Tehran Stocks Lifted by Oil Rise

EghtesadOnline: Tehran's main stock market closed higher on Saturday buoyed by rising oil prices and renewed appeal toward auto and bank shares.

News ID: ۷۴۶۵۰۸

20 January 2019

The rise in refinery and petrochemical stocks helped the main index cross the resistance level of 166,000.

Oil market got the recent boost after OPEC reported that its December oil output has fallen sharply easing the surplus supply pressures.

OPEC says its December output fell by 751,000 barrels per day (bpd) to 31.58 mbpd. Also, US is expected to extend waivers to countries importing Iranian oil as the first round of US oil waivers are set to expire in May 2019, Financial Tribune reported.

Tehran Stock Exchange’s main index TEDPIX gained 536.11 points or 0.32% on Saturday to end trading at 166,131.1.

More than 1.92 billion shares valued at 5.33 trillion rials ($46.82 million) changed hands at TSE for the day.

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

Machine Sazi Arak ( a knowledge-based company active in engineering, procurement, construction, installation of oil, gas, petrochemical and power plant equipment) was the biggest winner as its shares went up 5% to 1,281 rials per share.

Mahram Group ( a food company) incurred the biggest losses among all TSE-listed companies and went down 5% to 31,622 rials per share.

Bandar Abbas Petrochemical Company gave the biggest boost to the benchmark index, followed by Isfahan Oil Refinery Company and Pars Petrochemical Company.

Persian Gulf Petrochemical Industries Company contributed the most to the benchmark's fall, followed by Bank Mellat and Bank Tejarat.

The Price Index gained 149.07 points to close at 48,160.8. First Market Index was up 528.33.62 points to post 123,476.3.

Second Market Index increased by 429.22 points to reach 325,726.2. The Industry Index went up by 687.35 points to register 148,523.4.

Caption: More than 1.92 billion shares valued at 5.33 trillion rials ($46.82 million) changed hands at TSE on Saturday.