The main gauge of Tehran Stocks Exchange gained 3,000 points to close trading day above 253,000 points.
As expected, demand rose for commodity stocks in refinery, petrochemical and metal companies amid investor optimism toward profit-making potential of the companies.
According to the Donyaye Bourse website, stocks of these companies absorbed about half of the total liquidity in the TSE, Financial Tribune reported.
A capital market analyst said the financial reports of commodity companies for the first quarter of the present fiscal year (March 21- June 21) indicates 150% growth in profit of some listed companies compared to figures reported for the first quarter of the last year.
Mehdi Tahani ascribed the higher profits of companies to the fact that their products were priced at higher foreign exchange rates.
“The quarterly reports indicate that these companies made good profit despite the fact that they sell goods at discounted prices due to the sanctions,” IRNA quoted him as saying.
The United States has announced tough sanctions against Iran’s petrochemical and steel industry. The new restrictions target Persian Gulf Petrochemical Industries Company and 39 of its 60 subsidiaries and foreign sales agents.
This is while stocks of auto companies hit by a massive selloff on Monday following negative signals from poor quarterly reports. The financial report of Pars Khodro showed 1,450-rial loss for its shares.
Market Performance
TSE’s main index TEDPIX gained 3,386.20 points or 1.36% on Monday to end trading at 253,047.8.
More than 1.86 billion shares valued at 11.91 trillion rials ($15,585) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Shisheh Va Gaz Industrial Group was the biggest winner as its shares went up 10.48% to 8m582 rials per share.
SAIPA Investment Group Company incurred the biggest loss among all TSE-listed companies and went down 7.73% to 1,242 rials per share.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Pars Petrochemical Company, Parsian Oil and Gas Development Group Company and Tehran Oil Refining Company.
National Investment Company of Iran contributed the most to the benchmark's fall followed by Behran Oil Company, Pars Oil Company, and SAIPA Investment Group Company.
The Price Index gained 923.42 points to close at 68,998.9.
First Market Index was up 2,628.48 points to post 186,526.5. Second Market Index increased by 6,146.16 points to reach 502,953.2.
The Industry Index went up by 3,310.77 points to register 227,165.8. Free Float Index was up 3,761.31 points to register 281,123.86.
The TSE 30 went up 237.86 points to settle at 11,508.4 and the TSE 50 gained 168.55 points lower to finish at 10,307.0.
Iran Fara Bourse’s main index IFX rose 1.3% to close Monday trade at 3,274.78 points.
Over 1.01 billion securities valued at 7.41 trillion rials ($61.96 million) were traded at the junior exchange for the day.