Tehran Stocks Reach New Highs

EghtesadOnline: The main gauge of Tehran Stocks Exchange hit a new high and entered the 240,000 channel as investors expect up-beat earnings reports of listed companies for the month to June 22.

News ID: ۷۴۷۶۷۸

25 June 2019

The bull market started Sunday and gained pace on Monday with TEDPIX gaining more than 5,000 points, or 2.1%, to end trading day at 242,567 points.

Stock market symbols on Monday were mostly green with stocks of mineral, basic metals, and petrochemical firms topping the list and contributing the most to benchmark gains.

It appears that a combination of positive developments both in the economic and political arenas are pushing Tehran stocks upward for now. On the domestic front, investors’ sentiments were boosted mainly by the financial reports of listed companies, according to Financial Tribune.

In addition, investors also seem to be abreast of the financial developments on the international circuit, particularly with regard to the decision of the Financial Action Task Force, the global anti-money laundering watchdog, to continue the suspension of counter-measures against Iran.

On Friday, the powerful watchdog body allowed Iran four more months to meet international standards against money-laundering and terror financing.

Stocks in international markets ended mixed Monday. European stocks stumbled and the dollar hit three-month lows for the day. Pan-European STOXX 600 fell 0.2. Stocks in London were little changed.

Asia-Pacific Mixed

Stocks in the Asia-Pacific region were mixed on Monday, while oil prices continued to rise as tensions between the US and Iran lingered after the Iran shot down an American surveillance drone in its territorial waters.

According to Donyaye bourse website, the Jam Polypropylene Company producing poly propylene was undoubtedly the best performing stock on Monday in Tehran, contributing to 455 points of benchmark gains.

It was followed by Golgohar Mining and Industrial Complex and Mobarakeh Steel Company.

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

More than 3.3 billion shares valued at 13.71 trillion rials ($99.79 million) changed hands for the day.

Fariman Sugar Company was the biggest winner as its shares went up 9.29% to 16,791 rials per share.

Iranlent Company, a brake pad manufacturer, incurred the biggest loss among all TSE-listed companies and went down 5% to 49,384 rials per share.

Iran Chemical Industries Investment Company contributed the most to the benchmark's fall followed by Persian Gulf Petrochemical Industries Company, and Beh Pardakht Mellat.

Iran Fara Bourse’s main index IFX rose 1.88% to close Monday trade at 3,103.24 points.

Over 1.42 billion securities valued at 6.32 trillion rials ($47.88 million) were traded at the junior exchange for the day.