Economy, Business And Markets

TSE Notches 4-Month High as Banks Rally

TSE Notches 4-Month High as Banks RallyTSE Notches 4-Month High as Banks Rally

Stocks hit a four-month high on Wednesday, with the main index of Tehran Stock Exchange capping its largest daily gain since July 13, rising more than 1%.

The rally in banking stocks in anticipation of the reintegration of the Central Bank of Iran and major Iranian banks into the global interbank messaging network, SWIFT, lent to the upward move the TSE started three weeks ago.

The TEDPIX only declined once in the past three weeks.

The benchmark jumped 675.70 points or 1.08% to end Wednesday trade at 63,516.9.

The Price Index gained 262 points or 1.08% to end at 24,631.9.

The First Market Index added 412 points or 0.95% to reach 43,662.9.

The Second Market Index soared 1,833.60 points or 1.29% to register 143,482.6.

The Industry Index was up 445 points or 0.86% to record 52,098.8.

The Free Float Index jumped 808.03 points or 1.16% to post 70,743.30.

The TSE 30 Index gained 35.50 points or 1.34% to settle at 2,685.3.

And the TSE 50 Index jumped 31.20 points or 1.23% to hit 2,566.5.

Over 1.2 billion shares valued at $85.5 million were transacted, as daily trade value grew 30% compared to Tuesday’s figures.

More than half of the listed companies helped lift the benchmark.

Persian Gulf Petrochemical Industries Company provided the biggest boost to TEDPIX with 116.61 points, followed by Iranian Shipping Lines Company and Bank Mellat with 96.15 and 73.98 points respectively.

The National Iranian Copper Industries Company, with a P/E ratio of 7 and 22.05 points, was the biggest market laggard, followed by Khark and Shiraz petrochemical companies with 17.65 and 17.43 points respectively.

>  IFX Up 1.34%

Iran Fara Bourse’s all-share index IFX gained 9.41 points or 1.34% to finish at 711.24, marking the benchmark's highest rise since September 21.

More than 402 million securities worth $28.8 million were traded in 42,000 transactions, indicating a 33% rise in daily trade volume compared to Tuesday, according to IFB.

Amin Reinsurance Company filed the highest trade volume and value of the day with 155 million shares valued at $6.8 million changing hands.

Ravan Fanavar Engineering Company and Kharazmi Information Technology Development Company recorded the highest increase in shares’ value.

Minoo Food Company and Asia Zarin Madan Company experienced the highest decline.

Iranian Petrochemical Investment Company, Marun Petrochemical Company and Tehran Oil Refining Company provided the biggest boost to IFX.

Middle East Mines Industries Development Holding Company was the biggest market laggard.

Etemad Fund, with the transaction of 3 million shares valued at $1.08 million, registered the highest trade volume and value amid listed exchange-traded funds. Furthermore, 64,178 Islamic treasury bonds valued at $1.6 million were sold out.