Blue chips in Tehran’s stock market on Monday added to slight gains a session earlier to log the biggest daily growth in 17 sessions.
The market-cap weighted index of Tehran Stock Exchange, TEDPIX, gained 24,348.94 points or 2.07% to end trading at 1,199,944.
This is while small caps lagged behind as seen in the subtle 0.3% increase in equal-weighted index.
The TSE-30 Index was up 3.4%, indicating the role of large caps in lifting the TSE. The index tracks the performance of 30 top TSE listed companies in terms of market cap.
Noticeable increase in demand is partly linked to obligations on fixed income investment funds to allocate a bigger portion of portfolios to buying stocks.
As per new rules announced by the stock market regulator, investment funds have to allot 3% of their portfolio to shares by the end of the current fiscal year ending March 19. That means that they have to inject 90 trillion rials ($360 million) into the bourse to quench buyers’ thirst for liquidity.
TSE Trade
About 7.97 billion shares valued at 113.33 trillion rials ($453.35 million) changed hands at TSE for the day.
North Drilling Company was the biggest winner as its shares went up 8.6% to 6,820 rials per share. Parsian Leasing Company incurred the biggest loss among all TSE-listed companies and went down 4.78% to 5,180 per share.
Telecommunication Company of Iran contributed the most to the benchmark's fall, followed by Parsian Bank, Iran Chemical Industries Investment Company and Bahman Group Company.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Social Security Investment Company and Persian Gulf Petrochemical Industries Company.
IFB Up 0.8%
Iran Fara Bourse main index IFX gained 140.53 points or 0.83% to close Monday trade at 17,086.52.
About 1.75 billion securities valued at 323.34 trillion rials ($1.29 m) were traded at the junior exchange for the day.
Pasargad Insurance Company, Omid Taban Hour Energy Management Company, Day Bank and Kish Parsian Electronic Commerce Company had the most negative impact on IFX.
Arya Sasol Polymer Company gave the biggest boost to IFX, followed by Zagros Petrochemical Company, Saba Tamin Investment Company and Shahid Tondgooyan Petrochemical Company.
