Tehran stocks rallied on Wednesday led by shares of auto companies as reports about rise in prices of domestic cars boosted sentiment.
The benchmark of Tehran Stock Exchange, TEDPIX, gained 11,349.05 points or 0.85% for the day to end trade at 1,349,364 - the highest in two weeks.
Top gainers were auto stocks. Investors rushed to buy shares after Iran Khodro (IKCO) and SAIPA, the two main automakers announced that they had been given permission by the government to increase factory prices.
The former is allowed to raise prices by 10% and the latter by 16%. The decision is expected to improve the financial status of the loss-making companies whose majority shares are owned by the governemnt.
Value of retail trade surged 9% on Wednesday to reach 33.1 trillion rials, accounting for 33% of the total trade. About 5.31 billion shares valued at 38.14 trillion rials ($136m) changed hands at TSE for the day.
Trading at TSE and junior exchange Iran Fara Bourse starts on Saturday and ends Wednesday.
Iran Khodro Company was the biggest winner as its shares went up 7.97% to 2,221 rials per share. Mellat Leasing Company incurred the biggest loss among all TSE-listed companies and went down 4.99% to 3,888 rials per share.
Golgohar Mining and Industrial Company contributed the most to the benchmark's fall, followed by Fanavaran Petrochemical Company, Karafarin Bank and Jam Polypropylene Company.
National Iranian Copper Industries Company gave the biggest boost to the benchmark index followed by Mobarakeh Steel Company, Iran Khodro Company and Ghadir Investment Company.
IFX Up 0.4%
Iran Fara Bourse main index IFX gained 73.26 points or 0.38% to close Wednesday trade at 19,176.9. About 2.69 billion securities valued at 35.76 trillion rials ($127.7m) were traded at the junior exchange for the day.
Kerman Province Development Investment Company had the highest number of traded shares as 214.99 million of its shares worth 201.26 billion rials ($718,814) were traded.
Damavand Power Generation Company, Omid Taban Hour Energy Management Company, Negin Software Systems Development Company and Rail Pardaz Noafarin Company had the most negative impact on IFX.
Zagros Petrochemical Company gave the biggest boost to IFX, followed by Shahid Tondgooyan Petrochemical Company, Iran Cultural Heritage and Tourism Investment Group Company and Gohar Zamin Iron Ore Company.
