TEDPIX falls 2,900 points on Monday

January 3, 2022 - 15:19

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), lost 2,971 points to 1.376 million on Monday.

Over 3.477 billion securities worth 20.082 trillion rials (about $69.248 million) were traded at the TSE.

The first market’s index lost 2,171 points, and the second market’s index dropped 6,000 points.

TEDPIX rose 38,000 points (2.7 percent) to 1.397 million in the past Iranian calendar week (ended on Friday).

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

As stated by Market Analyst Peyman Hadadi, the national budget bill for the next Iranian calendar year indicates that the government has a more positive view of the market for the upcoming year.

According to 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.

“The allocation of a budget line for the Capital Market Development and Stabilization Fund is considered one of the most important points of the [Iranian calendar year] 1401 budget bill,” Hadadi said.

The expert also pointed to the imposition of tax on rival markets including the housing market as another important and influential change in the next budget bill and said: “Taxation of luxury cars and expensive housing, along with taxation of bank deposits of legal entities, is also one of the important issues that should be appreciated about the budget bill.”

MA/MA

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