Iran's stock market slowdowns on Wednesday

Business Materials 25 May 2011 17:42 (UTC +04:00)

Azerbaijan , Baku, May 25 /Trend/

The Iran stock market had a descending trend intensified by domestic and foreign issues. The stock prices are constantly dropping and the index declined by 462 points, Fars News Agency reported.

Psychological pressures and negative mode of the market pushed the companies to sell shares and the stock prices dropped constantly.

The bouncy negative and positive modes in stock market during recent days have led to significant drop in prices on Wednesday.

Tuesday's descending trend in stock market was 199 points, while the trade index dropped sharply by 463 points later on Wednesday.

The negative mode is 1.79 percent and an index recorded at 10:35am on Wednesday was 25,450 points. The drop of stock price have negative impact on 62 to 14 units of Mobarakeh Steel Company, Iran communication , Siapa, Mapna , Khark Petrochemical Co, Chadormlou Mining&Industrial Co, Ghadir Iinvestment Co and stock index for 25,412 units recorded.

Analysts believe government's hasty approach to merge ministries and confusion in industries alongside western sanctions caused the unclear mode of stock market.

The government decided to merge the Oil Ministry with the Energy Ministry, while Labor Ministry is merged with the Welfare and Social Security Ministry.