Emerging from one of its longest bear markets in recent times, Tehran Stock Exchange turned bullish Monday thanks to the contribution of institutional investors.
TSE's market cap-weighted index, TEDPIX, climbed more than 2.3% adding 11,644 points to claw back the over 500,000 critical level.
Equal-weighted index, which gives the same weight to all stocks irrespective of their market cap, closed lower at 1.3%.
The difference between TEDPIX gains and that of equal-weighted index could be explained by the fact that legal and institutional traders were mainly buyers of shares of large- cap companies, which have the most impact on TEDPIX.
Institutional buyers, who had been on the sell side in the past month, took buy position as of the weekend to prop up the main index after deep losses.
According to Donyaye Bourse website, out of a total of 314 symbol tickers of companies listed with TSE, 213 symbols closed in positive territory.
TSE was mostly bearish since March 7 and its benchmark dropped more than 13% during six trading sessions before gaining ground on Monday.
Market Performance
TSE gained 11,644.78 points, or 2.36%, on Monday to end trading at 506,049.8.
About 6.22 billion shares valued at 50.20 trillion rials ($319.77 million) changed hands for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Chodan Sazan Company (a metal company) was the biggest winner as its shares went up 7.14% to 12,398 rials per share.
Pars Switch Company (electronic company) incurred the biggest loss among all TSE-listed companies and went down 14.25% to 53,846 rials per share.
Islamic Republic of Iran Shipping Lines Company contributed the most to the benchmark's fall, followed by Pars Switch, Mines and Metals Developments Investment Company and Khorasan Steel Company.
National Iranian Copper Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Persian Gulf Petrochemical Industries Company and Telecommunication Company of Iran.
The Price Index gained 3,104.24 points, or 2.36% to close at 134,873.2.
The First Market Index increased by 8,875.88 points, or 2.54% to post 358,798.9. Second Market Index went up 21,857.26 points, or 2.09% to reach 1,069,503.9.
The Industry Index was up 10,149.78 points or 2.30% to register 452,042.8. Free Float Index was up 15,669.89 points to hit 644,175.05.
TSE 30 went up 539.25 points to settle at 20,013.9 and the TSE 50 ended 489.09 points lower to finish at 18,411.7.
IFX Up 0.66%
Iran Fara Bourse main index IFX gained 43.01 points, or 0.66%, to close Monday trade at 6,548.64.
About 2.18 billion securities valued at 26.83 trillion rials ($170.9 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 182.37 million of its shares worth 495.19 billion rials ($3.15 million) were traded.
Damavand Power Generation Company, Mehr Ayandegan Financial Development Group Company, Shiraz Oil Refining Company and Omid Taban Hour Energy Management Company had the most negative impact on IFX.
Esfahan Steel Company gave the biggest boost to IFX, followed by Iran Cultural Heritage and Tourism Investment Group Company and Iran Office Machines Industries Company.
