Tehran Stocks Snap 8-Day Losing Streak

EghtesadOnline: Tehran stocks closed positive on Sunday, ending the bearish spell, as institutions continued to take positions to support shares and investors found new encouragement to buy stocks they reckoned had had hit rock bottom prices.

News ID: ۷۴۶۳۶۵

23 December 2018

Falling oil and commodity prices had pushed stocks to finish the first trading day of winter at 154,505.5– a point considered to be the market's support level.

The rout in global markets had exacerbated investor mood in Iranian markets, a sense that was further reinforced as trade tensions between the US and China brewed.

Companies' third-quarter earnings results expected in the coming days could be another factor to lift the market even as other risks like the US sanctions and looming economic slump overshadows future trends. Despite these, bank stocks are a bright spot that face big demand and the reason for that is none other than the revaluation of lenders' assets in the wake of the recent jump in currency rates that saw rial lose much of its value, Financial Tribune reported.

Tehran Stock Exchange’s main index TEDPIX gained 2,143.28 points or 1.39% on Sunday to end trading at 156,693.8.

About 1.73 billion shares valued at 4.98 trillion rials ($48.14 million) changed hands at TSE for the day.

Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.

Iran Carton Inc. was the biggest winner as its shares went up 9.79% to 11,588 rials per share.

Abadan Petrochemical Company incurred the biggest loss among all TSE-listed companies and went down 4.97% to 3,654 rials per share.

Mobarakeh Steel Company and Golgohar Mineral and Industrial Company gave the biggest boost to the benchmark index, followed by Isfahan Oil Refining Company.

Tabriz Oil Refining Company contributed the most to the benchmark's fall, followed by Parsian Oil & Gas Development Group and Behpardakht Mellat Company (a payment service company) .

The Price Index gained 623.12 points to close at 45,550.1. First Market Index was up 1,873.50 points to post 115,057.5.

The Second Market Index increased by 31.63 points to reach 330,875.6. Industry Index went up by 1,707.29 points to register 141,124.3. Free Float Index lost 2.917.49 points to hit 169,298.49.

The TSE 30 went down 134.55 points to settle at 7,654.4 and the TSE 50 ended 99.27% points lower to finish at 6,753.7.

FX Up 2.07%

At the over-the-counter market, Iran Fara Bourse’s main index IFX gained 36.91 points or 2.07% to close Sunday trade at 1,816.91.

Over 545 million shares and securities valued at $46 million were traded at the junior exchange for the day.