Tehran Stock Exchange main index falls by 185 points
Baku, Azerbaijan, Dec. 3
By Khalid Kazimov -- Trend:
The Tehran Stock Exchange main index (TEPIX) dropped by 185 points to hit 62,550, indicating non-productivity in the stock exchange compared to nine months ago when Iranian fiscal year started on March 21.
Over the past week in total 2.39 billion shares worth $125 billion dollars were sold in the stock exchange, ISNA news agency reported Dec.3.
The lack of liquidity, political tensions, doubt over lifting financial sanctions, economic recession, currency rate and the rate of banking interests are among the main reasons for the low productivity of the exchange market.
Although the rising rate of dollar against rial has created hopes to boost the stock exchange, the Governor of the Central Bank of Iran Valiollah Seif said Nov. 30 that the prices of the foreign currencies including dollar have hiked in the country due to high demand in the current period of year which is expected to be stabilized soon.
However, Mohammad Reza Sabzalipour, head of Iran's World Trade Center, told Trend Nov. 26 that the rising trend of US dollar will continue in Iran, forecasting that it will most likely hit 40,000 rials in the free market by March 2016.
The rising trend of US dollar continues in Iran's free market as the US currency sold at 36,052 rials on Dec.3 compared to 35,857 Dec.2.
The Central Bank of Iran has put the official rate of US dollar, at 30,071 rials since Nov. 28.