Stock Market Rally Continues
Stock Market Rally Continues

Stock Market Rally Continues in Iran

Stock Market Rally Continues in Iran

Tehran Stock Exchange’s main index gained 994.35 points or 1.05% on Sunday to extend its all-time high record to 95,600.8.
The market opened at 8:55 to frenzied trading, breaking past a new channel and reaching 95,500 in less than 20 minutes. The mounting enthusiasm shored up TEDPIX to 95,784.26 at 10:25, the day’s highest level, and eventually slowed down on market close.
TEDPIX has grown 7% so far this Iranian month (started Nov. 22), which is more than the last few months combined.
A comparison of the value-weighted TEDPIX with TSE’s equal weighted benchmark index shows that the two have followed a largely similar pattern for the last 26 days. This indicates that although large-cap shares have lifted the market, other industries have reaped consistent gains, too.  

About 1.2 billion shares valued at $82.48 million changed hands at TSE on Sunday.
As per the recent market trend, base metals were the primary drivers of TSE with $22.29 million of securities traded, tailed by refineries with $7.76 million.
Trading of Persian Gulf Petrochemical Industries single-handedly boosted TEDPIX by 300.57 points. National Iranian Copper Industries Company came second with 162.31 points, followed by Esfahan Oil Refinery with 130.25 points.
As Iran’s largest petrochemical holding, PGPIC garnered investors’ favor by announcing plans to expand production capacity from the current 24 million tons per year to 40 million in the next two years.
Rising global copper prices have also reinvigorated NICICO. The commodity has hit a two-week high, as it reached $6,734.5 per ton on Friday, according to London Metal Exchange data.
Also, the US Republicans’ long-awaited tax bill has spurred optimism in the market, as its successful passage would make it easier for lawmakers to push for further infrastructure spending, potentially boosting demand for copper and other metals, Wall Street Journal reported.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Esfahan Oil Refinery was the biggest riser, going up 5.96% to 4,620 rials per share.
Ma Insurance incurred the biggest loss among all TSE-listed companies, as it went down 4.99% to 1,409 rials per share.
The Price Index gained 318.78 points to close at 30,640.6.
The First Market Index was up 627.56 points to post 68,206.2.
The Second Market Index added 2,535.66 points to reach 202,002.7.
The Industry Index scored 966.07 points to register 84,274.7.
The Free Float Index added 920.91 points to hit 103,119.87.
The TSE 30 gained 59.03 points to settle at 4,165.9 and the TSE 50 was up 56.78 points to finish at 3,933.9.
At Iran Fara Bourse, the main index IFX added 8.14 points or 0.77% to close Saturday trade at a new high of 1,064.19.
About 468.54 million securities valued at $108.5 million were traded at the over-the-counter exchange for the day.
Esfahan Steel Company witnessed the highest number of traded shares and trade value, as 103.7 million of its shares worth $2.25 million were traded.
Shiraz Oil Refinery, Ballast Company and Mihan Insurance registered the highest value increase.
Tadbirgaran Fars & Khuzestan Investment Company, Pars Paper Industries Group and Behpak Industrial Cmpany. suffered the biggest decline.
Middle East Mines and Mining Industries Development Holding Company, Marun Petrochemical Company and Shiraz Oil Refinery had the most positive impact on the IFX.

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