Tehran Stocks Pare Losses
EghtesadOnline: Tehran stocks ended trading week on Wednesday in positive territory to buck a bearish trend that dominated the market for three sessions in a row.
The main gauge of Tehran Stock Exchange, TEDPIX, pared 1.34% of earlier loss and gained 12,416 points to stand at 938,549 points for the for the day.
The TSE benchmark had lost more than 8% during three sessions of market correction.
Stocks opened the early hours under sell-off pressure before making a comeback later as demand rose for stocks of large cap companies.
The upbeat of large companies was the main diver of TEDPIX as many small cap stocks closed in negative territory.
This is because the TSE benchmark is a market capitalization-oriented index that takes heavy influence from the performance of big companies.
Investors’ renewed interest in the so-called “benchmark markers” pushed the TSE-30 index up to 2.7%. Stocks in auto, metal, refineries, bank and petrochemical groups had the most positive impact on the TEDPIX.
As for the reasons behind Wednesday’s rally, market analysts said many share prices were attractive enough for investors after the relatively deep correction phases.
Market Performance
About 13.189 billion shares valued at 88.37 trillion rials ($517 million) changed hands for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Omid Investment Management Group was the biggest winner as its shares went up 7.12% to 22,311 rials per share.
National Development Investment Group, Tidewater Middle East Company, Iran Khodro Investment Development Company and Barakat Pharmaceutical Group incurred the biggest loss among all TSE-listed companies and went down by 5%.
Telecommunication Company of Iran contributed the most to the benchmark's fall, followed by Informatics Services Corporation and Mobile Telecommunication Company of Iran.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by the Social Security Investment Company, Omid Investment Management Group Company and Persian Gulf Petrochemical Industries Company.
The Price Index gained 3,297.48 points, or 1.34% to close at 249,249.44. First Market Index increased by 9634.06 points, or 1.42%, to post 688,567.31. Second Market Index went up 22822.2 points, or 1.22% to reach 1,889,828.02.
Industry Index was up 10,675.50 points or 1.31% to register 819,608.97. The Free Float Index was up 13,379.46 points to hit 1,256,361.26.
TSE 30 went up 1097.24 points to settle at 41,222.91 and the TSE 50 ended 25,433.95 points higher to finish at 2,004,883.34.
IFX Up 0.35%
The benchmark of junior equity market, Iran Fara Bourse, did not rise in proportion to the TSE. IFB’s main index, IFX, gained 37.44 points, or 0.35%, to close Wednesday trade at 10,864.45.
About 2.82 billion securities valued at 55.25 trillion rials ($ 323 million) were traded at the over-the-counter exchange.
Esfahan Steel Company had the highest number of traded shares with 457,797 million of its shares were traded. Arya Sasol recorded the highest trade value with 8,213 billion rials.
Iran Fara Bourse, Esfahan Steel Company and Iran Office Machines Industries had the most negative impact on IFX.
Gohar Zamin Iron Ore Company gave the biggest boost to IFX, followed by Zagros Petrochemical Company, Hormozgan Steel Company and Middle East Mines and Mineral Industries Development Holding Company.