Tehran Stocks Rise on Half-Yearly Reports

Spurred by rising demand for shares of well-performing companies, Tehran Stock Exchange pared some of the earlier loss, and investors, perturbed by gloomy market outlook, heaved a sigh of relief.

The main gauge of TSE rose more than 6,000 points, or 2%, on Tuesday and stood at 308,315.

Trade featured a selloff for shares of companies that performed poorly during the first six months of current fiscal year, Financial Tribune reported.

On the flip side, the top-performing companies were well-braced by investors. The benchmark was boosted by high demand for the shares of these companies, bucking a bearish trend that dominated the market for more than two weeks.

The Main index of the TSE had lost more than 5% over the past two weeks. Losses for equal-weighted index were even deeper, at 12%, indicating a bigger impact of selloff pressure on small stocks.

 

Market Performance

The TSE’s main index TEDPIX gained 6,141.86 points, or 2.03%, on Tuesday to end trading at 308,315.0.

About 3.64 billion shares valued at 16.74 trillion rials ($147.5 million) changed hands at TSE for the day.

Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.

AzarAb Industries Company was the biggest winner as its shares went up 5% to 4,830 rials per share.

Iran Construction Investment Company incurred the biggest loss among all TSE-listed companies and went down 8.87% to 11,219 rials per share.

Tehran Oil Refining Company contributed the most to the benchmark’s fall, followed by Sepahan Oil Company, Parsian Oil and Gas Development Group Company, and Iran Construction Investment Company.

Pars Petrochemical Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, MAPNA Group and Telecommunication Company of Iran.

The Price Index gained 1,645.73 points, or 2.03% to close at 82,611.1.

First Market Index increased by 4,749.47 points, or 2.16% to post 224,987.5. Second Market Index increased by 11,204.39 points, or 1.83% to reach 622,912.4.

The Industry Index increased by 5,362.74 points or 1.98% to register 275,883.7. The Free Float Index was up 7,197.71 points to hit 349,505.47.

TSE 30 increased by 235.43 points to settle at 13,641.2 and the TSE 50 ended 227.08 points higher to finish at 12,362.3.

 

 

IFX Up 2.67%

Iran Fara Bourse main index IFX gained 98.94 points, or 2.67%, to close Tuesday trade at 3,804.88.

About 1.49 billion securities valued at 9.34 trillion rials ($82.28 million) were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares as 146.52 million of its shares worth 274.54 billion rials ($2.41 million) were traded.

Zagros Petrochemical Company, Sarcheshmeh Copper Investment Company, and Bank Day had the most negative impact on IFX.

Marun Petrochemical Complex gave the biggest boost to IFX, followed by Goharzamin Iron Ore Company, Damavand Power Generation Company and Esfahan Steel Company.