While global stocks got a rare drubbing from the US crude oil price crisis, stocks in Tehran stuck to their strong forward march again on Tuesday to extend a bullish trend dominating the market for two weeks.
Main gauge of Tehran Stock Exchange, TEDPIX, soared 2.42%, adding 17,142 points to finish trade at 726,137 points.
As with recent sessions, the rally was driven mainly by large-cap listed companies as seen in a 3% rise in the TSE 30 index, which track the 30 largest publicly traded companies.
Shares of large-cap companies soared driven also by the spike in currency prices in Tehran’s open market where one dollar sold for 160,000 rials, according to Donyaye Bourse website.
Big listed companies, mostly export-oriented, normally take influence from trends in the currency market as their earnings multiply with the rising greenback.
The dollar surged following sharp declines in oil prices on Monday, which saw some prices reach minus $40 a barrel for the first time in history.
The downturn extended to stocks, with Asian and European indexes, and US stock futures, all in the red on Tuesday, CNN reported.
Investors traded 7.09 billion shares valued at 82.18 trillion rials ($533.7 million) at TSE for the day.
Sina Bank was the biggest winner as its shares went up 10.23% to 7,863 rials per share.
Leasing Iran Company incurred the biggest loss among all TSE-listed companies and went down 5% to 27,992 rials per share.
Shiraz Petrochemical Company contributed the most to the benchmark's fall, followed by Mobile Telecommunication Company of Iran, Darou Pakhsh Holding Company and Kharg Petrochemical Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Mellat Bank and Chadormalu Mining and Industrial Company.
The benchmark of junior equity market Iran Fara Bourse gained 135.3 points, or 1.55%, to close Tuesday trade at 8,876.45.
