By Mahnaz Abdi

TEDPIX notches record high, hitting one million points

May 9, 2020 - 15:45

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), hit the record high of one million points on Saturday.

As reported, the index’s daily jump was also unprecedented as it gained 42,372 points during the Saturday trades to stand at 1.2 million.

Securities worth 101.018 trillion rials (about $2.405 billion) were traded through one million deals at the TSE, which is Iran's major stock market.

Mobarakeh Steel Company, Persian Gulf Petrochemical Industry Company, Pars Petrochemical Company, and National Iranian Copper Industry were the biggest contributors to the index jump on Saturday.

While the past Iranian calendar year (ended on March 19) was full of success for the TSE, the market is also preserving its successful performance in the current year, and the noticeable point in this due is that the other economic sectors are experiencing some declining trend due to the coronavirus pandemic.

We have been witnessing new record highs continuously posted by the exchange since the year start, and climbing to the peak of one million points, something almost unbelievable just some time ago, came true on Saturday.

Liquidity flowing from parallel markets into stock market

Under the current condition, the status of the parallel markets such as the markets of foreign currency, gold, and housing seems to has a noticeable effect on the unprecedented growth in the stock market.

While this condition, which has made investment making in the stock market a more profitable choice for the investors, has been a contributing factor for the growth in the stock market in the present year; it began in the past year and is still affecting the capital market.

This status of the parallel markets is predicted to continue, regarding the sanctions condition and some other factors affecting the national economy, and as the Iranian people are getting more acquainted with the stock market activities, and as this market is being developed more and more and attracting more investors, higher jumps and new record highs are also expected for the TSE index in the current year.

 

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