Iranian carmakers suffer $250 million worth of stock exchange losses
Baku, Azerbaijan, Aug.30
By Fatih Karimov - Trend:
Some 28 Iranian carmakers suffered $250 million worth of losses on the stock exchange last fiscal year.
At the sam time, the revenues of 225 Iranian companies which are operating in the stock market amounted to $12.8 billion, Iran's ISNA news agency reported on August 30.
Oil companies gained the highest income with $2.2 billion in revenues.
Tehran Stock Exchange's (TSE) price-earnings ratio, also known as P/E ratio, has dropped 21 percent since the beginning of the current year.
The TSE's P/E ratio is currently about 5.6, down21 percent from 7.6 in the beginning of the year, Iran's ISNA news agency reported on August 29.
In general, a high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E.
Tehran Stock Exchange's main index (TEPIX) rose 110 points on Aug. 23, reaching 74,000 points.
The Iranian fiscal year started on March 21.
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.