Tehran stocks rallied to new highs on Monday pushing up the benchmark of Tehran Stock Exchange, TEDPIX, to where it was seven months ago.
The market cap-weighted TEDPIX gained 26,784.11 points and climbed 1.82%, crossing the psychological resistance level of 1.5 million points. The benchmark pared some of the gains at the end of trade to settle at 1,501,842.
It appears the bourse has welcomed the new price spread mechanism announced on Monday, despite concern about its potential psychological impact on investor sentiment.
Following a previously announced plan, the capital market authority increased daily price range by 1 percentage point, setting the limit down at -6% and limit up at +6%.
Retail trade jumped 24% to reach 73.24 trillion rials ($271 million) on Monday, recording the highest daily retail trade over six months.
A total of 441 active tickers gained on Monday, representing more than 68% of all tickers traded in the session. About 12.97 billion shares valued at 74.23 trillion rials ($265m) changed hands at TSE for the day.
Iran Tractor Forging Company was the main gainer as its shares went up 5.98% to 5,690 rials per share.
Azarbayjan Investment Development Company incurred the biggest loss among all TSE-listed companies and went down 3.99% to 82,370 rials per share.
Opal Kani Pars Mining and Processing Company contributed the most to the benchmark's fall, followed by Pakshoo Industrial Group Company, Bahman Investment Company and Padideh Shimi Gharn Company.
Social Security Investment Company gave the biggest boost to the benchmark index followed by Parsian Oil and Gas Development Group Company, Tamin Petroleum and Petrochemical Investment Company and Persian Gulf Petrochemical Industries Company.
IFX Up 1.5%
Iran Fara Bourse main index, IFX, gained 312.56 points or 1.53 % to close Monday trade at 20,705. About 6.11 billion shares and securities valued at 1,898.94 trillion rials ($6.78 billion) were traded at the junior exchange for the day.
Damavand Power Generation Company, Chaharmahal Food Products and Sugar Company, Gohar Zamin Iron Ore Company and Chlor Pars Company had the most negative impact on IFX.
Marun Petrochemical Company gave the biggest boost to IFX, followed by Shahid Tondgooyan Petrochemical Company, Pasargad Insurance Company and Mehr Ayandegan Financial Development Group Company.
