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EghtesadOnline: A review of the performance of financial markets in the first six months of current fiscal year (March 21- Sep. 22) shows that the stock market outperformed others in terms of both value and volume compared to data for the first half of last year, the Economic Research Department of Tehran Chamber of Commerce, Industries, Mines and Agriculture said.

The report, on TCCIM website, reviewed performance of the currency, gold, real estate and stock markets based on data from the Central Bank of Iran.

Data on stock market performance is presented as per base index of 100 points in the year 2016-2017 (2016-17=100).

Accordingly, equities traded on the capital market increased from 188.4 points from the first six months of last year to 537.5 up until September 22, posting a whopping growth of 185.3% on year-on-year basis, Financial Tribune reported.

The index for the number of shares traded on the stock market rose from 161.1 last year to 385.2 (based on 2016-17=100) in the current fiscal year to register 139.1% annual growth.

The housing sector was the second top market as prices rose by  88.4% during the year. 

Each square meter of real estate (housing) in Tehran was sold for 127.1 million rials ($1,130) during the period under review, up from the figure reported for the last year when a square meter of housing unit was traded on average 67.4 million rials. 

According to TCCIM, the benchmark, the return on Bahar Azadi gold coin and Emami gold coin stood respectively at 63.2% and 58.4% during the period. 

Each Bahar Azadi coin changed hands at 26.9 million rials ($238) on average in the first half of last year while it cost 43.9 million rials ($392) in the H1 of current year. 

Likewise, each Emami coin was worth 45.3 million rials on average during the first half of this year compared to the average 28.6 million rials quoted a year ago.


Gold Sluggish  

Despite the impressive annual growth, the gold market has been largely sluggish in recent weeks as the yellow metal traditionally takes influence from the domestic currency market that has been lethargic for months.

Azadi gold coin on Saturday was sold for 39.34 million rials, down 0.7% compared to Thursday’s close. Also, each Emami gold coin was worth 39.49 million rials in Tehran, according to the Tehran Gold and Jewelry Union website. 

The currency market was the worst performer. Although data indicate positive yearly returns, the market has largely lagged behind parallel markets. 

Comparing the average USD and euro exchange rate in the first six months to major currencies quoted for the corresponding period last year, the TCCIM reported 50.2% growth in the former and 44.6% increase in the latter.

Accordingly, one USD on average was sold for 85,800 rials in Tehran's open market during the first six months of last year compared to the average 128,900 rials in same period this year. 

A euro was worth about 100,000 rials on average last year while it sold for 145,800 rials during the six-month period this year.

The consumer price index stood at 176.9 points to register 46% growth on a y/y basis. Tehran's CPI was 178.1 points – up 44.9%.

CPI for urban and rural areas stood at 175.59 points and 184.3 points, respectively, indicating 45% and 51.8% growth YOY.


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