June 4, 2023

Persian News

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TEDPIX gains 74,000 points on Saturday

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), gained 74,023 points to 2.253 million on Saturday (the first day of Iranian calendar week).

As reported, over 23.628 billion securities worth 245.564 trillion rials (about $584.67 million) were traded at the TSE.

The secretary general of Iran’s Securities Exchange Brokers Association (SEBA) said that the government and Securities and Exchange Organization (SEO) worked well to make changes in the stock market during the past Iranian calendar year 1401 (ended on March 20).

Mohammad-Reza Dehqani Ahmad-Abad added that these measures can bring good returns in the first half of 1402, but measures must be taken to remove the concerns from the stock market in the long term.

In an interview conducted by IRNA, Dehqani offered a solution to improve the situation of the stock market in 1402 and said: “If the shareholders can be assured that there will be no interference in the market mechanism, then we can hope for the improvement of the market situation.”

He mentioned the possibility of changes in the type of pricing of goods as well as the removal of mandatory pricing from the country’s economy and said: “In any way that the rate determined through the market can be officially recognized, there is no doubt that hot money will be collected and attracted to the capital market. This issue, while helping the country’s economy, can prevent the destructive growth of parallel markets, which has no results other than damage to the economy.”

According to Dehqani, these solutions are within the authority of the government, which can give guarantees to the shareholders with their decisions.

The secretary general of Iran’s Securities Exchange Brokers Association further reiterated: “If the shareholders are given the confidence that there will be no interference in the market transactions, we can hope for a change in the stock market transactions; In this situation, the capital market will perform better than other parallel markets not only in 1402 but also in the coming years.”

In late October 2022, Iran’s Securities and Exchange Organization unveiled a comprehensive support package to encourage activities in the capital market as shareholders were getting reluctant to invest in the market.


Original News : https://www.tehrantimes.com/news/483666/TEDPIX-gains-74-000-points-on-Saturday

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