Tehran Stocks Post Strong Gains

EghtesadOnline: Tehran stocks made a solid 3.1% gain on Monday cheered by the dramatic rise in demand for refinery, petrochemical and metal stocks.

News ID: ۷۴۸۵۲۸

25 September 2019

Riding on the tailwinds of fresh liquidity inflow, the main gauge of Tehran Stock Exchange climbed 9,367.9 to 311,471.35 for the day, a level never seen before.

The value of trade crossed 20 trillion rials ($175 million) on Monday and more than 240 symbol tickers ended in the green, according to the Donyaye Bourse website.

The shares of Persian Gulf Petrochemical Industries Company, the biggest listed company in the market, alone contributed 1,070 points to the benchmark, according to Financial Tribune.

This came immediately after the symbol tickers of the giant petro company reopened when it was temporarily frozen due to an extraordinary general meeting.

Triggered by rise in demand for shares of this holding and a large number of its subsidiaries, the value of trade in the chemical group reached 3.2 trillion rials with the index for chemical industries growing 4.7%.

This company plus its foreign sales agents and 39 of its subsidiaries came under United States sanctions in June.

The market was also partly boosted by the investors’ optimism toward the half-yearly reports of listed companies on Codal website - an information website created for instant official publication of corporate data.

Market Performance

The TSE's main index TEDPIX gained 9,367.75 points or 3.10% to end trading at 311,471.4.

About 5.30 billion shares valued at 23.69 trillion rials ($208.72 million) changed hands for the day.

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

Silica Sand Supplier Company was the biggest winner as its shares went up 13.54% to 22,240 rials per share.

Vehicle Axle Manufacturing Company incurred the biggest loss among all TSE-listed companies and went down 4.66% to 11,056 rials per share.

Goltash Cosmetics and Care Company contributed the most to the benchmark's fall, followed by Bafgh Mining Company, Saman-e-Kish Electronic Payment and Informatics Services Corporation.

Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, and National Iranian Copper Industry Company.

The Price Index gained 2,517.89 points, or 3.10% to close at 83,714.7.

The First Market Index increased by 6,749.40 points, or 3.07% to post 226,606.4. Second Market Index increased by 19,315.13 points, or 3.15% to reach 632,335.1.

The Industry Index increased by 8,830.57 points or 3.26% to register 279,599.6 and Free Float Index was up 10,101.04 points to hit 358,701.10.

TSE 30 increased by 419.13 points to settle at 13,297.1 and the TSE 50 ended 392.48 points higher to finish at 12,107.5.

IFX Up 2.59%

Iran Fara Bourse main index IFX gained 104.11 points or 2.59% to close Monday trade at 4,121.15.

About 1.4 billion securities valued at 9.02 trillion rials ($79.5 million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares and trade value as 297.353 million of its shares worth 610.27 billion rials ($5.37 million) were traded.

Damavand Power Generation Company, Bank Day, and Afranet Company (provider of broad band services, data center and cloud servers) had the most negative impact on IFX.

Zagros Petrochemical Company gave the biggest boost to IFX, followed by Marun Petrochemical Complex, and Goharzamin Iron Ore Company.