Tehran Stocks Set New Highs

EghtesadOnline: Tehran stocks opened trading week on a high note Saturday, extending a bullish trend that has dominated the market for six consecutive days.

News ID: ۷۴۹۴۸۵

19 January 2020

The main gauge of Tehran Stock Exchange climbed 2.6% to gain more than 10,500 points for the day, comfortably crossing the critical 400,000 points, according to Financial Tribune.

Value of equities exchanged by retail traders hit an all-time high of 36.2 trillion rials on Saturday -- 4 trillion rials above the previous record on Dec. 23, according to the analytical Donyaye Bourse website.

Stocks of large-cap accompanies in auto, bank, chemical and base metal groups accounted for 16 trillion rials of the trade value.

Equal-weighted index was higher at 3.2%, signifying the bigger contribution of small-cap companies to the benchmark. The index gives the same weight to all listed companies regardless of their market cap.

Out of the total 309 active symbol tickers on Sunday, 301  ended trade in green territory.

The fresh rallies kicked off since last Saturday after the market underwent a week-long deep correction phase triggered by escalation of political and military tensions.

A combination of promising quarterly reports, inflow of fresh liquidity and permits for asset revelation of several listed companies are seen as the main drivers of the current market trends.

Market Performance

The TSE's main index TEDPIX gained 10,517.44 points, or 2.63%, on Saturday to end trading at 409,962.4.

About 9.27 billion shares valued at 45.3 trillion rials ($348.47 million) changed hands at TSE for the day.

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

Iran Alloy Steel Company was the biggest winner as its shares went up 15.46% to 9,379 rials per share.

One and One Food Company incurred the biggest loss among all TSE-listed companies and went down 2.91% to 114,907 rials per share.

Glass and Gas Industrial Company contributed the most to the benchmark's fall, followed by One and One, Ofogh Koorosh Chain Stores and Marvdasht Sugar Company.

Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Telecommunication Company of Iran, MAPNA Group and Ghadir Investmen Company.

IFX Up 3.1%

Iran Fara Bourse main index IFX gained 162.60 points, or 3.18% to close Wednesday trade at 5,273.51.

About 1.96 billion securities valued at 30.09 trillion rials ($231.51 million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares as 310.37 million of its shares worth 712.49 billion rials ($5.48 million) were traded.

Rahavard Tamin Pharmaceuticals Company, East Azerbaijan Pegah Milk Company and Alborz Bulk Company had the most negative impact on IFX.

Marun Petrochemical Company gave the biggest boost to IFX, followed by Goharzamin Iron Ore Company, Zagros Petrochemical Company and Middle East Mines and Mineral Industries Development Holding Company.