TEDPIX gains 3,000 points on Sunday
TEDPIX, the main index of the Tehran Stock Exchange (TSE), rose 3,839 points to 1.25 million on Sunday.
Over 13.207 billion securities worth 142.416 trillion rials (about $3.39 billion) were traded at the TSE on Sunday.
The first market’s index fell 292 points, while the second market’s index rose 18,599 points.
After several weeks of drop, TEDPIX could finally register growth in the past Iranian calendar week.
The index rose two percent to stand at 1.207 million points on Wednesday (the last working day of the week).
In early August 2020, when all the major stocks around the world were experiencing serious declines, TEDPIX surpassed two million points.
This situation created some skepticism among investors regarding the creation of a bubble in the market, and some economists and market analysts also warned about the government’s over-interfering in this market.
The government, however, continued offering more and more of its entities on the market and further encouraged people to invest in the market.
Turning the fears of the investors into reality, TEDPIX started a downward trend in mid-August and has since slumped about 38 percent.
What President Rouhani called one of the most “astonishing rises” in the history of the stock market, became one of the most dramatic swings on record.
Now, the big question would be “what is on the horizon for the Iranian stock market?”
Farhang Hosseini, a capital market expert, has told the Tehran Times that although several external factors, including the disputes between the oil and economy ministries over the offering of the second ETF (dubbed First Refinery, or Dara Second), increase in interest rates, the ambiguities in the next year’s national budget bill, and etc. have contributed to the decline of the TSE’s main index over the past few months, the main reason for this decline is the unconventional valuation (to be more precise the over-valuation) of entities in this market for encouraging liquidity inflow.
source: TehranTimes
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
