Drawing on earlier gains on Tuesday, Tehran stocks soared Wednesday as investor sentiment got a boost by upbeat trends in global commodity markets.
The main gauge of Tehran Stock Exchange conquered a new peak as TEDPIX rose more than 4,200 points, or 1.67%, on Wednesday to finish the trading week at 261,000.
TSE’s commodity stocks responded to the positive signals from a 4.7% rise in oil price in global commodity markets on Tuesday, its biggest percentage gain since December.
However, crude fell on Wednesday after news about the rise in US oil inventories, erasing earlier gains, according to Reuters.
Brent crude was traded at $60.47 a barrel for the day, down 80 cents, or 1.4%, compared to Tuesday’s close.
According to Donyaye Bourse website, despite rising demand for commodity stocks, the market was dominated by trade in the share of small companies.
Iran's largest steelmaker Mobarakeh Steel Company topped the list of the best-performing listed companies, contributing 389 points of the benchmark gain on Wednesday.
This was followed by the Mobile Telecommunication Company of Iran and Telecommunication Company of Iran, each contributing 311 and 284 points to the benchmark, respectively.
Market Performance
The TSE's main index TEDPIX gained 4,294.32 points or 1.67% on Wednesday to end trading at 261,391.5.
About 3.37 billion shares valued at 11.12 trillion rials ($95.06 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Parsian insurance was the biggest winner as its shares went up 16.63% to 2,363 rials per share.
Pars Refractories Company incurred the biggest loss among all TSE-listed companies and went down 4.44% to 26,237 rials per share.
Iran Chemical Industries Investment Company contributed the most to the benchmark's fall, followed by Hi WEB Company, Dr. Abidi Pharmaceutical Laboratory, Saman Electronic Payment Company and Paxan Company.
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Mobile Telecommunication Company of Iran, Telecommunication Company of Iran, and Golgohar Mining & Industrial Company.
The Price Index gained 1,160.16 points, or 1.67% to close at 70,615.3.
The First Market Index increased by 3,839.62 points, or 2.06% to post 190,226.6. Second Market Index increased by 5,540.41 points, or 1.06% to reach 530,439.4.
The Industry Index increased by 3,849.22 points or 1.67% to register 234,700.2. Free Float Index was up 5,028.39 points to hit 296,411.15.
TSE 30 increased by 215.53 points to settle at 11,382.5 and the TSE 50 ended 175.49 points higher to finish at 10,437.0.
Iran Fara Bourse main index IFX gained 50.05 points or 1.44% to close Wednesday trade at 3,517.32.
About 2.05 billion securities valued at $97.94 million were traded at the over-the-counter exchange for the day.
