Share indices at the Tehran Stock Exchange (TSE) are continuing to grow over a boost from stocks of auto manufacturing, telecommunications and steel industries.
TSE Operation Manager Ali Sahraei said the TSE's main index (TEPIX) which stood at 12,570 points in March 2010 has now reached a record high of 21,840 points with a market capitalization of $104 billion, Presstv reported on Monday.
"The number of investments and the rise in share prices reflect the country's economy," Sahraei said, adding that rise in share values corresponds with "the fact that corporations have had better than expected revenues and profits, which was partly due to the country's subsidy redirection plan."
He noted that the subsidy plan has "required the corporations to pursue a more efficient management policy."
Last week, the TSE's main index jumped more than 350 units to hit 21,349 on Tuesday. The total market value also reached an all-time high of more than $100 billion.
The easing up of regulatory measures to promote investment are also said to have played a role in the growth of the TEPIX, which has the shares of 341 companies from 28 industries on its list.
Major Iranian industries are directly involved in the TSE, making it unique in the Middle East.
Founded in 1967, the Tehran Stock Exchange has been one of the world's best performing stock markets in recent years and has ranked as the best bourse index in Europe, Africa and Middle East in 2010 in terms of performance of the main index.
The TSE's annual growth rate of main indices was also ranked as the second best among all members of the World Federation of Exchanges (WFE). The WFE is the association of 52 regulated exchanges around the world which aims to develop and promote standards in markets.
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