TSE hit its tenth consecutive rally on Sunday, rising 1.3% amid optimism that economic variables, such as currency rates, price of energy carriers and tax rules, envisioned in the next fiscal budget (March 2020-21) will have a positive impact on shares.
Remarkable performance of SME stocks pushed the equal-weighted index higher by 1.8%. The index gives the same importance to each stock and the smallest companies enjoy equal weight as the largest ones.
Market analysts ascribe recent stock market rallies in part to bullish trends in parallel markets like the gold and currency markets, which apparently have sparked expectations of price hikes for goods made by a broad range of listed companies, Financial Tribune reported.
The currency market entered a new bout of volatility in the past several days. The dollar has gained 8% and buys 125,000 rials in Tehran’s open market.
Market Performance
The TSE's main index TEDPIX gained 4,082.60 points, or 1.30%, on Sunday to end trading at 318,670.5.
About 3.55 billion shares valued at 17.32 trillion rials ($139.70 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Tehran Derakhshan Industrial Company (rubber and plastics manufacturer) was the biggest winner as its shares went up 8.13% to 35,812 rials per share.
Karafarin Bank incurred the biggest loss among all TSE-listed companies and went down 4.19% to 3,472 rials per share.
Informatics Services Corporation contributed the most to the benchmark's fall, followed by Karafarin Bank, Nouri Petrochemical Company and Fanavaran Petrochemical Company.
National Iranian Copper Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Mobile Telecommunication Company of Iran and MAPNA Group.
The Price Index gained 1,093.74 points, or 1.30% to close at 85,371.8.
The First Market Index increased 2,806.73 points, or 1.24% to post 228,837.7. Second Market Index increased by 9,027.17 points, or 1.39% to reach 660,529.2.
The Industry Index increased by 3,837.85 points or 1.37% to register 284,520.9. Free Float Index was up 5,567.61 points to hit 374,405.97.
TSE 30 gained 163.44 points to settle at 13,440.2 and the TSE 50 ended 146.05 points higher to finish at 12,207.4.
IFX Up 0.94%
Iran Fara Bourse main index IFX gained 38.59 points or 0.94% to close Sunday trade at 4,131.36.
About 1.71 billion securities valued at 11.328 trillion rials ($91.35 million) were traded at the over-the-counter exchange for the day.
Ghasem Iran Company (active in distribution industry), Melal Credit Institution, Atieh Dadeh Pardaz Company and Iran Office Machines Industries Company had the most negative impact on IFX.
Esfahan Steel Company gave the biggest boost to IFX, followed by Hormozgan Steel Company, Omid Taban Hour Energy Management Company and Kowsar Insurance Company.