EghtesadOnline: A report by Tehran Chamber of Commerce, Industries, Mine and Agriculture shows the stock market was among the top-performing markets during the first quarter (March. 21-June. 20) of the current fiscal year compared to the Q1 of the previous year (March 2018-19).
Based on data released by the Central Bank of Iran, the report examined the performance of gold, foreign exchange, real estate and capital markets during the period.
TCCIM presents data on the performance of capital market based on base index of 100 points in the year 2016-2017 (2016-17=100).
Accordingly, the value of equities traded in the capital market jumped from 90.9 points in the spring of last year to 502.1 points, registering a whopping annual growth of 452.4%, Financial Tribune reported.
Likewise, the index for the number of shares traded in the stock market rose from 91.2 to 403.5 (based on 2016-17=100) in one year.
This indicates that stock markets grew 342.4% with regard to the volume of traded shares.
During the aforesaid period, the benchmark Bahar Azadi gold coin on average sold for 47 million rials ($395) while it was traded for 19 million rials ($159.6) during the first quarter of the previous year. The figures reveal 140% hike year-on-year.
Each Emami gold coin fetched 48 million rials ($403) during the period, up 141% compared with the corresponding period a year ago.
Bahar Azadi and Emami coins were respectively sold for 40.4 million rials and 41.5 million rials in Tehran on Sunday.
One square meter of a housing unit in Tehran on average was worth 124 million rials ($504) during the period under review, up 106.7% compared to the previous fiscal when a meter sold for 60 million rials on average.
The consumer price index (CPI) in urban areas, based on 100 points in 2016-17, stood at 114.4 points during the first quarter of the previous year and jumped to 171.5 points this spring – up 50% growth YOY.
CPI for Tehran Province was 173.3 points during the period to register 50.7% annual growth.
Growth in rural areas was higher at %58.5.
CPI measures change in price level of market basket of consumer goods and services purchased by households.
TCCIM reported the average price for USD and euro only for springtime and does not track forex market changes since last year’s Q1.
The spring of last year marked a time when the currency market witnessed unprecedented disruptions, causing the currency prices to go through the roof.
Last spring coincided with the time when the government announced the prescriptive price of 42,000 rials for a USD and said it “wouldn’t recognize” rates quoted in the open market.
The report says one dollar changed hands for 138,780 rials in Tehran's open market during the first quarter of this fiscal year and a euro sold for 157,520 rials.
However, forex market reports compiled by the Financial Tribune indicate that one dollar was sold for about 85,000 rials in Tehran’s open market in mid-June 2018.
This is while the greenback hardly fetched 40,000 rials in the first days of the last calendar year.
The USD was traded for 119,000 rials in the open market in the capital Sunday evening.