TEDPIX drops 11,500 points on Sunday

TEHRAN- TEDPIX, the main index of Tehran Stock Exchange (TSE), fell 11,520 points to 1.187 million on Sunday.

Over 3.206 billion securities worth 30.495 trillion rials (about $726 million) were traded at the TSE on Sunday.

The first market’s index fell 9,604 points, and the second market’s index dropped 19,244 points.

TEDPIX dropped 36,000 points, or three percent, in the past Iranian calendar week.

The index closed at 1.207 million points on Wednesday (the last working day of the week).

During the past week, the indices of Social Security Investment Company, National Iranian Copper Industry Company, Iran Khodro Company, Isfahan Oil Refining Company, and Bank Mellat were the most widely followed indices.

TEDPIX had risen eight percent in the last week of the past Iranian calendar year (ended on March 20).

The index increased 101,000 points to 1.307 million in that week.

Unprecedented fluctuations in the Iranian stock market over the past few months have led shareholders, experts, and scholars to call for the government to increase its support for the market, some shareholders want the government to guarantee the return of their stocks, some believe providing infrastructure is the best way to help this market.

Some, on the other hand, believe that the government should not interfere in the stock market, saying the government’s pre-ordered and unrealistic pricing of some state-owned shares is the main reason for the capital market’s current downward trend.

Now the question is how the government can really support the stock market to help it get back on its trail?

So far, the government has repeatedly stated that the activities carried out in this market are not aimed at interfering in stock exchange transactions or directing the market, but are efforts for reducing the bubble created in the market and to prevent further decline of the stock market index.

Two weeks ago, in the 216th meeting of the Government Economic Coordination Headquarters, President Rouhani presented a report on the government’s supportive measures for the stock market, saying: “This year, which has been named the year of supporting production and eliminating obstacles, the government is trying to remove obstacles to the growth of the capital market and will try to encourage people to enter this market with the necessary training and arrangements.”

MA/MA

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