Iran Stock Exchange gains over 17,000 points
TEHRAN, Iran, Nov. 14
TEDPIX, the main index of Tehran Stock Exchange (TSE), gained 17,626 points at the beginning of the Iranian calendar week, reached 1.238 million points on Saturday.
As reported, the indices of Iran Khodro, National Iranian Copper Industry Company, Khuzestan Steel Company, Mellat Bank, Shahran Oil Refining Company, and Bandar Abbas Oil Refining Company were the major contributors to the index’s rise in the past week, Trend reports citing Mehr News Agency.
The total index of the Iran Stock Exchange soared from about 500,000 units at the beginning of the Iranian calendar year, starting March 20, to two million units in mid-August. Many experts have blamed government manipulation for the stock market increases, which have created a bubble.
From a peak index of 2,065,114, the exchange — known as the TSE — fell to 1,631,941 last week, signaling a 20% drop, erasing millions of dollars of value of different portfolios and financial asset holdings.