Stocks Extend 6-Day Winning Streak

EghtesadOnline: Tehran stocks opened higher on Saturday extending a winning streak into the sixth day.

News ID: ۷۸۶۵۳۶

28 June 2021

The benchmark of Tehran Stock Exchange, TEDPIX, closed 20,728.67 points or 1.71% higher, ending trade at 1,233,783.

TSE’s equal-weighted index too closed in positive territory for three sessions in a row, indicating that penny stocks also are in recovery phase.

While the rally swept through both small and large cap stocks, market data indicates that the latter had the upper hand as shown by more than 1.8% rise in the TSE-30 Index, which tracks the performance of top TSE-listed companies in terms of market cap.

Regarding the consecutive rallies, observers say the market is preparing to recover from a bearish trend that has lasted for more than 10 months.

Prices of most stocks have declined to attractive levels under unrelenting selloff, alluring retail investors to rejoin the market.

According to the Persian-language economic website Eqtesad News, net capital inflow by retail investors was 3.3 trillion rials ($13.7 million), marking the third consecutive sessions the market logs net capital inflow by retail traders.

Value of deals by retail investors in both the TSE and the junior exchange Iran Fara Bourse reached 71 trillion rials ($295m), the highest in the past 84 trading sessions.

About 8.31 billion shares valued at 63.66 trillion rials ($265.25 m) changed hands at TSE for the day. The Telecommunication Company of Iran was the biggest winner as its shares went up 11.9% to 8,180 rials per share.

Iran Yasa Tire and Rubber Company incurred the biggest loss among all TSE-listed companies and went down 18.81% to 18,910 rials per share.

Khorasan Razavi Province Saham Edalat Investment Company contributed the most to the benchmark's fall, followed by Tejarat Bank, Iran Yasa Tire and Rubber Company and Dashtestan Cement Company.

Social Security Investment Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Telecommunication Company of Iran and Tamin Petroleum and Petrochemical Investment Company.

IFB Up 0.86%

Iran Fara Bourse main index, IFX, gained 151.58 points or 0.86% to close Saturday trade at 17,767.81. About 2.16 billion share and securities valued at 22.86 trillion rials ($95.26m) were traded at the junior exchange for the day.

Esfahan Steel Company had the highest number of traded shares as 308.25 million of its shares worth 1.16 trillion rials ($4.86m) were traded.

Minoo Industrial Group Company, Damavand Power Generation Company, Iran Cultural Heritage and Tourism Investment Group Company and Tabarok Industrial Group Company had the most negative impact on IFX.

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