Main index at Tehran stocks finally exceeds 1-mln milestone

Main index at Tehran stocks finally exceeds 1-mln milestone ... 09/05/2020 Economy

Keywords:#American, #IFB, #IRNA, #Iran, #Iran_Fara_Bourse, #Iranian,, #Saturday, #TEDPIX, #Tehran, #Tehran_Stock_Exchange

Saturday, 09 May 2020 5:50 PM
This photo shows traders walking on the trading floor of the Tehran Stock Exchange while information is displayed on a big screen in Tehran on May 9, 2020.
The main index at the Tehran Stock Exchange (TSE), the main stock market in Iran, has exceeded the much-anticipated 1-million-point milestone as trade keeps booming despite concerns raised over a potential bubble in the market.
Figures by the TSE’s website published after late trading on Saturday showed that the benchmark TEDPIX had risen by 4.4 percent compared to the previous day to reach an all-time high of 1,020,913.25 points.
A total of 6.597 billion shares changed hands in some 1,090,884 number of exchanges in the TSE on Saturday.
That brought in over 101 trillion rials (nearly $613 million) to the TSE, increasing the total value of the market to more than 38,000 trillion rials (over $230 billion).
A report by the official IRNA news agency said that trade was also booming at the Iran Fara Bourse (IFB), a subsidiary market of the TSE for trading securities and other financial instruments.
It said IFB’s main index gained 364 points compared to the end of the previous session to close at 11,513. It added that a total of 2.395 billion shares worth nearly 4.5 trillion rials (over $272 million) had been traded in the market on Saturday.
Iranian authorities have rejected claims that booming trade in the TSE is not consistent with other economic indicators in the country, including high levels of inflation, and the warnings that a bubble might emerge in the market.
Analyst believe the boom in the Iranian stock market is a sign of growing inclination among people to invest in manufacturing and business schemes in a country where American sanctions have spurred growth in various fields of the economy.
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