Tehran stock market closed trade Wednesday higher amid demand for banks, metal and petrochemical shares.
Bucking three declining sessions, the main gauge of Tehran Stock Exchange, TEDPIX, gained 5,217 points or 0.45% to end at 1,172,262.
As expected, the TSE’s equal-weighted index closed in negative territory losing 0.1%, indicating that the TSE rally was driven by a minority of large caps.
Bank stocks have been outperforming in the past few sessions after the Central Bank of Iran announced that it had raised the official parity rates based on which banks prepare their balance sheets and convert their currency into rials. The move is expected to further boost bank stocks.
Commodity stocks gained apparently as investors predict that the supportive measures of the government would in the first place target large caps and giant companies, including mineral, petrochemicals, metal and banks.
The Supreme Council of Economic Coordination, the ad hoc economic decision-making body, on Monday approved a package of measures to bolster the sagging share market.
TSE Trade
About 4.28 billion shares valued at 31.52 trillion rials ($150.12 million) changed hands at TSE for the day. Pasargad Bank was the biggest winner as its shares went up 5.88% to 16,020 rials per share.
Tehran Oil Refining Company incurred the biggest loss among all TSE-listed companies and went down 2.99% to 8,110 rials per share.
Esfahan Oil Refining Company contributed the most to the benchmark's fall, followed by Mapna Group Company, Tehran Oil Refining Company and Iran Khodro Company.
The National Iranian Copper Industries Company gave the biggest boost to the benchmark index, followed by Pasargad Bank, Mobarakeh Steel Company and Mellat Bank.
IFB Closes Flat
Iran Fara Bourse main index, IFX, gained 7.86 points or 0.05% to close Wednesday trade at 17,425.16. About 651.77 million securities valued at 60.48 trillion rials ($288m) were traded at the junior exchange for the day.
Gohar Zamin Iron Ore Company, Esfahan Steel Company, Arfa Iron and Steel Company and Marun Petrochemical Company had the most negative impact on IFX.
Middle East Mines and Mineral Industries Development Holding Company gave the biggest boost to IFX, followed by Arya Sasol Polymer Company, Damavand Power Generation Company and Zagros Petrochemical Company.
