Tehran Stocks Pare Losses as Petchem Shares Rise

EghtesadOnline: Tehran equities pared some of their losses incurred in the past two days as a sense of optimism about soon-to-be-released monthly company earnings boosted investor sentiment on Monday. The recovery in world stocks was another factor for the stocks' rise.

News ID: ۷۴۶۲۴۶

20 November 2018

The slide of the last two sessions also made share prices attractive to some buyers. This was evident in relatively strong demand for petrochemical, refinery and metal stocks as these sectors are still expected to gain from the slide in the rial.

Bank and auto shares which were battered earlier now seem in better shape as pessimism about the two beleaguered sectors was seen to be waning.

World shares started the week on the front foot on Monday, amid conflicting signals of a potential truce in the China-US trade dispute, while the US Federal Reserve’s new-found concerns over the US economy sapped the dollar, Financial Tribune reported.

Tehran Stock Exchange’s main index gained 2,258.75 points or 1.30% on Monday to end trading at 175,816.5.

About 1.81 billion shares valued at $57.26 million changed hands at TSE for the day.

Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday. Pars Agro Co. was the biggest winner as its shares went up 9.46% to 9,162 rials per share.

International Construction Development Company incurred the biggest loss among all TSE-listed companies and went down 7.09% to 944 rials per share.

Isfahan Oil Refining Co. gave the biggest boost to the benchmark index, followed by Pars Petrochemical Co., and Mobarakeh Steel Co.

Bank Mellat contributed the most to the benchmark's fall, followed by Iran Transfo Co., and Abidi Pharmaceuticals.

The Price Index gained 657.82 points to close at 51,202.5.

The First Market Index was up 1,563.21 points to post 130,068.2.

The Second Market Index increased by 4,991.20 points to reach 347,609.2. The Industry Index went up by 2,257.72 points to register 160,262.7.

The Free Float Index was up 2,132.98 points to hit 187,127.20. TSE 30 went up 114.54 point to settle at 8,788.2 and the TSE 50 ended 110.95 points higher to finish at 7,737.1.

IFX Up 1.64%

Iran Fara Bourse’s main index IFX gained 30.81 points or 1.64% to close Monday trade at 1,910.86.

About 698.64 million securities valued at $31.26 million were traded at the over-the-counter exchange for the day.

Esfahan Steel Co. had the highest number of traded shares and trade value as 73.13 million of its shares worth $1.51 million were traded.

Goharzamin Iron Ore Co, Ghaed Basir Petrochemical Co., and Saina Co. registered the highest value increase.

Pegah Fars Dairy Company, Bahman Leasing Co., and Tadbirgaran-e Fars and Khuzestan suffered the biggest decline.

Marun Petrochemical Co, Goharzamin Iron Ore Co, and Zagros Petrochemical Co. had the most positive impact on IFX.