Unlike Asian stock markets Tehran Stock Exchange grows
Baku, Azerbaijan, April 17
By Khalid Kazimov - Trend:
While Asian stock markets have tumbled as a meeting of the world's leading oil producers in Qatar failed to secure a deal on freezing output and in spite of a downward trend in the Tehran Stock Exchange (TSE) over the past week, the TSE main index on April 18 surprised observers.
Followed by two days of catastrophic drop, The TSE main index sharply hiked by 919 points to hit 78,435 on April 17.
TSE said on its website that 1.493 billion equities, worth about $ 115.8 million were traded by the end of the day.
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.
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, transportation and logistics sectors experienced the highest growth over the last Iranian year.
Low growth was observed in the rubber and plastics, ceramic and tiles and cement production sectors in the mentioned period.
TSE trades a range of shares, funds and financial instruments, including Islamic funds. It didn't receive any foreign investment for several years because of sanctions over Iran's nuclear program.