Economy, Business And Markets

TEDPIX Starts Trading Week With Strong Gains

TEDPIX Starts Trading Week With Strong Gains
TEDPIX Starts Trading Week With Strong Gains

Tehran Stock Exchange’s main index scored 662.60 points or 0.77% to end Saturday trade at 86,430.6.

TEDPIX crossed its 45-month record high of 85,700.6 registered on Jan. 15, 2014. The index will need a few more heaves to advance and conquer the 87,102.6 record notched the day before that.

New records do not seem to be out of reach, considering the market’s positive outlook due to advancing global commodity prices and a devaluing currency.

A large part of Saturday’s growth owes to Mobarakeh Steel Company, Iran’s largest producer of flat steel. With a 6.67% growth in share price to 2,256 rials, MSC boosted the benchmark index by 263.97 points.

From MSC’s total stocks worth $4.23 billion, over 111 million stocks valued at $6.29 million changed hands.

Oil companies, including Tehran, Bandar Abbas, Esfahan and Tabriz oil refineries, led the growth, alongside other steelmakers such as Khouzestan Steel Company and miners such as Golgohar Industrial and Mining Company.

Shares of National Iranian Copper Industries Company, Tamin Petroleum and Gas Investment Company and Iran Khodro Group dropped.

What made MSC’s stocks so hot was the company’s new earnings forecast for the current fiscal year (started March 21) on the back of growing prices. The steelmaker’s latest H1 financial report boosted its earnings per share by 70% to 538 rials, 55% of which have already been achieved so far.

MSC’s main subsidiary, Hormozgan Steel Company, also upped its EPS by 60% to 150 rials. Its H1 performance indicates that 85 rials of the figure have been achieved.

About 662 million shares valued at $46.6 million changed hands at TSE for the day.

Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.

Shirin Khorasan Sugar Company was the biggest riser, going up 9.6% to 22,871 rials per share.

Sobhan Darou Company incurred the biggest loss among all TSE-listed companies, as it went down 4.58% to 5,520 rials per share.

The Price Index gained 214.10 points or 0.77% to close at 27,926.3.

The First Market Index went up by 651.60 points or 1.09% to post 60,182.7.

The Second Market Index jumped 474.30 points or 0.25% to reach 190,462.3.

The Industry Index gathered 655.90 points or 0.88% to register 75,520.6.

The Free Float Index scored 746.57 points or 0.80% to hit 93,580.10.

The TSE 30 was up 44.80 points or 1.27% to settle at 3,578.9 while the TSE 50 gained 32 points or 0.93% to close at 3,463.7.

Iran Fara Bourse’s main index IFX also jumped 11.74 points or 1.26% to close Saturday trade at 940.49.

More than 271 million securities valued at $33.6 million were traded at the over-the-counter exchange for the day.

Esfahan Steel Company had the highest number of traded shares and trade value, as 93.28 million of its shares valued at $1.9 million were traded.

Sabzevar Cement Company, East Azarbaijan Pegah Company and Alborz Bulk Pharmaceutical Company had the highest value increase.

Atieh Dadeh Pardaz, Shomal Shargh Shahrood Industrial and Mining Company and Caspian Tamin Pharmaceutical Company suffered the biggest decline.

Marun Petrochemical Company, Zagros Petrochemical Company and Esfahan Steel Company had the most positive impact on the IFB benchmark.

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