Economy, Business And Markets

Iran: Stocks Affected by Forex Developments

Business & Markets Desk
TSE’s main index shed 766 points or 0.8% to close the month at 95,524, as Iran Fara Bourse’s benchmark dropped 32.85 points or 2.99% to 1,063.8
Over 9.7 billion shares valued at $498.4 million were traded on TSE during last month.
Over 9.7 billion shares valued at $498.4 million were traded on TSE during last month.
Things are expected to change for the better in the year’s second month, Ordibehesht (April 21-May 21), as new corporate performance reports will be published and the new USD rate as well as euro’s official status sink in

Coming out of a relatively good year, Tehran stocks had a tumultuous month ridden with ambiguities in the first month of the new fiscal year, Farvardin (March 21-April 20).
TSE’s main index TEDPIX shed 766 points or 0.8% during the month to close at 95,524. 
Iran Fara Bourse’s benchmark index IFX also dropped 32.85 points or 2.99% to stand at 1,063.8.
Equities had recorded a continuous yet limited growth since the new fiscal year's beginning. Yet the month's third trading week (April 7-11) caused disruption in the lethargic trend: Trade volume grew and stocks' gains intensified as things heated up in the foreign exchange market.
Having lost 30% of its value against the US dollar in the last fiscal year, the rial continued its losing trend up until April 9 as it was unofficially traded at 62,000 against the greenback. 
Subsequently, investors rushed to export-oriented stocks such as base metals, while those losing from a weaker rial such as auto producers were sold and left behind.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment