New appointments trigger huge surge at TSE

Business Materials 27 July 2016 16:32 (UTC +04:00)

Baku, Azerbaijan, July 27

By Farhad Daneshvar – Trend:

Tehran Stock Exchange (TSE) has reacted positively to the recent appointments at the Securities and Exchanges Organization of Iran (SEO) as the TSE main index soared by 724.7 or 0.96 percent on Wednesday to hit 76225.7.

According to the TSE official website, 915 million shares valued at 2.3 trillion rials (about $75 million as per US dollar, according to the official rate on July 27 makes 30,954 rials) were traded at 65,643 transactions.

The Securities and Exchange High Council July 26 named Shapour Mohammadi as the new head of the SEO, the supervisory authority of Iran financial market.

Meanwhile, Ahmad Araghchi, Saeed Fallahpour, Ali Saeedi and Hassan Amiri, were appointed as the new members of the SEO board of directors.

Mohammadi will replace Mohammad Fetanat-Fard who chaired the SEO since December 2014.

Although the TSE hiked by 28.3 following the implementation of Iran's nuclear deal with the West on January 16, it has experienced some volatility over the past several months.

According to the latest statistics by the Central Bank of Iran the main index of the TSE surged by 20 percent in a period of one month between April 20 – May 20 (Iranian month of Ordibehesht) year-on-year.

In the aforementioned period, the TSE financial index increased 10.4 percent year on year.

The statistics also suggests that the industrial index hiked by 21.9 percent, the top 50 performers index soared by 17.2 percent, the primary market index rose by 16 percent and the secondary market index increased by 27.8 percent year-on-year.