Source: Press TV
Tehran Stock Exchange (TSE) has suffered an unprecedented loss, as the index
plummets to its lowest level in the past five years.
The TSE index (Tepix) fell to 8,974 upon opening on Saturday, dropping below the symbolic 9,000 points for the first time since 2003, the market's website said on Monday.
The Tehran Stock Exchange has a $50 billion market cap
The index has fallen 18 percent since October
when it was at 11,000 points. As most of the companies listed on the exchange
are producers of steel, copper and chemicals, the drop is mainly attributed to
the falling prices of such commodities.
The government directly holds 35 percent of the TSE, while securing another 40 percent through pension funds and investment companies. Foreign investment accounts for only about 2 percent of the stock market.
... Payvand News - 12/14/08 ... --