Tehran Stocks soared by 10,800 points at the start of the trading week on Saturday and crossed the psychological level of 600,000 points to post 1.8% gain.
Large-cap stocks in giant petrochemical and base metal companies were top performers for the day, having the biggest impact on the market-cap weighted index, TEDPIX, and the rally was less driven by small-cap stocks.
Price correction in a number of small-cap stocks sent the equal weighted index lower at 0.81%. The index gives the same weight to all stocks irrespective of their market cap.
Out of a total of 298 active ticker symbols of companies listed with TSE, the symbols of 193 companies on Saturday closed in positive territory while sell-offs hit 111 ticker symbols, according to Donyaye Bourse website.
The analytical website ascribed Saturday’s rally to the government’s plan to sell its remaining stakes in state-run companies.
Investor sentiment was apparently boosted after President Hassan Rouhani on Friday instructed the Ministry of Economy to speed up the process of divesting government shares.
The government is keen on selling stakes in several refineries, petrochemical, bank, auto, metal and insurance companies in the near future.
Citing market analysts, Donyaye Bourse said demand particularly rose for shares of large-cap companies, in which the government has stakes, amid speculations that the prices of such shares would jump soon.
Market Performance
The TSE's main index, TEDPIX, gained 10,658.95 points, or 1.78%, on Saturday to end trading at 607,912.0.
About 6.65 billion shares valued at 57.34 trillion rials ($365.22 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Saman Electronic Payment was the biggest winner as its shares went up 18.51% to 26,651 rials per share.
International Construction Development Company incurred the biggest loss among all TSE-listed companies and went down 4.99% to 6,151 rials per share.
MAPNA Group contributed the most to the benchmark's fall, followed by Tehran Stock Exchange, Iran Mercantile Exchange and Iran Transfo Company.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Ghadir Investment Company and Golgohar Mining and Industrial Company.
The Price Index gained 2,841.15 points, or 1.78% to close at 162,017.2. First Market Index increased by 6,601.87 points, or 1.57% to post 426,353.9. Second Market Index went up 26,776.14 points, or 2.09% to reach 1,305,526.1.
The Industry Index was up 10,891.1 points or 2.06% to register 538,427.1. The Free Float Index was up 8,333.53 points to hit 780,242.54.
TSE 30 went up 626.04 points to settle at 23,508.2 and the TSE 50 ended 524.79 points higher to finish at 21,736.3.
IFX Up 0.57%
The benchmark of junior equity market, Iran Fara Bourse, did not rise in proportion to the TSE. IFB’s main index, IFX, gained 43.95 points, or 0.57%, to close Saturday trade at 7,771.57.
About 5.38 billion securities valued at 50.32 trillion rials ($320.5 million) were traded at the over-the-counter exchange for the day.
Shahid Tondgooyan Petrochemical Company had the highest number of traded shares and trade value as 2.73 billion of its shares worth 17.95 trillion rials ($114.34 million) were traded.
Esfahan Steel Company, Iran Fara Bourse, Damavand Power Generation Company and Jahrom Power Plant Development Company had the most negative impact on IFX.
Shahid Tondgooyan Petrochemical Company gave the biggest boost to IFX, followed by Middle East Mines and Mineral Industries Development Holding Company, Zagros Petrochemical Company and Marun Petrochemical Company.
