Tehran stocks made a U-turn at the start of trade on Saturday after sharp losses last week.
Buoyed up by relative calm on geopolitical landscape, investors, who were largely positioned on the sell side last week, rushed to buy shares on Saturday.
Boosted by fresh optimism, the benchmark of Tehran Stock Exchange pared 6,000 points of the earlier losses and climbed 1.7%.
Out of 314 active symbol tickers, 313 symbols ended in green and stocks of 312 companies changed hands at the highest maximum daily prices.
Stocks have been traded on a price spread of 2% since Wednesday after the stock market regulator decided to support the market by putting a cap on price fluctuations following last week’s steep volatilities.
The cap is to be lifted today (Sunday) and the price spread would be set on ± 5% as announced by Mohsen Khodabakhsh, the Securities and Exchange Organization’s deputy chief for stock markets.
Both the TSE and over the counter Iran Fara Bourse along with stock markets across continents took a drubbing last week following the escalation of political and military tensions in the strategic Persian Gulf.
Perturbed investors rushing to sell shares and the lack of buyers for almost all equities led the main TSE index (TEDPIX) to drop more than 30,000 points, or 8%, over the past week.
Market Performance
The TSE's main index TEDPIX gained 6,000.14 points, or 1.70%, on Saturday to end trading at 359,807.1.
About 1.63 billion shares valued at 11.24 trillion rials ($85.83 million) changed hands at TSE for the day.
Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Iran Transfo Company was the biggest winner as its shares went up 19.41% to 11,239 rials per share.
Sepanta Communication Development Company was the only company that incurred loss for the day and went down 0.5% to 144,279 rials per share.
Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by National Iranian Copper Industries Company, Golgohar Mining and Industrial Company and Pars Petrochemical Company.
Sepanta Communication Development Company was the only company that had negative impact on to benchmark.