Economy, Business And Markets

TEDPIX Stages Fresh Rally

TEDPIX Stages Fresh RallyTEDPIX Stages Fresh Rally

Tehran Stock Exchange rallied on Wednesday after President Hassan Rouhani unveiled a package of measures to beat the ongoing recession faced by industries on Tuesday evening.

All indices settled in green and helped lift the benchmark to gain 538.9 points or 0.88% to close at 61,973.3.

The president's remarks, which hold the promise of an economic recovery in the second half of the current Iranian year (started March 21) coupled with the Iranian Parliament's recent endorsement of the nuclear deal–reached between Iran and P5+1 on July 14–has already encouraged investors to garner shares.

Meanwhile, the reopening of Parsian Oil and Gas Development Company's ticker symbol on the TSE board also dramatically boosted TEDPIX's performance with the company breaking above its +5% daily price cap.

According to TSE data, the Price Index notched up 211.1 points or 0.88% to end at 24,276.3. The First Market Index rose 536.8 points or 1.26% to reach 43,089.2. The Second Market Index was up 278.9 points or 0.2% to stand at 137,146.9. The Industry Index pulled higher 321.1 points or 0.63% to close at 51,011.8.

The Free Float Index was up 924.87 points or 1.36% to settle at 68,885.3, providing the biggest boost to the benchmark. The TSE 30 Index jumped 36.6 points or 1.4% to end at 2,656.4 and the TSE 50 Index went up 23.8 points or 0.95% to close at 2,532.1.

Trade volume and value were down compared to Tuesday, as more than 456 million shares changed hands valued at $21.84 million.

About 66% of listed companies gained by the day's close, with auto and refining sectors on top. Parsian Oil and Gas Development Company with a P/E ratio of 4 and 126.35 points was crowned the top gainer of the day. Bank Mellat and Bank Tejarat with 46 and 45 points stood at second and third places respectively.

Around 26% of companies had a downbeat performance. Mobin Petrochemical Company with 5.31 points was the worst laggard followed by Chadormalu Mining and Industrial Company and Golgohar Mining and Industrial Company with 4.78 and 4.47 points respectively.