Baku, Azerbaijan, April 10
By Khalid Kazimov - Trend:
The Tehran Stock Exchange (TSE) main index dropped by 153 points and stood at 80,109 on April 12.
TSE said on its website that 1.130 billion equities, worth $93.1 million were traded by the end of the day.
The TSE index has been in a downward trend over the past week. However, the index indicated surge over the last Iranian fiscal year (ended 20 March). The index on March 26, the first working day of the new Iranian calendar year, also continued to surge by 981 points hitting 81,200.
While most of stock markets in the world have been in downtrend, the Tehran Stock Exchange (TSE) indicated a 28 percent growth during the last fiscal year.
Given the fact that Iran's economy is heavily dependent on oil incomes and on condition that the global market has experienced a sharp decline in oil prices, the dramatic surge in the TSE seems surprising to many people.
The TSE main index jumped 25 percent in January when international sanctions against the Islamic republic were lifted as a result of the implementation of the nuclear deal.
The automotive, IT and transportation & logistics sectors experienced the highest growth over the last Iranian year.
However, the low growth was observed the rubber & plastics, ceramic & tiles and cement sectors in the mentioned period.
TSE trades a range of shares, funds and financial instruments, including Islamic funds. It didn't receive any foreign investment for several years because of sanctions over Iran's nuclear program.