Stocks bounce back as Iranian investor see less volatility
Trade at Iran’s main stock market the TSE is recovering from weeklong losses as investors see less volatility in the market.
Reports in the local media on Tuesday said that Tehran Stock Exchange’s main index TEDPIX had closed 2.6 higher than Monday to stand at 1,650,471.34 points.
The surge came after days of losses in trade as some investors had seen their shares fall in value by up to 50 percent.
The semi-official Tasnim news agency said a main reason for the recovery was better coordination between Securities and Exchange Organization of Iran and large-scale investors in the TSE.
It said banks and state-run entities had made massive purchases over Monday and Tuesday, helping restore confidence in the TSE and preventing more sell-offs by small investors.
A total of 9.319 billion shares worth 141.338 trillion rials ($615 million) changed hands on Tuesday in over 1.75 million exchanges in the TSE, bringing the total value of the market to over 61,781 trillion rials (over $268 billion).
The official IRNA news agency said petrochemical companies and steelmakers were among the best performers of the d ay with Persian Gulf Petrochemical Industries (FARS) single-handedly contributing 4,600 points or more than 10 percent to the growth of TEDPIX.
It said main index at Iran Fara Bourse (IFB), a subsidiary market of the TSE where there is cap on trade of financial instruments, also increased on Tuesday by 290 points to reach 17,511 points.
Iranian stocks have thrived like never before in recent months despite the general contraction in the economy which has been a result of the spread of the coronavirus and the American sanctions targeting the country’s energy, trade and banking activities.
The government has benefitted from the surge as it has divested its remaining shares in several notable banks and companies.
The divestments have mostly taken place in the form of exchange-traded funds (ETFs) with authorities planning to list a second ETF this week.
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