Economy, Business And Markets

Tehran Stocks Make Record Gains to Stand at All-Time Highs

Tehran Stock Exchange's all-share index closed Sunday trade 3,306.19 points or 3.33% higher to reach 102,452.4 as IFX shot up 37.61 points or 3.26% to close at 1,191.36
Tehran Stocks Make Record Gains to Stand at All-Time HighsTehran Stocks Make Record Gains to Stand at All-Time Highs
Mobarakeh Steel Company, Persian Gulf Petrochemical industries Co., Golgohar Mining and Industrial Complex, Tamin Petroleum & Petrochemical Investment Co., Jam Petrochemical, and Khuzestan Steel Company were the top boosters to the benchmark, accounting f

Bulls are on parade in Tehran's equity market, and they are not backing down. They followed up on the previous trading day's record-breaking gain by soaring even higher on Sunday.

Tehran Stock Exchange's all-share index, TEDPIX, closed 3,306.19 points or 3.33% higher compared to Wednesday to reach 102,452.4, marking the first time the index crosses the psychological barrier of 100,000. The uptick is also TEDPIX's highest single-day growth ever, surpassing the record set on Wednesday.

Things picked up at the very first hours of trade. TEDPIX zoomed past the 100,000 mark with a spiking growth in less than twenty minutes from the open and kept growing steadily up until 12:30 local time.

More than 1.82 billion shares worth $130.76 million changed hands at TSE, registering 13.75% and 26% growth compared to Wednesday respectively.

Head of Novin Investment Bank believes that the spiking growth is driven by three factors.

"First, there's the wandering money supply, which after upsetting the currency, gold coin, housing and auto markets has seen things ready to enter the equity market. The second is ...


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment