TEDPIX rises 25,500 points on Sunday

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), gained 25,563 points to 1.563 million on Sunday.

As reported, over 12.714 billion securities worth 70.813 trillion rials (about $244 million) were traded at the TSE.

The first market’s index rose 19,861 points, and the second market’s index climbed 47,943 points.

TEDPIX climbed 24,000 points to 1.496 million in the past Iranian calendar week (ended on Friday).

As reported, the index has risen 87,603 points (6.22 percent) to 1.496 million points in the previous Iranian calendar month Azar (ended on December 21).

Head of Iran’s Securities and Exchange Organization (SEO) has said that the country’s stock market has been passing through a challenging time but considering the government’s support, the future of the market is going to be bright.

“The capital market has gone through a challenging period and in the past two and a half years, various issues occurred in the market that led to the creation of a heavy psychological atmosphere,” Majid Eshqi told the press on November 29.

According to the official, various plans have been implemented by the government and SEO since last October in three major axes and extensive efforts have been made to achieve the goals set for the market.

Mentioning a support package unveiled by the government, Eshqi noted that 10 strategies were considered in order to protect the rights of investors with an emphasis on long-term benefits, increasing the role of the capital market in the financing of development projects, and improving the effectiveness and smartening of the market’s regulatory system.

Back in February, the government’s economic coordination headquarters had unveiled a support package for the capital market, which included measures such as reducing the price of petrochemical feed, reducing taxes on manufacturing companies, defining new regulations for the mining sector, increasing the capital of the Stock Market Stabilization Fund, controlling the release of government bonds, and determining the exchange rate of the banks; but this package, despite the temporary positive effects, was not able to change the general trend of the market and prevent the continuous fall of the stock prices.

Also, the SEO has unveiled a comprehensive support package to encourage activities in the capital market as shareholders were getting reluctant to invest in the market.

As announced by the SEO Office of Public Relations, one of the major measures considered in this package is the insurance of shareholders’ capital and dividends over the next year.

The comprehensive support package of the capital market, which was designed in late October and has been reviewed by the country’s economic authorities, was put in effect since October 29.

MA/MA