TEDPIX down 400 points on Tuesday

December 28, 2021 - 15:54

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), dropped 424 points on Tuesday.

The index closed at 1.399 million points, while over 5.455 billion securities worth 32.439 trillion rials (about $111.8 million) were traded.

The first market’s index dropped 89 points and the second market’s index lost 1,550 points.

TEDPIX rose 66,000 points (5.1 percent) to 1.359 million in the past Iranian calendar week (ended on Friday).

During the past week, the indices of Mobarakeh Steel Company, Iran Khodro Company, Saipa Company, Social Security Investment Company, National Copper Company, and Barekat Pharmaceutical Group were the most widely followed ones.

Last week, Head of Iran’s Securities and Exchange Organization (SEO) Majid Eshqi said a 10-part support package has been prepared for supporting the stock market and Finance and Economic Affairs Minister Ehsan Khandouzi is going to unveil the package soon, IRNA reported.

“The 10-article package for supporting the capital market has been approved by the Government Economic Coordination Headquarters and the details of the proposals will be announced by Minister of Finance and Economic Affairs,” Eshqi said.

Based on the mentioned package, the government is going to prevent a sharp rise in the costs of the industrial production sectors and will also help Capital Market Development and Stabilization Fund, according to the official.

In addition to the specific budget line provided in the next fiscal year budget bill, the fund is expected to be provided a much bigger funding, approximately 10 times the allocated figure in the national budget bill, through the transfer of shares and other financing methods so that it can do its job, Eshqi explained.

As stated by a capital market analyst, the national budget bill for the next Iranian calendar year (begins on March 21, 2022) indicates that the government has a more positive view on the market for the upcoming year.

According to Peyman Hadadi, the allocation of a separate budget for the Capital Market Development and Stabilization Fund shows that the government is taking the necessary measures to provide stronger support for the market and to ensure its growth in the future.


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