Stocks Open Week Higher

EghtesadOnline: The stock market in Tehran opened trading week Saturday on a high note amid fresh demand for commodity stocks and other large caps.

News ID: ۷۸۶۲۵۱

14 March 2021

The main index of Tehran Stock Exchange, TEDPIX, gained 22,540 points on Saturday to climb 1.87% closing at 1,229,419.

The market cap-weighted TSE's benchmark was buoyed by price appreciation in mineral, petrochemical, refinery, metal and bank stocks.

Investor interest in large caps was visible in a 2.56% hike in the TSE-30 Index, which tracks the performance of 30 top companies in terms of market cap.

However, penny stocks lagged behind as seen in the subtle 0.33% increase in equal-weighted index, which gives the same weight to all shares irrespective of their market cap.

Market observers ascribes the rally in part to obligations on fixed income investment funds to allocate a bigger share of their portfolios to buy stocks.

As per new rules announced by the regulator, investment funds have to allocate 3% of their portfolio to shares by the end of the current fiscal year that ends on March 20. That means they have to inject 90 trillion rials ($360 million) into the bourse to quench buyers’ thirst for liquidity.

TSE Trade

About 8.33 billion shares valued at 79.37 trillion rials ($330.7m) changed hands at TSE for the day.

Dr. Abidi Pharmaceutical Company was the biggest winner as its shares went up 5.95% to 24,050 rials per share. Khorasan Steel Company incurred the biggest loss among all TSE-listed companies and went down 2% to 29,940 rials per share.

Mapna Group contributed the most to the benchmark's fall, followed by Iran Khodro Company, Telecommunication Company of Iran and Khorasan Steel Company.

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

***IFB Up 0.68%

Iran Fara Bourse main index IFX gained 116.89 points or 0.68% to close Saturday trade at 17,198.43. About 1.68 billion securities valued at 147.23 trillion rials ($613.47m) were traded at the junior exchange for the day.

Melal Credit Institution, Minoo Industrial Group Company, Day Bank and Tejaratno Insurance Company had the most negative impact on IFX.

Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Saba Tamin Investment Company, Hormozgan Steel Company and Arfa Iron and Steel Company.