‘Shasta’ Robs TSE of Early Gains

EghtesadOnline: Share prices increased on Tuesday amid high sentiment. The main index of Tehran Stock Exchange, TEDPIX, rose by 35,000 points in the early trading hours.

News ID: ۷۵۱۵۱۳

18 November 2020

More than 13,000 points of the gains were wiped off after the ticker symbol of giant multidisciplinary listed company, the Social Security Investment Company, reopened only to face a selloff. TEDPIX added 23,111 points and climbed 1.8% on Tuesday to close at 1,296,958 points.

Known by its Persian acronym Shasta, the largest holding company in Iran now has a market capitalization of 2,361 trillion rials ($9 billion). It is among the top four large- cap companies listed with the TSE.

The Shasta ticker symbol was suspended in mid-September when the company was to hold its annual general assembly meeting. Amid deep downturn in the share market and given Shasta’s impact on TEDPIX, the regulator had refused to reopen the ticker fearing that the TSE benchmark may plummet further.

While parallel markets like forex and gold are going through rough times, it appears the bourse is again drawing the attention of investors.

The TSE gained for the fifth consecutive session on Tuesday. Retail trade reached 118.28 trillion rials ($450 million), indicating 28% growth, according to eghtesadnews.

There was a net capital inflow of 8.4 trillion rials ($32m) -- some relief after the market saw capital flight for weeks.

TSE Trade

About 10.23 billion shares valued at 116.98 trillion rials ($449.94m) changed hands at TSE for the day. Zar Spring Company was the biggest winner as its shares went up 13.76% to 16,120 rials per share.

Social Security Investment Company incurred the biggest loss among all TSE-listed companies and went down 17.86% to 29,520 rials per share.

Social Security Investment Company contributed the most to the benchmark's fall, followed by Pakshoo Industrial Group Company, Khorasan Steel Company and Iran Tractor Forging Company.

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

IFX Up 1.57%

Iran Fara Bourse main index, IFX, gained 251.92 points or 1.57% to close Tuesday trade at 16,348.66.

About 2.59 billion securities valued at 78.12 trillion rials ($300.48m) were traded at the junior exchange for the day.

Tabarok Industrial Group Company, Yazd Rubber Industries Complex, Baghmisheh Construction Company and Alborz Distribution Company had the most negative impact on IFX.

Saba Tamin Investment Company gave the biggest boost to IFX, followed by Hormozgan Steel Company, Esfahan Steel Company and Shahid Tondgooyan Petrochemical Company.