Tehran Stocks Green After 5 Days

EghtesadOnline: Tehran Stocks edged up into positive territory in the last day of trading week Wednesday after five consecutive sessions of bear market.

News ID: ۷۵۱۴۶۴

13 November 2020

The main index of Tehran Stock Exchange, TEDPIX, gained 9,133 points to climb 0.8% closing at 1,221,074. The rally was led by rising demand for blue chips, which later extended to a broad range of small caps, pushing up the equal weighted index a little above the flat-line at 0.03%.

Wednesday featured a choppy market where TEDPIX climbed in the first minutes of trade before declining in the middle of the trade and soaring again later.

Market data show that trade value has increased for three consecutive sessions. The value of retail trade reached 76.33 trillion rials ($280 million) on Wednesday, up 18.1% compared with the earlier session.

Increase in daily trade value is seen as an outcome of the TSE’s decision to resume day trading on Monday.

Observers say day trading helps improve liquidity of shares, a move seen as crucial in the current market conditions where shares are starved of liquidity.

The TSE along with the junior equity market Iran Fara Bourse banned day trading on Sept. 26 as part of measures to curb speculative activity in the collapsing market.

TSE Trade

About 9.81 billion shares valued at 87.08 trillion rials ($322.53 million) changed hands at TSE for the day. Neyshabour Sugar Company incurred the biggest loss among all TSE-listed companies and went down 5% to 83,450 rials per share.

Bandar Abbas Oil Refining Company contributed the most to the benchmark's fall, followed by Iran Chemical Industries Investment Company, Tehran Stock Exchange and Sadr Tamin Investment Company.

National Iranian Copper Industries Company gave the biggest boost to the benchmark index, followed by Golgohar Mining and Industrial Company, Mobarakeh Steel Company and Chadormalu Mining and Industrial Company.

IFX Up 0.51%

Iran Fara Bourse main index, IFX, gained 79.37 points, or 0.51%, to close Wednesday trade at 15,594.92.

About 1.44 billion securities valued at 50.28 trillion rials ($186.23m) were traded at the junior exchange for the day.

Saba Tamin Investment Company, Lavan Oil Refining Company, Shiraz Oil Refining Company and Iran Fara Bourse had the most negative impact on IFX.

Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Gohar Zamin Iron Ore Company, Hormozgan Steel Company and Omid Taban Hour Energy Management Company.