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Stocks Wrap Up Volatile Week

TEDPIX rose to a 6-1/2-month crescendo on Saturday after capping the market’s largest gains in seven months; however, shares were in for a correction that ended TSE’s five-week rally and knocked its benchmark off the pedestal
Most of the losses in TSE came on Tuesday when TEDPIX fell 604 points to 79,659.2 points by the market’s close.Most of the losses in TSE came on Tuesday when TEDPIX fell 604 points to 79,659.2 points by the market’s close.
Shares on IFB also jumped on Saturday, but its record setting was to come later in the week, as contrary to the TSE they rose after a correction on Sunday and ended the week at a 10-month peak

Iranian securities markets had a rocky week, compared to their usual morbidity, while the rial sank to its lowest in 10 months against the US dollar.

Tehran Stock Exchange rose to a 6-1/2-month crescendo on Saturday after capping the market’s largest gains in seven months. However, shares were in for a correction that ended TSE’s five-week rally and knocked its benchmark off the pedestal.  

Shares on the Iran Fara Bourse also jumped on Saturday, but its record setting was to come later in the week. Contrary to the TSE, they rose after a correction on Sunday and ended the week at a 10-month peak.

The rial continued its two-week slide and hit its lowest in 10 months against the greenback on Wednesday. The US currency traded for 36,630 rials by the market close, according to Eranico.

 TSE’s Boom and Bust

Stocks rallied in Tehran on Saturday, and TSE’s benchmark TEDPIX had its largest daily gain since March 12, on improving petrochemicals and metals prices. The benchmark advanced over 1,000 points or 1.31% to a 6-1/2 months high of 80,340.70 points. 

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Miners and petrochemical producers along with other commodity-based businesses led the rise. National Iranian Copper Industries, Ghadir Investment Holding, Persian Gulf Petrochemical Industries Co., Parsian Oil and Gas Development Company and Golgohar Mining and Industrial Co. had the largest effect on the index.

Shares on Tehran Stock Exchange fell for the rest of the week. Benchmark TEDPIX lost 670 points or 0.83% to 79,670.9 points by Wednesday, as investors pared their positions in major miners and refiners, TSE Technology Management Co. data showed.

Most of the losses came on Tuesday when TEDPIX fell 604 points to 79,659.2 points by the market’s close. Refiners and miners lost the most.

 

 Fara Bourse Sets Record

Shares on Iran Fara Bourse also rose on Saturday, following TSE’s cue. The market’s index went up 1.28% to an eight-month high of 839.23 points. Maroun, Zagros and Khorasan petrochemical companies gained the most, followed by Shiraz Refinery.

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IFX fell the next day but resumed its climb to 842.77 points–its highest in 10 months by Wednesday, driven by its major petrochemical producers and energy companies, according to IFB’s website.

The rial’s slide against the dollar and other major currencies pushed euro’s exchange rate past the 40,000-rial mark to 40,220 rials for the first time in three weeks.

The Central Bank of Iran followed the markets and devalued the rial even further. The dollar was weakened to 31,796 rials—its highest exchange rate against the dollar in the bank’s history. The euro’s exchange rate rose to 35,349 rials by Wednesday.

 

 

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