Tehran Stocks Gain Ground
The benchmark of Tehran Stock Exchange moved to new highs at the start of trading week on Saturday amid renewed investor sentiments toward the market’s future.
TSE’s main gauge, TEDPIX, gained 40,306 points for the day to climb 3.9% and stand at all-time high of 1,068,844 points.
The rally swept through all small and large cap stocks with large-cap shares having the upper hand as shown in the 4.3% growth in the TSE-30 index, which tracks the performance of 30 largest companies listed with the TSE in terms of market capitalization.
Petrochemical, base metal, mineral, investment and refinery companies were the main drivers of the benchmark growth.
A combination of domestic and international developments boosted investor sentiments and their vision of future market growth.
Shares in many listed companies, including those in the key food and pharma industries, rallied on the back of reports that the government plans to increase prices of such products.
The government has further shortened the list of imported goods eligible for subsidized currency (42,000 rails for a USD). A range of goods and pharmaceutical importers should henceforth buy forex from the secondary market, known as Nima, where rates go as high as 155,000 rials for one dollar. It was not clear which goods would not be eligible for subsidized currency.
In the international arena, surge in crude oil prices and major commodities drove forward petrochemical, refinery and mineral shares.
About 9.31 billion shares valued at 76.88 trillion rials ($449.64 million) changed hands at TSE for the day.
HiWeb Company was the biggest winner as its shares went up 13.58% to 26,848 rials per share.
Shahid Ghandi Corporation Complex incurred the biggest loss among all TSE-listed companies and went down 4.78% to 137,690 rials per share.
Islamic Republic of Iran Shipping Lines Company contributed the most to the benchmark’s fall, followed by Shahid Ghandi Corporation Complex, Pars Minoo Industrial Group Company and Iran Khodro Investment Development 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.
IFX Up 3.33%
Iran Fara Bourse main index, IFX, gained 389.27 points, or 3.33%, to close Saturday trade at 12,086.17.
About 1.89 billion securities valued at 36.74 trillion rials ($214.8 million) were traded at the over-the-counter exchange.
Day Bank had the highest number of traded shares and trade value as 136.08 million of its shares worth 2.55 trillion rials ($14.93 million) were traded.
Shahdab Nab Khorasan Agricultural And Industrial Company, Behpak Industrial Company, Alborz Distribution Company and FKA animal husbandry and agriculture Company had the most negative impact on IFX.
Marun Petrochemical Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Esfahan Steel Company and Saba Tamin Investment Company.