TEDPIX jumps 17,000 points on Sunday

May 30, 2021 - 15:35

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), climbed 17,377 points to 1.156 million on Sunday.

Over 7.503 billion securities worth 58.632 trillion rials (about $1.396 billion) were traded at the TSE on Sunday.

The first market’s index gained 15,954 points, and the second market’s index rose 24,061 points.

TEDPIX lost 45,000 points, or four percent, in the past Iranian calendar week.

The index closed at 1.109 million points on Wednesday (the last working day of the week).

During the past week, the indices of Social Security Investment Company, Iran Khodro Company, Isfahan Oil Refining Company, National Iranian Copper Industry Company, and Tehran Oil Refining Company were the most widely followed indices.

Mohammadreza Pour-Ebrahimi, the chairman of the Iranian parliament’s economic committee has said recently that the stock market is going to follow a positive trend in the current Iranian calendar year (started on March 21).

“[This year] the profits of major industries and influential companies in the capital market have been assessed positively, which is why the market will follow a positive trend this year,” Pour-Ebrahimi stated.

Meanwhile, the governor of the Central Bank of Iran (CBI) has said predictability of the economy is a prerequisite for the stability of markets adding that the central bank welcomes the prosperity of the capital market.

“Stability of all markets along each other is of utmost importance for the central bank, therefore the bank supports the stability of the capital market,” Abdolnasser Hemmati said in a meeting with the representatives of the capital market.

He emphasized that the approach of the Central Bank is to support the capital market, stating: “One of my personal economic beliefs is that our problem in economics is the underdevelopment of financial markets and capital market in particular.”

According to Hemmati, inflation expectations affect the bank interest rates and consequently the market, therefore it is hoped that lower inflation expectations will lead to lower inflation and lower interest rates.

"All markets are highly sensitive to change and inflation expectations, and this is not limited to the capital market," Hemmati said.

The Iranian capital market has been going through some turbulence over the past few months and in this regard, the government and related entities have been taking serious measures for stabilizing the market.

MA/MA

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