Tehran Stocks Recover Some Earlier Losses

EghtesadOnline: Tehran stocks pared some earlier losses on Monday to compensate for over 1.8% of its benchmark fall in earlier sessions.

News ID: ۷۴۷۳۲۵

14 May 2019

After two straight sessions of bear market, which was created under massive selloff pressure, the price of almost 90% of listed companies’ stocks dropped on Sunday.

Encouraged by the general price fall, market participants turned to buying during the early hours of trading day on Monday, pushing up the TSE’s main index, TEDPIX, to 207,751 points.

Auto and bank stocks, which were among the worst performing in the previous session, gained renewed traction on Monday. However, shares of the cement group were grappling with selloff pressure, Financial Tribune reported.

This is while global markets fell as the trade war between the United States and China escalated.

Asian stocks dipped lower on Monday, with Japan's Nikkei dropping around 0.7% and the Shanghai Composite closing more than 1% lower.

European shares extended losses early on Monday from the biggest weekly slump this year.

China announced it was raising tariffs on $60 billion worth of US goods from June 1. That comes after the US hiked tariffs from 10% to 25% on $200 billion worth of Chinese exports on Friday following a breakdown in trade talks between the world's top two economies.

TEDPIX gained 3,682.38 points or 1.8% on Monday to end trading at 207,751.7.

More than 3.5 billion shares valued at 9.52 trillion rials ($63.52 million) changed hands for the day. Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.

Derakhshan Tehran Company, a rubber and plastics manufacturer in Iran, was the biggest winner as its shares went up 9.67% to 35,861 rials per share.

Doroud Cement Company incurred the biggest loss among all TSE-listed companies and went down 12.2% to 1,800 rials per share.

Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Esfahan Oil Refining Company (EORC), National Iranian Copper Industries Company, and Tehran Oil Refining Company.

Eghtesad Novin Bank of Iran (EN Bank) contributed the most benchmark's fall followed by Iran Khodro Industrial Group (IKCO), and National Investment Company of Iran (NICI).

The Price Index gained 1,057.21 points to close at 59,640.7.

First Market Index was up 2,631.59 points to post 156,067.6.

Second Market Index increased by 7,711.87 points to reach 399,478.9. The Industry Index went up by 3,536.94 points to register 186,885.9.

Free Float Index was up 4,102.10 points to register 232,428.

The TSE 30 went up 189.38 points to settle at 9,849.1 and the TSE 50 gained 157.64 points lower to finish at 8,643.3.

Iran Fara Bourse’s main index IFX rose 1.82% to close Monday trade at 2,539.69 points.

Over 1.67 billion securities valued at 7.31 trillion rials ($48.76 million) were traded at the junior exchange for the day.