Economy, Business And Markets

TSE Stages Stellar Performance

TSE Stages Stellar Performance
TSE Stages Stellar Performance

Tehran Stock Exchange extended its upward trend on Saturday, as investors rushed to shore up their portfolios amid promising signs of a positive outlook for the economy.

The TSE gauge jumped 826 points or 1.33% at the day's close to stand at 62,799.1.

As TSE data indicate, the Price Index gained 323.50 points or 1.33% to end at 24,599.8. The First Market Index climbed 719.40 points or 1.67% to close at 43,808.6. The Second Market Index increased 1,010.10 points or 0.74% to reach 138,156.1. The Industry Index was up 566.50 points or 1.11% to hit 51,578.7.

The Free Float Index gained 1,160.72 points or 1.68% to hit 70,046. The TSE 30 Index rose 47.60 points or 1.79% to close at 2,704 and the TSE 50 Index added 36.90 points or 1.46% to settle at 2,569.

The European Union will announce Sunday the formal end to economic sanctions imposed on Iran over its nuclear program, western diplomatic sources said on Saturday. They said the decision will take effect around the end of the year after the International Atomic Energy Agency certifies that Iran has met its commitments under a landmark July accord with the major powers to limit its nuclear program in return for lifting sanctions.

Recently, the government unveiled a new package of measures to beat the ongoing recession faced by domestic industries. Head of Iran's Management and Planning Organization Mohammad Baqer Nobakht, Minister of Economic Affairs and Finance Ali Tayyebnia and Governor of the Central Bank of Iran Valiollah Seif held a press conference on Saturday to elaborate on the details of the package.

Both trade volume and value doubled compared to Wednesday, as more than 908 million shares changed hands valued at $43.4 million.

Close to 75% of listed companies outperformed. Bank Mellat, with a P/E ratio of 4 and 67.05 points, was crowned TSE's top gainer, followed by Parsian Oil and Gas Development Company and Tamin Petroleum and Petrochemical Investment Company with 63.18 and 60.77 points respectively.

Middle East Bank with 8.2 points was the biggest laggard of the day followed by Golgohar Mining and Industrial Company, and Iran Chemical Industries Company with 1.68 and 1.67 points respectively.

> IFX Jumps 2.89%

Iran Fara Bourse's overall index jumped 20.29 points or 2.89% to close at 721.29.

As IFB reported, more than 151 million securities worth $29.9 million were traded.

The highest daily trade volume was recorded for Iranian Investment Petrochemical Group with 23.6 million shares transacted.

Iran Cultural Heritage and Tourism Investment Group registered the highest trade value with $1.09 million worth of shares changing hands.

Maroon Petrochemical Company, Marjankar Company and Tadbirgaran-e Fars and Khuzestan Company had the highest rise in their share prices.

Chaharmahal Sugar Company, Shahroud Industrial Company and Kosar Sugar Company recorded the highest retreat.

Isfahan Steel Company, Iranian Investment Petrochemical Group, Bank Day, Shirvan Sugar Company, Tuka Refractories Production and Services Company, Tehran Oil Refining Company and Lavan Oil Refining Company were also on investors' radar.

Etemad Fund, with the transaction of 2.17 million units, registered the highest trade volume among listed exchange-traded funds.

Persia Oil and Gas Company, with sales of 100,000 participation bonds, registered the highest daily trade volume at the Fixed-Income Securities Market.