TEDPIX slides 25,000 points on Monday

December 13, 2021 - 15:34

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), lost 25,249 points to 1.295 million on Monday.

As reported, over 5.131 billion securities worth 30.341 trillion rials (about $722.4 million) were traded at the TSE.

The first market’s index lost 22,246 points and the second market’s index dropped 39,071 points.

TEDPIX gained 9,000 points (less than one percent) to 1.349 million in the past Iranian calendar week (ended on Friday).

During the past week, the indices of Isfahan Refining Company, Sabzevar Pars Steel Complex, Social Security Investment Company, and Barekat Pharmaceutical Group were the most widely followed ones.

Head of Iran’s Securities and Exchange Organization (SEO) has said the government is following new strategies to avoid pre-ordered pricing in the stock market in the long term.

“The government's policy, in the long run, is to avoid pre-ordered pricing. This policy has been repeatedly stressed by the president and the government's economic team and has been placed on the government's agenda,” Majid Eshqi said on November 14.

According to the official, supply and demand should be the only determining factor for setting the price for a share.

“We need to move away from imperative policies so that companies can be profitable in the long-term,” he said.

Meanwhile on November 22, The SEO head said facilitation of the activities of stock market institutions like brokers will lead to the development of the capital market.

“Facilitating the establishment of brokerage firms and the ease of licensing issuance for financial institutions, as well as the strict supervision of the SEO over the activities of such financial institutions, are the basis for the development of the capital market,” Eshqi stated.

Noting that the Ministry of Finance and Economic Affairs has put the support for the capital market on the agenda, Eshqi added: “In order to support the capital market, Economy Minister Ehsan Khandouzi has put issues such as the development of institutions, the removal of monopolies, the use of new tools, and the strengthening of the primary market on the agenda of this ministry.”

MA/MA