0.81% to close Tuesday trade at 17,940.56. About 930.07 million securities valued at 22.35 trillion rials ($89.4 million) were traded at the junior exchange for the day.
Arya Sasol Polymer Company, Zagros Petrochemical Company, Hormozgan Steel Company and Saba Tamin Investment Company had the most negative impact on IFX.
Iran Office Machines Industries Company gave the biggest boost to IFX, followed by Tabas Parvardeh Coal Company, Marun Petrochemical company and Ghasem Iran Company.