Stock market’s prominent performance in H1

While lagging the parallel markets of foreign currency, gold coin, and real estate behind, Iran’s stock market hit a new record during the first half of the current Iranian calendar year (March 21-September 22), as TEDPIX, the main index of Tehran Stock Exchange (TSE), closed at an all-time high of 302,103 points.

It is while the index had stood at 178,000 points at the end of the previous calendar year.

Experiencing a growth of 74 percent during the first six months of the present year, TSE witnessed its best performance since the Iranian calendar year of 1382 (March 2003-March 2004).

Also as reported, Iran’s over-the-counter (OTC) market, known as Iran Fara Bourse (IFB), has experienced a noticeable positive performance during the first half, as its main index, IFX, gained 78 percent during the mentioned period of time.

It seems that these markets will preserve their positive performances also during the second half of the year, as TEDPIX gained 9,367 points (the highest rise so far) in the first day of the second half and the value of trades at TSE and IFB reached 32 trillion rials (about $761.9 million).

It shows that some huge liquidity is moving toward the stock market. The power of this liquidity will probably bring new records for this market in the second half.

Also given that no growth is being seen at the markets of foreign currency and gold coin, and housing market is expected to witness drop in prices during the second half, another positive performance is anticipated for the stock market.

The first half ended with some fruitful performances also in the other exchange markets of the country, as the value of trades at Iran Mercantile Exchange (IME) during the sixth month increased 22 percent from its previous month.

IME has reported that some 2.168 million tons of commodities worth 102 trillion rials (about $2.428 billion) were traded at this market during the past month, indicating 49 percent rise in terms of volume.

Noticeable performance was also witnessed at Iran Energy Exchange (IRENEX), which is one of the four exchange markets of Iran, besides TSE, IFB, and IME.

As reported, National Iranian Oil Company (NIOC) sold 450,000 tons of oil products worth $160.656 million at the international ring of IRENEX during the last week of the first half.

In that week, 168,000 tons of gasoline worth $64.297 million as well as 162,500 tons of gasoil worth $73.964 million along with 20,000 tons of kerosene and 50,000 tons of liquefied petroleum gas were sold to the foreign buyers at IRENEX.

Like the last week, IRENEX acts successfully in the whole first half of the year.

Given all these fruitful results, it could be anticipated that this year will be the second consecutive year of shining performance for the country’s stock market.

source: Tehran Times