Tehran Stock Exchange Continues Winning Streak

EghtesadOnline: The Tehran Stock Exchange benchmark rallied again on Tuesday, extending a winning streak into the second day.

News ID: ۷۴۸۲۸۸

28 August 2019

After substantial gains on Monday, the main gauge of TSE soared 1.3%, adding more than 3,500 points to TEDPIX.

The fresh rally was triggered by investor optimism toward future course of events, boosted by positive reports about political developments.

The head of Securities and Exchange Organization, Shapour Mohamadi confirmed to ILNA the impact of political developments on the market’s consecutive rallies, Financial Tribune reported.

More specifically, he pointed to the recent brief visit of Foreign Minister Mohammad Javad Zarif to France on Sunday.

The senior diplomat held talks with President Emmanuel Macron in the sidelines of G7 summit in Biarritz.

Macron had earlier met Zarif on Friday to help ease the latest crisis in US-Iran relations after Donald Trump last May pulled the US out of landmark 2015 international nuclear deal.

The trading session witnessed two different trends on Tuesday, as a large number of green symbol tickers turned red in the later hours of trading day.

According to Donyaye Bourse website, the green symbols fell from 227 before mid-day trade to 189 symbols by the time the market closed.

Market Performance

TSE's main index TEDPIX gained 3,598.10 points or 1.31% on Tuesday to end trading at 278,469.9.

About 4.74 billion shares valued at 17.55 trillion rials ($158.10 million) changed hands at TSE for the day.

Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.

Shahid Bahonar Copper Industries Company was the biggest winner as its shares went up 9.46% to 11,054 rials per share.

Khorasan Sugar Company incurred the biggest loss among all TSE-listed companies and went down 9.44% to 19,341 rials per share.

Telecommunication Company of Iran contributed the most to the benchmark's fall, followed by the Islamic Republic of Iran Shipping Lines Company, Bank Pasargad, Iran Khodro Company (IKCO) and Informatics Services Corporation.

Mapna Group gave the biggest boost to the benchmark index, followed by Golgohar Mining & Industrial Company, and Mobarakeh Steel Company.

The Price Index gained 967.17 points, or 1.31% to close at 74,844.9.

The First Market Index increased by 2,773.84 points, or 1.39% to post 202,623.8. Second Market Index increased by 6,604.95 points, or 1.18% to reach 565,216.0.

The Industry Index increased by 3,616.59 points or 1.47% to register 249,835.6. Free Float Index was up 3,747.88 points to hit 317,930.26.

TSE 30 increased by 145.26 points to settle at 11,934.9 and the TSE 50 ended 140.03 points higher to finish at 10,934.0.

IFX up 1.39%

Iran Fara Bourse main index IFX gained 50.95 points or 1.39% to close Monday trade at 3,704.23.

About 2.32 billion securities valued at 14.17 trillion rials ($127.72 million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares as 459.35 million of its shares, worth 801.93 billion rials ($7.22 million), were traded.

Damavand Power Generation Company, Middle East Mines & Mineral Industries Development Holding Company and Kerman Development and Investment Company had the most negative impact on IFX.

Zagros Petrochemical Company gave the biggest boost to IFX, followed by Esfahan Steel Company and the Marun Petrochemical Complex.