TEDPIX falls 716 points on Wednesday

June 29, 2022 - 15:10

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), lost 716 points to 1.513 million on Wednesday.

As reported, over 6.073 billion securities worth 36.691 trillion rials (about $122.3 million) were traded at the TSE.

The first market’s index dropped 1,046 points, while the second market’s index rose 179 points.

A market analyst believes that the Iranian stock market has the potential to grow despite the distrust created in the market as a result of some bad decisions.

Emphasizing that there is potential for growth in the market, Hassan Kazemzadeh told ISNA on June 5: "Given this potential, the market will grow. Of course, there are ups and downs, but no matter how much distrust there is, the changes of major economic factors will affect the market, but this effect takes place gradually and over time.”

According to the analyst, uncertainty about monitoring policies, especially interference in valuing the shares of companies, imposition of various duties, imposing corporate expenses such as taxes and export duties, etc., has caused shareholders to be pessimistic about the market.

“Although there is a 30 to 40 percent growth potential in the market, even professionals are disappointed,” he regretted.

Regarding the situation of the capital market in the second half of the year, Kazemzadeh said: "According to the fundamental analysis, many stocks that are profitable, regardless of whether their profit margins or profitability are high or low, have the potential to reach their price ceiling of the Iranian calendar year 1399 (ended on March 20, 2021). If this happens, the market index will also pass the ceiling of that year.”

MA/MA

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