TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), went up 13.5 percent to stand at 1.612 million points in the past Iranian calendar week (ended on Friday), IRNA reported.

As reported, Bank Mellat, Tejarat Bank, Isfahan Oil Refinery, National Iranian Copper Industry Company, Iran Khodro Investment Development Company, and Mobarakeh Steel Company were the major contributors to the index’s weekly growth.

TEDPIX hit the record high of 1.5 million points on Tuesday.

It has also climbed 28.77 percent in the past Iranian calendar month (April 21-June 20) from its preceding month.

The index gained 283,868 points to 1,270,627 during the past month.

Although, the value of trades at the TSE, which is Iran’s major stock exchange, fell 31 percent in the past month.

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 in early May.

In a press conference on June 22, the head of Iran’s Securities and Exchange Organization (SEO) announced that the amount of liquidity absorbed by Iran’s capital market has reached 500 trillion rials (about $12 billion) during the first quarter of the current Iranian calendar year (March 20-June 20).

Hasan Qalibaf-Asl also said, “It is while the total amount of liquidity entered into this market stood at 300 trillion rials (about $7.14 billion) during the past year.”

The official further noted that the high amount of liquidity that is entering the capital market has provided some good opportunity for this 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.

MA/MA