After three consecutive weeks of losses, Tehran stocks bucked the declining trend in the week (ending Wednesday) making slight gains despite the pattern of capital outflow.
The benchmark of Tehran Stock Exchange, TEDPIX, closed trading week 0.7% higher, gaining 9,300 points. The TSE’s equal-weighted Index too climbed 0.7% indicating that both the large and small caps were abreast.
Retail trade Wednesday was reported at 138 trillion rials ($460 million) -- down 17% on the session before. Average trade by retail investors was 27.61 trillion rials per day compared to the 33.3 trillion rials ($112m) daily average a week before.
Capital outflow by retailers continued for 13 straight sessions until Wednesday, which marks the end of trading week.
Total capital outflow by retailers amounted to 11.24 trillion rials ($38m), which was 32% lower than the previous week.
Best gainers last week were refinery, mineral, auto and auto parts, chemical, cement and basic metals.
Reports about the steep rise in auto prices stimulated demand and buoyed sentiment in the middle of the trading week.
Investors on Wednesday rushed to buy auto shares after Iran Khodro (IKCO) and SAIPA, the main domestic automakers announced that they had gotten government permission to further raise prices.
The former will jack up prices by at least 10% and the latter by 16%. The move is expected to improve the chronic misfortunes of the loss-making carmakers controlled by the government.
