Tehran Stocks rallied on Monday as the unprecedented surge in currency rates continued to boost investor sentiments over future rise in share prices. <\/p>\n\n\n\n
The benchmark of Tehran Stock Exchange, TEDPIX, gained 40,000 points, climbing 3.12% to extend a winning streak into the sixth day. TEDPIX closed trading session at 1,341,531 points.\u00a0<\/p>\n\n\n\n
As seen in previous sessions, the rally was led by large-cap shares largely in steel, base metal, refinery and mineral companies. <\/p>\n\n\n\n
Given that export-oriented companies constitute the majority in the bourse, the market is highly susceptible to volatility in currency rates. Commodity-based companies account for 60% of the TSE market capitalization. <\/p>\n\n\n\n
The troubling surge in forex rates has fueled the stock market rally with the rial continuing to lose much of its value against major currencies. <\/p>\n\n\n\n
The dollar was traded as high as 198,000 rials on Monday, up 2,000 rials over Sunday\u2019s close. The greenback has gained 10% in one week. <\/p>\n\n\n\n
Besides creating inflationary expectations, soaring forex rates help export-oriented companies earn more.<\/p>\n\n\n\n
About 9.43 billion shares valued at 124.05 trillion rials ($652.9 million) changed hands at TSE on Monday.<\/p>\n\n\n\n
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.<\/p>\n\n\n\n
IRCA Part Sanat Company was the biggest winner as its shares went up 39.17% to 33,610 rials per share.<\/p>\n\n\n\n
Pars Minoo Industrial Company incurred the biggest loss among all TSE-listed companies and went down 6.77% to 12,660 rials per share.<\/p>\n\n\n\n
Informatics Services Corporation contributed the most to the benchmark’s fall, followed by Behran Oil Company, Pars Minoo Industrial Company and Bahman Group Company.<\/p>\n\n\n\n
Mobarakeh Steel Company gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company, National Iranian Copper Industries Company and Social Security Investment Company.<\/p>\n\n\n\n
IFX Up 1.74%<\/strong><\/p>\n\n\n\n Iran Fara Bourse main index, IFX, gained 251.51 points, or 1.74%, to close Monday trade at 14,715.7.<\/p>\n\n\n\n About 2.75 billion securities valued at 55.85 trillion rials ($293.98 million) were traded at the over-the-counter exchange for the day.<\/p>\n\n\n\n Esfahan Steel Company had the highest number of traded shares as 172.66 million shares worth 1.37 trillion rials ($7.25 million) were traded.<\/p>\n\n\n\n Zagros Petrochemical Company, Vitana Corporation and Kowsar Insurance Company had the most negative impact on IFX.<\/p>\n\n\n\n Esfahan Steel Company gave the biggest boost to IFX, followed by Saba Tamin Investment Company, Hormozgan Steel Company and Shahid Tondgooyan Petrochemical Company.<\/p>\n\n\n\n