Economy, Business And Markets

New High at Farabourse

New High at FarabourseNew High at Farabourse

Trade value at Iran Farabourse during the week that ended April 22 surged about 72 percent compared to the previous trading week to register a new record high, as new companies are being listed in the over-the-counter market.

According to the organization’s public relations, three new companies are being listed in Farabourse and one company has recently joined the base market, which was accompanied by tangible growth both in trade volume and value.

During the week, more than 1.66 billion shares changed hands within 214,000 transaction rounds, valued at close to $244 million to post 90 and 72 percent hike in trade volume and value respectively.

Some 95 million shares, valued at 228 billion rials changed hands in the first market. In addition, 1.35 billion shares priced at almost 3.1 trillion rials were traded in the secondary market, and finally 212 million shares, valued at 226 billion rials, changed hands in the base market.

The secondary market registered 85 and 154 percent rise in trade volume and value. The first market, accounting for 34 percent of total market value, recorded a slight slump in both trade volume and value.

Base metals with up to 43 percent of trades in first and secondary market topped the listed industries. Petroleum and chemicals with close to 22 and 10 percent stood after base metals.

Despite the uptrend in trade volume and value, the benchmark IFX wrapped up the week with 1.2 percent decline and settled at 759.

 Monthly Performance

Furthermore, Farabourse’s monthly performance indicate that the IFX climbed 12.2 percent during the month that ended April 20, suggesting that the market is poised to bounce back.

Trade volume, with close to 5.62 billion shares, reached 940 billion rials to notch 189 and 54 percent increase respectively.

Base metals also had the best performance on the monthly basis among all industries. Banks and petroleum followed base metals.