Tehran Stocks closed trading week on Wednesday on a strong note to extend rallies that dominated the market since Saturday.
The main gauge of Tehran Stock Exchange, TEDPIX, climbed 2% and gained more than 10,000 points for the day to stand at all-time high of 555,165 points.
Main drivers of the Wednesday’s rally were bank and metal stocks while stocks of auto companies remained unattractive for investors, according to analytical stock market website Donyaye Bourse.
Share prices of 232 companies listed with the TSE surged for the day, accounting for 75% of all companies. A total of 117 symbol tickers were traded at the maximum daily prices and shares of 13 companies were hit by sell-off.
At over-the-country exchange Iran Fara Bourse, 80 companies, out of a total of 112 listed, closed in the green with 49 shares being traded at highest daily prices.
Iran’s stock market has performed apathetically toward the spreading coronavirus despite the fact that major exchanges worldwide have been hit hard by the infectious disease.
TSE has grown 11% since Iran announced the first cases of the deadly virus on Feb.20. Market analysts ascribe the increasing attraction of stock market for new investors as the driving force that has rendered all other external factors on the way side.
The market also tends to follow trends in the currency market as increase in forex rates boost prospects about future share prices particularly for companies that generate foreign currency via exports.
Market Performance
The TSE's main index TEDPIX gained 10,928.32 points, or 2.01%, on Wednesday to end trading at 555,165.3.
About 5.01 billion shares valued at 81.77 trillion rials ($534.44 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Bama Mining Company was the biggest winner as its shares went up 11.5% to 33,021 rials per share.
National Iranian Lead and Zinc Company incurred the biggest loss among all TSE-listed companies and went down 4.55% to 50,050 rials per share.
Iran Khodro Company (IKCO) contributed the most to the benchmark's fall, followed by Mobile Telecommunication Company of Iran, SAIPA Automaker Company and Informatics Services Corporation.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, MAPNA Group and Pars Petrochemical Company.
The Price Index gained 2,913.41 points, or 2.01% to close at 147,992.4. First Market Index increased 9,862.96 points, or 2.59% to post 391,375.0. Second Market Index increased by 13,632.23 points, or 1.17% to reach 1,183,347.4.
The Industry Index increased by 9,641.51 points or 1.97% to register 499,836.5. The Free Float Index was up 14,248.60 points to hit 700,233.67.
TSE 30 gained 547.39 points to settle at 22,156.8 and the TSE 50 ended 420.96 points higher to finish at 20,407.2.
IFX Up 2.18%
Iran Fara Bourse main index, IFX, gained 151.45 points, or 2.18%, to close Wednesday trade at 7,104.2.
About 2.82 billion securities valued at 30.02 trillion rials ($196.21 million) were traded at the over-the-counter exchange for the day.
Esfahan Steel Company had the highest number of traded shares as 322.7 million of its shares worth 959.81 billion rials ($6.27 million) were traded.
Iran Office Machines Industries Company, Damavand Power Generation Company, Arfa Iron and Steel Company and Ghasem Iran Company (active in distribution industry) had the most negative impact on IFX.
Goharzamin Iron Ore Company gave the biggest boost to IFX, followed by Middle East Mines and Mineral Industries Development Holding Company, Zagros Petrochemical Company and Iran Fara Bourse.
