Stock market still experiencing a downward trend

September 15, 2020 - 11:51

TEHRAN- While the markets of forex and gold coin have been witnessing a trend of growth in Iran since the past week, the stock market, which had created hope for many investors, is still experiencing a downward trend, according to a private sector’s official.

Jamal Razaghi, the head of Shiraz Chamber of Commerce, Industries, Mines, and Agriculture, further elaborated on the recent status of the Tehran Stock Exchange (TSE), which is Iran’s major stock exchange, as follows.

TEDPIX (the main index of the TSE) fell 5.1 percent in the Iranian calendar week ended on September 4, and dropped 4.6 percent in the past week (ended on September 11), although it rose 15 percent in the first and second days of this week.

The index was expected to witness a growing trend through the supports of the institutional investors and preventing the long lines of applicants for the purchase of large companies’ shares, but it did not occur.

Some analysts say that as the mentioned support was just for some major indices, it was not enough for the TEDPIX to return to the growing trend.

It is anticipated that the measures taken in the past week, and also the allocation of one percent of the reserve of the National Development Fund (NDF) to stabilizing the stock market will play some effective role to bring growth back to the stock market in the next week.

Also, some growth in this market is expected as the result of the rising forex rate, Razaghi concluded.

MA/MA

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