Iran News ...


8/18/10

Tehran stocks continue steady growth

Source: Press TV

The Tehran Stock Exchange (TSE), home of the world's second-best performing equity index, continues to break its previous records by witnessing steady growth. The TSE is Iran's largest stock exchange, which first opened in April 1968.

During the previous week's trade, TSE index has broken its previous record of 17,000 points, touching 17,009 points.

Experts say the trend is expected to continue steadily and is not just a speculative bubble.

"Over the past three or four months, oil and metal prices have started rising again and the situation is getting more and more stable, being the key in calculating TEPIX," Shahin Cheraghi, a stockbroker at TSA, told Press TV.

"Meanwhile major profitable state companies, such as Mobarakeh Steel Company and MAPNA, have been privatized and floated on the market, and the implementation of Article 44 concerning privatization has had a positive effect," she added.

"In the meantime, with the new sanctions, some Iranian firms and companies have now found a gateway to increase production," Cheraghi said.

Gholamreza Mesbahi-Moqaddam, a member of the Iranian Parliament's Economic Commission, said sanctions had no effect on the stock market.

"The main index has now touched over 17,000 points which is a good sign, because it means that sanctions have not had a negative effect but have rather caused an increase in production to compensate for the lack of goods which are no longer imported; it also shows investors have made more investments than before," Mesbahi-Moqaddam told Press TV.

The growth comes despite sanctions imposed by the UN Security Council on June 9, which were followed by separate punitive measures over Tehran's nuclear drive, on the side of the United States and the European Union.

Some 330 Iranian companies are listed on the TSE having a total market capitalization of more than 75 billion dollars.

The World Federation of Exchanges (WFE) ranked the TSE second in its latest rankings, based on bourse index and trade volume among the members of its Paris-based organization.
 

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