Small cap stocks continued to outperform in Tehran on Monday leaving behind large caps that have stumbled in recent months.
The day when the main index of Tehran Stock Exchange, TEDPIX, struggled below the flatline, the equal-weighted index eked out relatively strong gains amid high demand for small caps.
TEDPIX, which is sensitive to the performance of listed companies with biggest market capitalization, lost 2,731 points, or 0.2%, to end the session at 1,436, 392.
The equal-weighted index was up by more than 1% by gaining 4,583 points, making the second session in a row that the index take a different path from the TEDPIX.
A review of the performance of market indicators during the third quarter of fiscal year ending Dec. 21, indicates that small caps grew sharply as indicated by 7.7% gain in the equal-weighted index in the three months, according to Persian-language economic newspaper Donya-e-Eqtesad.
In the same period the TEDPIX lost close to 10%, clearly showing that, unlike previous quarters, penny stocks had the upper hand at Q3.
On Monday, the value of trade declined by 7.3% to reach 162.14 trillion rials ($560 million). Trade by retail investors was worth 145.5 trillion rials, down 5% compared to a session earlier.
TSE Trade
About 9.8 billion shares valued at 107.21 trillion rials ($412.35 m) changed hands at TSE for the day. Gorji Biscuit Company was the biggest winner as its shares went up 9.33% to 17,700 rials per share.
Social Security Investment Company contributed the most to the benchmark's fall, followed by Iran Khodro Company, Mobarakeh Steel Company and Esfahan Oil Refining Company.
Khouzestan Steel Company gave the biggest boost to the benchmark index followed by MAPNA Group, Parsian Oil and Gas Development Group Company and Bahman Group Company.
IFX Up 1.3%
Iran Fara Bourse main index, IFX, gained 255.94 points or 1.3% to close Monday trade at 19,944.87.
About 2.98 billion securities valued at 55.55 trillion rials ($213.68m) were traded at the junior exchange for the day.
Arya Sasol Polymer Company, Day Bank, Sepehr Saderat Financial Group Investment Company and Arfa Iron and Steel Company had the most negative impact on IFX.
Maroun Petrochemical Company gave the biggest boost to IFX, followed by Pasargad Insurance Company, Middle East Mines and Mineral Industries Development Holding Company and Zagros Petrochemical Company.
