Financial Tribune – Tehran stocks rallied at the start of trading week on Saturday boosted by demand for refinery shares amid a sell-off in auto and telecom equities.
The main gauge of Tehran Stock Exchange gained close to 7,000 points for the day, sending TEDPIX more than 1.5% higher to close trade at an all time high of 452,842 points.
At odds with dominant trends in past weeks, Saturday’s session marked growth in price of shares of most large-cap companies and blue chip stocks, including petrochemical, refinery and metal companies.
This is while sell-off in equities of a significant number of small-cap companies caused the equal-weighted index to close the session way lower at 0.37% for the day. Equal-weighted index gives the same weight to all stock irrespective of their market cap.