Tehran Stock Exchange’s main index on rise

Tehran, Iran, Oct. 25
By Milad Fashtami - Trend:

Tehran Stock Exchange's main index (TEPIX) continued its rise, increasing by 19 units on October 25.

TEPIX stood at 74,152 units on Oct.25, Iran's IRNA news agency reported.

The first market's index was also increased by 42 units and reached 54,749 units.

The second market's index, however, faced a 148-unit fall and stood at 145,030 units.

Iran's capital market value also surpassed 3,330 trillion rials (about $104.06 billion based on the exchange rate of USD at the free market).

Iranian Minister of Economic Affairs and Finance Ali Tayebnia has ordered insurance companies and major banks to support the country's capital market.

Bank Melli Iran, Bank Mellat, Bank Sepah, and Tejarat Bank are supposed to inject some 40 trillion rials (some $1.33 billion based on the exchange rate of USD at the free market) to the Capital Market Development Fund in the near future.

The main index of Tehran Stock Exchange (TEPIX) started the previous Iranian calendar year (which stated on March 21, 2013) with a surprising rise, but faced a disappointing fall in the last two months of the year.

TEPIX stood at 39,000 units in the second working day of the previous year, but surpassed 89,500 units in the 10th calendar month.

Tehran Stock Exchange's main index has experienced a falling trend ever since.

Founded in 1967, the Tehran Stock Exchange has been one of the world's best performing stock markets in recent years and has ranked as the best bourse index in Europe, Africa and Middle East in 2010 in terms of performance of the main index.

The TSE's annual growth rate of main indices was also ranked as the second best among all members of the World Federation of Exchanges (WFE).

The WFE is the association of 52 regulated exchanges around the world which aims to develop and promote standards in markets.

Ali Salehabadi, chairman of the Iranian Securities and Exchange Organization, said on October 22 that the country's stock market will soon become international.

"Iran will facilitate the process of foreign investors' presence in the country's capital market by omitting obstacles and regulating clear laws," he said, Iran's Fars new agency reported.

"Currently, there are 7.6 active shareholder codes in Iranian stock exchange market," Salehabadi noted.

"Currently, 40 industries are present at Iran's stock exchange market," he said.

Salehabadi said in June that Iran has facilitated the inflow of foreign investments into the nation's stock markets.

"Foreign investors will receive shareholder codes within seven working days," he said.

Foreign investors reportedly do not need any permission from the Iranian government to do business in Iran's stock exchange.

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