Tehran Stocks Recover Early Losses

EghtesadOnline: The main index of the Tehran Stock Exchange climbed 1.5% on Sunday after four consecutive days of bear market.

News ID: ۷۴۷۶۶۱

24 June 2019

Stocks in the mineral, chemical, telecom and refinery groups contributed the most to the benchmark growth.

According to the Donyaye Bourse website, the stocks of two huge steel and copper companies dominated the stock market due to their “inherent attraction” to investors.

Both Mobarakeh Steel Company- the biggest listed company in the capital market and the National Iranian Copper Industry Company have recorded outstanding financial prowess in recent months, Financial Tribune reported.

This is in spite of the fact that Iran’s metal industry was put on the new US sanctions list in May.

The US administration ordered new sanctions on May 8 against Iran’s iron, steel, aluminum, and copper sectors, which represent Iran's largest sources of revenue after oil, amounting to 10% of exports.

Despite the high performance, the value of trade for the day was significantly lower than the spring average. The total value of TSE trade amounted to 7.2 trillion rials ($54 million) on Sunday while the daily value of trade in spring was 11 trillion rials ($84 million) on average.

Market Performance

Tehran Stock Exchange main index TEDPIX gained 3,573.84 points or 1.53% on Sunday to end trading at 237,459.9.

More than 2.6 billion shares valued at 8.65 trillion rials ($66.09 million) changed hands for the day.

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

Iran Glass Wool Company was the biggest winner as its shares went up 8.63% to 10,483 rials per share.

Gorji Biscuits incurred the biggest loss among all TSE-listed companies and went down 5% to 11,235 rials per share.

Golgohar Mining and Industrial Complex gave the biggest boost to the benchmark index, followed by Pars Petrochemical Compnay, Omid Investment Co., and Ghadir Investment Company.

Jam Petrochemical Company contributed the most benchmark's fall followed by Tehran Oil Refining Company, and Kharg Petrochemical Company.

Iran Fara Bourse main index IFX rose 2.69% to close Sunday at 3,046.02 points.

Over 1.51 billion securities valued at 10.75 trillion rials ($82.09 million) were traded at the junior exchange for the day.