Index of Tehran Stock Exchange soars
TEHRAN, Iran, May.9
The index of Tehran Stock Exchange has reached one million units on Saturday trading, which indicates large volume of liquidity being invested in the capital market, Trend reports via IRNA.
The total stock market index has increased from 25,663 units to 1.3 million units on Saturday morning.
Shares of Isfahan Mobarakeh Steel Company, the National Iranian Copper Industries Co, the Persian Gulf Petrochemical Industries Co, Mellat Bank, Chadormalu Mining and Industrial, Gol Gohar Mining and Industrial Company mostly contributed to the mentioned index growth.
The price, free float, the primary market and secondary market indexes have also increased by rise of total stock index.
Iranian government has recently announced the liberalization of the 'Justice Shares' that would allow people to trade them on the stock exchange.
The 'Justice Shares' was the byproduct of government privatization plan, with each share worth 10 million rials (about $238). According to Article 44 of the Constitution, 80 percent of public companies in Iran were to be transferred to public ownership.
Some 40 percent of the shares of privatized public assets would be offered for privatization through the Tehran Stock Exchange, according to earlier reports.
The Iranian government has announced recently that owners of the 'Justice Shares' can sell their shares on the stock market individually or via specific investment agency. It's not allowed to transfer the shares to intermediary dealers.