Tehran Stocks Open on Strong Note

EghtesadOnline: Tehran stocks rallied on Saturday, recovering losses over the last trading week, with the main gauge gaining more than 3,500 points, or 1.2%, to 297,712.

News ID: ۷۴۸۵۰۴

22 September 2019

Mineral, telecom, bank and refinery stocks provided the biggest support to the benchmark.

The fact that the indicators of almost all stocks soared for the day reflect the heavy presence of retail investors in the market, Financial Tribune reported.

Out of a total of 39 industries indexed in the Tehran Stock Exchange, the price of 36 increased, according to the Donyaye Bourse website.

TSE experienced one of its biggest downturn in more than 4 months on Wednesday, falling 2.6% to 294,166.7.

Market analysts ascribe the new rally to rising demand for a wide range of shares when investors seized the opportunity to place orders when prices fell dramatically during the two-day bear market last week.

The market on Saturday behaved rather indifferently toward the US Treasury move a day earlier to impose new sanctions on the Central Bank of Iran.

The United States announced new restrictions on the CBI, the National Development Fund of Iran and Etemad Tejarate Pars Company under its so-called ‘counterterrorism authority’.

Market Performance

The TSE's main index TEDPIX gained 3,545.99 points or 1.21% on Saturday to end trading at 297,712.6.

About 4.04 billion shares valued at 15.55 trillion rials ($135.88 million) changed hands at TSE for the day.

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

Pars Minoo Industrial Company was the biggest winner as its shares went up 5% to 14,343 rials per share.

Goltash Cosmetics and Care Company incurred the biggest loss among all TSE-listed companies and went down 5% to 21,087 rials per share.

Khorasan Steel Company contributed the most to the benchmark's fall, followed by Eghtesad Novin Bank, Parsian Bank, and Goltash Cosmetics and Care Company.

Golgohar Mining and Industrial Company gave the biggest boost to the benchmark index, followed by MAPNA Group, and National Iranian Copper Industry Company.

The Price Index gained 953.05 points, or 1.21% to close at 80,016.8. First Market Index increased by 2,808.46 points, or 1.31% to post 217,032.5. Second Market Index increased by 6,178.02 points, or 1.04% to reach 602,447.0.

The Industry Index increased by 3,294.02 points or 1.25% to register 266,692.0. Free Float Index was up 4,828.48 points to hit 342,673.53.

TSE 30 increased by 158.87 points to settle at 12,718.7 and TSE 50 ended 117.61 points higher to finish at 11,576.9.

IFX Up 1.71%

Iran Fara Bourse main index IFX gained 66.32 points or 1.71% to close Saturday trade at 3,952.86.

About 1.21 billion securities valued at 8.17 trillion rials ($71  million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares as 136.96 million of its shares worth 266.93 billion rials ($2.3 million) were traded.

Goharzamin Iron Ore Company, Lavan Oil Refining Company, and Iron and Steel Company had the most negative impact on IFX.

Marun Petrochemical Complex gave the biggest boost to IFX, followed by Zagros Petrochemical Company, and Damavand Power Generation Company.