Tehran stocks opened trade on a stronger note Saturday with the main index of Tehran Stock Exchange, TEDPIX, gaining unprecedented 19,940 points.
The benchmark closed the session more than 3.6% higher and stood at an all-time high of 567,607, adding to the 6.8% gain during the past five trading sessions since the beginning of the Persian New Year on March 20.
The upbeat trend covered a range of shares in the market with bank, metal, refinery and petrochemical stocks leading the rally.
Bank stocks rose amid news that the stock market regulator had allowed listed banks to reevaluate their assets based on higher foreign exchange parity rate as announced by the Central Bank of Iran, according to Boursepress news website.
Hikes in the foreign exchange parity rates should seemingly add value to banks’ assets. Banks’ group index were boosted mainly by the surge in prices of Bank Mellat and Tejarat Bank shares.
Petrochemical and refinery stocks were boosted by the rise in international crude oil prices. The giant Persian Gulf Petrochemical Industries Company, the biggest company listed on the TSE, alone contributed 1,000 points to TEDPIX.
Global oil prices climbed on Friday, extending gains from the best day on record Thursday, after OPEC and its allies said they will meet Monday to discuss a production cut amid the coronavirus pandemic, according to a Reuters.
International benchmark Brent crude jumped 17% to $34.91 per barrel at its Friday intraday highs, continuing the previous day's 21% gain.
On Saturday, 298 listed companies ended trade in green territory and shares of 231 companies were sold at the highest maximum daily prices, out of the total 317 active ticker symbols for the day, according to Donayaye Bourse website.
Market Performance
The TSE's main index TEDPIX gained 19,944.07 points, or 3.64%, on Saturday to end trading at 567,602.1.
About 6.99 billion shares valued at 53.22 trillion rials ($334.93 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Parsian Oil and Gas Development Group Company was the biggest winner as its shares went up 5% to 7,938 rials per share.
Glucosan Company incurred the biggest loss among all TSE-listed companies and went down 3.48% to 6,410 rials per share.
Glucosan Company contributed the most to the benchmark's fall, followed by Glass And Gas Industries Group Company, Pars Refractories Company and Pars Darou Pharmaceuticals Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, National Iranian Copper Industries Company and Bank Mellat.
The Price Index gained 5,316.26 points, or 3.64% to close at 151,278.3.
The First Market Index increased by 14,458.20 points, or 3.74% to post 400,976.2. The Second Market Index went up 40,749.44 points, or 3.50% to reach 1,206,099.4.
The Industry Index was up 17,484.24 points or 3.62% to register 500,724.2. The Free Float Index was up 27,016.14 points to hit 732,674.69. TSE 30 went up 872.49 points to settle at 21,923.3 and the TSE 50 ended 742.04 points higher to finish at 20,173.9.
IFX Up 2.92%
Iran Fara Bourse main index IFX gained 204.72 points, or 2.92%, to close Saturday trade at 7,225.03.
About 2.58 billion securities valued at 24.85 trillion rials ($156.3 million) were traded at the over-the-counter exchange for the day. Esfahan Steel Company had the highest number of traded shares as 196.41 million of its shares worth 587.28 billion rials ($3.69 million) were traded.
Bahman Diesel Company, Chlorpars Company and Asia Seir Aras Company had the most negative impact on IFX.
Zagros Petrochemical Company gave the biggest boost to IFX, followed by Esfahan Steel Company, Middle East Mines and Mineral Industries Development Holding Company and Damavand Power Generation Company.
