A former capital market official has recommended authorities in charge not to waste liquidity from the National Development Fund of Iran for investing in penny stocks.
In a talk with IRIB news, Mostafa Omid-Qaemi, a former CEO of the junior equity market Iran Fara Bourse, referred to a plan that involves tapping the sovereign wealth fund to prop up the Tehran stock market after its main index plunged 30% in two months.
“It is not wise to use public resources for buying shares lacking potential value,” he said.
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