Economy, Business And Markets

TSE Index Rises After Elections

TSE Index Rises After ElectionsTSE Index Rises After Elections

Tehran Stock Exchange’s main index TEDPIX gained Saturday on reports of big gains made by the alliance of moderates and reformists in parliamentary elections.

Iranians went to the polls on Friday to cast their ballots in two simultaneous elections, the Assembly of Experts–a body of 88 members whose main task is to select the next Leader of the Islamic Revolution and monitor his performance, as well as the parliamentary vote.

Definite results were yet to be announced by the close of the market at 12:30 local time.

On the one hand, speculations indicate that if the so-called “opponents of the nuclear deal” win the parliamentary vote, the market would stall in all likelihood, as the deal was the reason behind the recent rally in the first place.

On the other, a moderate majority can renew the rally the equities staged following the mid-January lifting of the western sanctions against Iran after the UN nuclear agency confirmed that Tehran complied with its side of the July accord struck with world powers to restrict its nuclear program.

The latter scenario would mean that the government’s job of opening up the economy to the private sector and foreign investment will become easier.

TSE’s main index gained 388.10 points or 0.5% to settle Saturday trade at 78,228.3.

More than 1 billion shares changed hands valued at $81.9 million, recording a significant drop in trade value compared to Wednesday’s $148 million.

The Price Index grew 148.70 points or 0.50% to end at 29,969.4.

The First Market Index advanced 338.40 points or 0.63% to reach 54,346.5.

The Second Market Index rose 449.30 points or 0.26% to hit 173,466.3.

The Industry Index won 371.70 points or 0.57% to post 65,023.0.

The Free Float Index jumped 596.83 points or 0.68% to register 87,955.

The TSE 30 Index climbed 22.90 points or 0.70% to record 3,312 while the TSE 50 Index was up 13.60 points or 0.43% to settle at 3,167.2.

Close to 58% of the listed companies helped lift the benchmark.

Esfahan Oil Refining Company, with a P/E ratio of 11 and 72.57 points, provided the biggest boost to TEDPIX, followed by Bandar Abbas Oil Refining Company and Iran Khodro with 67.93 and 53.75 points respectively.

Persian Gulf Petrochemical Industries Company recorded the most downbeat performance with -36.98 points. Jam Petrochemical Company and Golgohar Mining and Industrial Company followed with 22.85 and 16.64 points respectively.

  IFX Up 1.1%

Iran Fara Bourse’s main index IFX won 9.14 points or 1.1% to stop at 839.92.

According to IFB, more than 550 million securities valued at $98.2 million changed hands in 22,000 transactions.

Tehran and Lavan oil refining companies as well as Iranian Petrochemical Investment Group provided the biggest boost to IFX.

Iranian Petrochemical Investment Group recorded the day’s highest number of shares traded and trade value, as 97.7 million of its shares worth $4.9 million changed hands.

Shiraz Oil Refining Company, Lia Company and Saman Insurance posted the highest increase in shares’ value, while Taknar Mining Company, Ravan Fanavar Company and Novin Insurance experienced the highest decline.

Over 41 million securities valued at $2.5 million were traded in the First Market, with Sobhan Investment Company accounting for the highest number of shares traded.

The Second Market witnessed the trading of 425 million securities valued at $24.4 million, with Shiraz Oil Refining Company, Lia Company and Kerman Development and Construction Company posting the highest rise in shares’ value.

Etemad Fund, with the transaction of 2.1 million shares valued at $742,000, registered the highest trade volume among listed exchange-traded funds. In addition, 477,000 leasing bonds of RighTel worth over $13.6 million were sold out.