Tehran Stocks on Course for Fresh Rallies

EghtesadOnline: Leaving behind a brief correction phase in the previous session, Tehran stocks resumed a month-long bull market on Saturday with benchmark of Tehran Stock Exchange soaring more than 1.8%.

News ID: ۷۴۹۳۱۰

29 December 2019

Out of 319 active companies listed on TSE, the symbol tickers of 282 companies were green for the day meaning that prices of 88% of stocks rose.

The gain for equal-weighted index, which gives the same weight to all stocks regardless of size and value, was higher at 2.5%, indicating a bigger contribution of small-cap companies to the Saturday’s rally, Financial Tribune reported.

Trade marked growth in indicators of all industries except for sugar, coal and printing groups. A total of 19 industry indicators experienced growth of above 2% for the day, according to stock market analytical website Donyaye Bourse.

The top-performers were cement, transportation, metals, tire, agriculture and ceramic stocks where prices soared more than 3%.

Analysts ascribe the bull-market to inflow of fresh liquidity, in the absence of powerful parallel markets, and financial records of listed companies for the past calendar months that ended on Dec.21.

“The [financial] reports were beyond expectation…some companies performed well in exports,” a market analyst told IRNA.

Market Performance

The TSE's main index TEDPIX gained 6,543.72 points, or 1.81%, on Saturday to end trading at 367,632.1.

About 5.76 billion shares valued at 30.73 trillion rials ($236.76 million) changed hands at TSE for the day.

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

Technical Inspection and Corrosion Control Company was the biggest winner as its shares went up 15.28% to 27,540 rials per share.

Petrochemical Transport Engineering Company incurred the biggest loss among all TSE-listed companies and went down 3.47% to 23,586 rials per share.

Chadormalu Mining and Industrial Company contributed the most to the benchmark's fall, followed by Pars Petrochemical Company, Tabriz Oil Refining Company and Mobile Telecommunication Company of Iran.

MAPNA Group gave the biggest boost to the benchmark index, followed by Ghadir Investment Company, Bank Mellat and Bandar Abbas Oil Refining Company.

IFX Up 2.3%

Iran Fara Bourse main index IFX gained 111.64 points or 2.39% to close Saturday trade at 4,774.23.

About 1.62 billion securities valued at 14.03 trillion rials ($108.11 million) were traded at the over-the-counter exchange for the day.

Daroupakhsh Distribution Company, Pakdis Company, Hejrat Distribution Company and Day Insurance Company had the most negative impact on IFX.

Marun Petrochemical Company gave the biggest boost to IFX, followed by Goharzamin Iron Ore Company, Esfahan Steel Company and Jahrom Power Plant Development Company.