Tehran Stock Exchange extended earlier gains on Wednesday as financial reports of major listed companies continue to boost investor sentiments.
The main gauge of TSE added another 3,400 points to its three-day gains to close trading week at 248,000 points amid rising demand mainly for commodity stocks.
On the top of the list of major players in the market were petrochemical, metals and cement companies.
According to the Donyaye Bourse website, apart from up-beat financial performance, the cement stocks were cheered by the news of 30% hikes in the price of cement products.
In addition, the TSE data indicates a remarkable performance for metal companies which can be explained by their positive financial report published in the Codal system- an information website created for instant official publication of corporate data.
The Codal data indicates that Mobarakeh Steel Company’s sales were worth 30.7 trillion rials ($230 million) over the past Iranian month and 95 trillion rials ($730 million) during the first quarter of the current fiscal year (March 21- June 21).
The company is the biggest steel producer in the region, accounting for 50% of Iran’s steel in all major markets including automotive, construction and household appliances.
This is while there was a selloff pressure for most of the smaller stocks, especially in pharmaceuticals, food, and ceramic companies.
Market Performance
Tehran Stock Exchange’s main index TEDPIX gained 3,479.06 points or 1.42% on Wednesday to end trading at 248,577.8.
More than 3.8 billion shares valued at 15.48 trillion rials ($119.59 million) changed hands for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends Wednesday.
Chin Chin Agro-Industries Company was the biggest winner as its shares went up 5% to 41,392 rials per share.
Radiator Iran Company incurred the biggest loss among all TSE-listed companies and went down 4.98% to 6,284 rials per share.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, Tamin Petroleum and Petrochemical Investment Company, Iran National Copper Industry Company, and Bandar Abbas Oil Refining Company.
Mobile Telecommunication Company of Iran contributed the most benchmark's fall followed by Bank Saderat Iran, Informatics Services Corporation, and Omid Investment Management Group Co.
The Price Index gained 982.53 points to close at 70,194.7. First Market Index was up 2,423.97 points to post 185,738.0.
Second Market Index increased by 7,560.87 points to reach 482,783.9. The Industry Index went up by 3,366.72 points to register 222,605.7.
Free Float Index was up 3,648.21 points to register 280,279.55.
The TSE 30 went up 176.15 points to settle at 11,448.7 and the TSE 50 gained 162.49 points lower to finish at 10,150.2.
Iran Fara Bourse’s main index IFX rose 1.43% to close Wednesday trade at 3,178.38 points.
Over 2.36 billion securities valued at 8.86 trillion rials ($68.42 million) were traded at the junior exchange for the day.
