Iran’s TEDPIX in uptrend despite US sanctions

Tehran, Iran, Dec.9

Trend:

Tehran Stock Exchange’s (TSE) main index (TEDPIX) has been in uptrend almost 90 percent of the days in recent months despite the US sanctions against Iran, the former chief of Securities and Exchange Organization and the Chief of Iran's Tose’e Saderat Bank Ali Salehabadi told Trend.

"When people feel that their money should not be invested in coins and currencies, they go to the stock exchange. Of course, the ordinary people are not, but the firms which have money and influence are going to invest in stock exchange," he said referring to uptrend in the stock exchange despite the US sanctions.

On the other hand, when the internal and external political environment is calm and stable, it would affect the stability of currency, coins and the stock market, Salehabadi said.

“Of course, if the production is in difficulty in terms of supply of currency and raw materials, the production units will be troubled and their indices will decrease.”

Petrochemicals now have the most customers in stock, he added referring to the most attractive sector for investing in stock exchange.

"Those who understand the capital, go to the stock market primarily for investment, because the stock is a reliable and stable business," he said.

Salehabadi noted that gold coins and foreign currency are not predictable.

“Those who have bought dollars with value of 190,000 rial hoped to witness the rise in prices, but now they have experienced heavy losses, but still hope for rise in currency rate so they kept their money yet", he added.

As for the fluctuations in the exchange rate, he said the price of coin and currency will no longer be higher, because the new government policies will prevent it, and on the other hand, its price bubble is burst.

Referring to the relation between stock exchange and fluctuation in FOREX currency market, he said that this ratio is not constant. “Sometimes, with the exchange rate rising, the stock index climbs and sometimes falls. But political issues and internal, external tensions and regional tensions undoubtedly affect the stock market.”

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