Iran's main stock index grows by 75%
Iran's Economy Minister Seyyed Shamseddin Hosseini says the country's main stock index recorded a 75 percent growth in the current Iranian calendar year, which ends in March, Press TV reported.
Hosseini described the country's targeted subsidy cuts as the source of growth, adding that the cuts have also turned Iran into a petroleum exporting nation.
"Since the implementation of the [targeted subsidy cuts] plan the consumption of gasoline and diesel has decreased by 20 percent and the country has changed from an importer to an exporter of petroleum products," ISNA quoted Hosseini as saying on Saturday.
The total market value of the Tehran Stock Exchange (TSE) reached an all-time high of more than USD 104 billion in February and has been steadily growing.
Telecommunications, steel, and auto manufacturing are among the TSE's main market movers.
The Tehran Stock Exchange, founded in 1967, has been one of the world's best performing stock markets in recent years.
The annual growth rate of its main indices was also ranked as the second best among all members of the World Federation of Exchanges (WFE).