TEHRAN, Iran, March 12
Trend:
The price of shares of detergent companies are growing in Iran stock market, while coronavirus will have more effect next Iranian year (starts March 21, 2020), said the former Managing Director of Over-the-counter (OTC).
Mostafa Omid Ghaemi has discussed the stock shares amid coronavirus spread in an interview with Trend.
"The shares of pharmaceutical and medical companies have increased due to coronavirus spread, but the disease has caused global economic recession and would soon show its effects," he said.
"It has been predicted that global stock exchange would be deeply affected by recession and eventually the global price of basic materials would drop," he said. "The stock exchange companies would have less profit due to drop of global prices and their sale would fall."
"Although the increase of foreign currency rate had increased the profit for domestic companies in Iran and compensated the losses occurred because of coronavirus, the growth is temporary," the official said.
"Coronavirus spread would only raise the price of shares of some companies including detergent producers, but the drop of oil price would create problem for most companies," Ghaemi added.
According to him, although there was interest in investment at stock exchange in current Iranian year (began March 21, 2019) and most shares had profits, the trend will not continue in new Iranian year.
"Investment in securities and bonds including property and bonds of companies related to detergents production are a proper option in current situation," he added.