TEHRAN, Iran, May. 24
Trend:
TEDPIX, the main index of the Tehran Stock Exchange (TSE), dropped 20,400 points to 1.107 million.
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The indices of National Copper Industry Co., Pasargad Bank, SHASTA, Bandar Abbas Oil Refinery Co., Isfahan Refinery Co. and Tehran Oil Refinery Co. had the most negative impact in TSE on Sunday, Trend reports citing Mehr News Agency.
Unprecedented fluctuations in the Iranian stock market over the past few months have led shareholders, experts, and scholars to call for the government to increase its support for the market, some shareholders want the government to guarantee the return of their stocks, some believe providing infrastructure is the best way to help this market, Iranian media reported.
Following the rising concerns over the market conditions, in early April, the Government Economic Coordination Headquarters, in its 216th meeting, approved some new directives for regulating the stock market.
Also in late April, senior officials including the parliament speaker Mohammad Baqer Qalibaf, the Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati, Finance, and Economic Affairs Minister, Farhad Dejpasand, and the Head of Iran's Securities and Exchange Organization (SEO), Mohammad-Ali Dehqan Dehnavi gathered at the country’s parliament to explore ways for supporting the stock market and resolving its current issues.
After the mentioned meetings, SEO unveiled a new directive package dubbed “7+3” which include allocation of one percent of the National Development Fund (NDF) resources to the stock market stabilization fund, lifting the ban on capital market financial institutions to use banking facilities, and granting five-year residency to foreign investors who buy shares in the Iranian capital market.
The above-mentioned directives have been implemented in the capital market as of April 27th, according to Dehqan Dehnavi.