Iran’s main stock exchange records biggest daily jump ever

Reports in the local media said Tehran Stock Exchange main index TEDPIX rose by 23,219 points on Saturday, a surge of 3.49 percent compared to figures recorded at the end of the previous day of trade in the market.

The biggest gains on shares were recorded for Mobarakeh Steel (MSC), Iran National Copper (NICICO) and Mapna Energy, said the reports.

TSE’s price index, known as TEPIX, also rose 3.52% to hit 233,507 points, as 5.7 billion shares changed hands in more than 804,000 number of trades.

Trades on Saturday added another $380 million to TSE’s total value, bringing it to over 25,000 trillion rials (nearly 157 billion).

The figures recorded the strongest one-day performance for the TSE in history, said the local media reports.

It comes several days after a major government-run investment holding, known as Shasta, launched its initial public offering in a subsidiary market of the TSE known as Iran Fara Bourse (IFB) to attract 70 trillion rials, or around $440 million, in new finances.

Iran’s largest investment holding pockets over $0.4 billion through IPO Iran’s largest investment holding Shasta pockets over $0.4 billion in IPO.

Saturday was a busy day for the IFB too, where there is a cap on trades for securities and other financial instruments.

Reports said a total of 1.77 billion shares were traded in the market with a value of nearly 3 trillion rials ($187.5 million). That caused the IFB’a main index IFX to rise by 254 points to reach 8,438 points.

Investing in shares have become very popular in Iran over the past months as many businesses and households are no longer interested in low returns on gold or foreign currencies.