A review of the stock, currency, gold and housing markets shows that although all four displayed upbeat performance in the first calendar month of current fiscal year (March 20- April 19), there was less growth in currency prices and exceptionally high gains in the bourse on an annual basis.
Real estate and gold delivered relatively moderate returns during the month, according to report by the Tehran Chamber of Commerce, Industries and Mines, citing data from the Central Bank of Iran, Statistical Center of Iran and Ministry of Roads and Urban Development.
In the forex area, dollar and euro rates increased 16.8% and 11.3%, respectively, compared to the same month last year.
One dollar was worth 158,000 rials in Tehran's open market during the mentioned period compared to an average 136,000 rials last year. In addition a euro changed sold for 171,000 rials, up from an average 154,000 rials a year before.
Currency rates have jumped remarkably in recent days with the greenback traded at 178,000 rials at Tehran’s open market and one euro fetching 204,000 rials.
Although the domestic gold market is highly sensitive to currency rates, gold gained more ground as it also wasinfluenced by precious metal prices in world markets. Gold coin prices were up 35% in the reviewed month compared with the same month last year.
One Bahar Azadi gold coin sold for an average 63 million rials ($355) in that month, while it was worth not more than 46 million rials in the preceding year, rising 36.7% on a year-on-year basis.
Each Emami gold coin was worth 64 million rials, rising from 48 million rials last year to post 34.7% growth.
Data show that profit in real estate deals was on par with the gold market as the former posted 35.7% yearly growth.
One square meter of a housing unit in Tehran on average was sold for 153 million rials ($865) compared to 11.3 million rials a year before.
It merits mention that the first month of the Iranian year coincides with the two-week-long New Year holidays (started March 20) and markets are down in that period, especially in the key housing sector simply because families travel in the holiday season. Iran’s housing industry in the past several months has seen home prices going through the roof.
Stocks Lead
According to the TCCIM report, the share market was the top performer as shown by the value and volume of deals in the reviewed period.
Accordingly, the index for value of traded equities increased substantially from 335.1 points in March-April 2019, to 2,194.4 points by the month to April 19, recording a whopping 554.8% annual growth.
To simplify figures, the TCCIM presented data based on the base figure of 100 points in fiscal 2016-17.
There was also a steep hike in the number of deals. The index for the number of shares traded was 560.8 points or 85.4% higher compared to the corresponding month last year when it was near 302 points.
The reviewed month apparently was outstanding for the stock market in terms of growth in the benchmark of Tehran Stock Exchange as the TEDPIX jumped by more than 200,000 points, or 40%.
