Tehran Stock Exchange index drops
Baku, Azerbaijan, March 28
By Farhad Daneshvar - Trend:
The Tehran Stock Exchange main index (TEPIX) dropped by 325 points and stood at 80,935 on March 28.
Some 724 million of equities worth at $ 62.8 million were traded by the end of day at Tehran Stock Exchange, Mehr news agency reported.
However, the index indicated surge over the last Iranian fiscal year (ended 20 March). The index on March 26, the first working day of the new Iranian calendar year, also continued to surge by 981 points hitting 81,200.
While most of stock markets in the world have been in downtrend, the Tehran Stock Exchange (TSE) indicated a 28 percent growth during the last.
Given the fact that Iran's economy is heavily dependent on oil incomes and in a condition that the global market has experienced a sharp decline in oil prices, the dramatic surge in the TSE seems surprising to many.
The TSE saw strong performances in its shares in the last Iranian calendar year, 1394. The TSE main index rose by 2.4% closing at 80,219 points in its last week in 1394.
The TSE main index jumped 25 percent in January when international sanctions against the Islamic republic were lifted as a result of the implementation of the nuclear deal.
The automotive, IT and transportation & logistics sectors experienced the highest growth over the last Iranian year.
However, the rubber & plastics, ceramic & tiles and cement sectors demonstrated a weak performance in the mentioned period.