After a brief correction phase, stocks resumed a rally on Monday with the main index of Tehran Stock Exchange gaining 3,500 points, or 1.16%.
The index was boosted mainly by rising demand for refinery stocks as investors cheered by the soaring crude prices – something unseen since 1991, Financial Tribune reported.
Oil prices jumped Monday after drone attacks over the weekend on oil production facilities in Saudi Arabia fueled worries over the impact of an oil shock on global economic growth, according to a Reuters report.
The attacks sent Brent crude futures nearly 20% higher at one point in their biggest intra-day gain since the Persian Gulf War in 1991, and US futures shot up almost 16%, both hitting their highest level since May.
Market Performance
The TSE's main index TEDPIX gained 3,521.46 points or 1.16% on Monday to end trading at 305,917.2.
About 7.66 billion shares valued at 25.25 trillion rials ($222.48 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Behnoush Iran Company was the biggest winner as its shares went up 6.92% to 19,323 rials per share.
Sazeh Pouyesh Company incurred the biggest loss among all TSE-listed companies and went down 5% to 61,172 rials per share.
Golgohar Mining and Industrial Company contributed the most to the benchmark's fall, followed by Omid Investment Management Group Company, Islamic Republic of Iran Shipping Lines Company, and Mobile Telecommunication Company of Iran.
Tehran Oil Refining Company gave the biggest boost to the benchmark index, followed by Khorasan Steel Company, and Khouzestan Steel Company.
IFX Up 2.07%
Iran Fara Bourse main index IFX gained 81.28 points or 2.07% to close Monday trade at 4,011.39.
About 1.18 billion securities valued at 12.67 trillion rials ($111.64 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 254.46 million of its shares worth 500.74 billion rials ($4.41 million) were traded.
Kowsar Insurance, Middle East Mines & Mineral Industries Development Holding Company, and Amin Reinsurance Company had the most negative impact on IFX.
Marun Petrochemical Complex gave the biggest boost to IFX, followed by Esfahan Steel Company, and Damavand Power Generation Company.