Local companies help drive up Iran's stock market index
TEHRAN, Iran, Sept.16
After recent fluctuations, Iran's Stock Exchange index has increased by 46,000 units to 1.7 million units on September 16, Trend reports via IRNA.
The stock index started to rise during the past two days and it surpassed 1.7 million units while the weight index has also increased to 432,426, alongside overall index.
Persian Gulf Petrochemical Industries, Esfahan Mobarakee Steel Company, National Iranian Copper Industries Company, Golgohar Mining and Industrial Company, Telecommunication Company of Iran, Parsian Oil and Gas Development Group Company have all positively contributed to the rise of the index.
The fluctuation at the stock exchange and decline of index in recent weeks has caused many shareholders to invest their money in other markets.
The previous success in the stock market has encouraged companies to sell their shares, to provide for the financial sources and improve production.
The government has supported the stock market recently by offering its shares in public companies via Exchange Traded Fund (ETF) to provide finances for it needs, and has liberalized the ownership of so-called 'Justice Shares' to people to trade at stock exchange and help low-income families.
Iran plans to offer shares of 15 subsidiary companies of the National Pension Fund at the stock exchange, alongside 12 railway and road projects while it is expected to trade housing units per square meter.