Metals Draw Tehran Stock Exchange Attention

EghtesadOnline: Stocks in Tehran climbed more than 1% on Tuesday adding another 2,000 points to its two-day gains.

News ID: ۷۴۷۶۹۱

26 June 2019

Although stocks began mid-day trade in negative territory, the benchmark of the Tehran Stock Exchange turned green in the later hours of trading after investor sentiment was boosted by positive signals from financial reports of major metal companies for the last Persian month to June 21.

Topping the list of best-performing companies was Mobarakeh Steel Company, the biggest listed company in the TSE, Donyaye Bourse website reported.

Financial records released on the Codal - an information website created for instant official publication of corporate data - indicates that major steelmakers’ sales were worth  30.7 trillion rials ($230 million) over the past Iranian month and 95 trillion rials ($730 million) during the first quarter of the current fiscal year (March 21- June 21), according to Financial Tribune.

This is despite the fact that Iran’s metal industry is on the new US sanctions list since May.

Donald Trump’s America imposed new sanctions on May 8 on Iran’s iron, steel, aluminum, and copper sectors, which represent Iran's largest sources of revenue after oil, amounting to 10% of exports.

Market Performance

TSE’s main index TEDPIX gained 2,560.56 points or 1.04% on Tuesday to end trading at 245,098.7.

More than 3.5 billion shares valued at 13.91 trillion rials ($105.8 million) changed hands for the day.

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

Buali Investment Company was the biggest winner as its shares went up 10.07% to 3,333 rials per share.

Fariman Sugar Company incurred the biggest loss among all TSE-listed companies and went down 4.66% to 16,008 rials per share.

Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company, Iran National Copper Industry Company, and Golgohar Mining and Industrial Complex.

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

Iran Fara Bourse’s main index IFX rose 0.98% to close Tuesday trade at 3,133.68 points.

Over 1.3 billion securities valued at 6.05 trillion rials ($46.06 million) were traded at the junior exchange for the day.