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Stocks End Week 3% Higher
Economy, Business And Markets

Stocks End Week 3% Higher

Tehran Stock Exchange's benchmark index jumped by 1,712 points or 3.2% during the trading week that ended July 27 to close at 76,225.
TEDPIX recorded its biggest daily gain in four weeks on Wednesday (0.96%), just a day after the entire board of the Securities and Exchange Organization were replaced.
Mohammad Fetanat-Fard, the head of Iran's market regulator, stepped down on Tuesday in a surprise move citing heart problem as the official reason. Deputy Economy Minister Shahpour Mohammadi was appointed by the Bourse High Council to lead the organization.
Economy Minister Ali Tayyebnia appointed Fetanat-Fard, who headed the SEO for less than two years, as his consultant.
The other four board members of SEO were also replaced. Hassan Amiri, Ali Saeedi, Saeed Fallahpour and Ahmad Araqchi were appointed as board members.
Over 3.8 million shares valued at $243.5 million were traded in 289,000 transactions during the week. The number of traded shares and weekly trade value dropped by 13% and 10% respectively compared to the previous week.
The First Market Index gained 1,652 points or 3.2% to end at 53,770. The Second Market Index added 1,086 points or 0.7% to close at 164,171.
More than 1.2 million Musharakah bonds changed hands valued at $36.6 million during the week, indicating a 20% and 17% decline in number and value respectively.
The 'base metals' group of TSE-listed industries recorded the highest weekly rise in share value (10.49%), followed by 'coal mining' (9.25%), and 'other financial intermediaries' (7.80%).
Meanwhile, IFX, Iran Fara Bourse's main index, gained 12 points or 3% during the same week to end at 799.7.
Over 5.2 billion securities valued at $252.2 million were traded in 110,000 transactions at IFB. The number of traded shares and weekly trade value surged by 98% and 64% respectively.
IFB's market cap added $214 million or 0.8% to $26.8 billion.
The over-the-counter market's First Market witnessed the trading of 179 million securities valued at $10.2 million, indicating a 1% and 5% growth in the number of traded securities and trade value respectively.
Moreover, some 496 million securities valued at $45.6 million were traded in the Second Market, indicating a 14% and 54% rise respectively.
The 'paper products' group of IFB-listed industries registered the highest weekly rise in share value (21%). 'Base metals' (15%) and 'oil products, coke and nuclear fuel' (13%) came next.

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