Stocks Extend Weekly Gains

EghtesadOnline: Tehran’s share market extended gains in the previous trading week as the market turned bullish and retail investors showed renewed interest.

News ID: ۷۸۷۷۹۷

09 April 2022

Benchmark of Tehran Stock Exchange, TEDPIX, registered gains in three of the four trading sessions putting total gains at more than 31,673 points or 2.2%.

TEDPIX is influenced mainly by price fluctuations in shares of big firms with high market capitalization, namely petrochemical, metal and auto companies plus refineries and banks.

Small caps and penny stocks had a relatively better performance as the equal-weighted index gained more than 3.1% in the week.

Share market gains in recent days have apparently buoyed  investor sentiment with retail investors showing willingness to trade shares unseen in the recent past.

According to market data published by Eqtesad News website, average retail trade increased from an average 45.12 trillion rials ($170 million) per day to 66.64 trillion rials ($251m)  during the week -- up 48%.

Market observers see the increase in trade as a good omen for the long-struggling bourse, saying that the share market will improve with the increase in participation of retail investors.

Data show that the number of sessions during which the market witnessed retail trade above 50 trillion rials was less than 10 during the whole of the last fiscal year (March 2021-22).

Observers link the recovery in part to recent support measures taken by the government to bolster the share market.