Tehran Stock Exchange’s main index falls below 69,000 units
Tehran, Iran, Dec. 31
By Milad Fashtami - Trend:
Tehran Stock Exchange's main index (TEPIX) was decreased by 284 units on Dec. 31, standing at 68,969 units.
The first market's index was also decreased by 189 units and reached 50,913 units, the official website of Tehran Stock Exchange reported on Dec. 31.
The second market's index faced a 693-unit fall and stood at 134,948 units.
Iran's capital market value also fell to 3,120 trillion rials (about $97.8 billion based on the exchange rate of USD at the free market).
Ali Salehabadi, chairman of the Iranian Securities and Exchange Organization, said on November 19 that the country's capital market has snapped out of recession.
"Currently some 40-50 billion rials (some $1.25-1.5 million based on the exchange rate of US dollar at the free market) worth of transactions is being done each day which is a good sign," he explained.
Salehabadi said on Oct. 31 that some 200 trillion rials (some $6.25 billion based on the exchange rate of US dollar at the free market) have been injected to the country' stock market from the begging of the current Iranian calendar year (March 20) until the end of October.
USD exchange rate in Iran is currently about 32,000 rials.
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 near future.
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.