Tehran Stocks Show Uncommon Resilience, Rise 5% in One Week
EghtesadOnline: After successive lukewarm weeks and underperformance, major indicators in Tehran’s stock market eked out robust gains in the week ending on Wednesday as sentiments were buoyed by fresh support measures announced by the government.
The benchmark of Tehran Stock Exchange, TEDPIX, gained more than 65,000 points during the week and climbed 5.1% to settle at 1,359,024.
Average daily trade by retail investors reached 25.62 trillion rials ($85 million) in the week rising 13% on the previous week.
In the same vein, liquidity outflow by retail investors dropped 66% to reach 7.63 trillion rials ($25m).
The stock market rally kicked off in the middle of the week soon after the Economy Minister Ehsan Khandouzi announced a 10-point plan to help shore up the lethargic share market.
The support program includes measures to inject liquidity into the market stabilization fund, improve the profitmaking of listed companies and limit the government’s bond offers.
The measures are seen as the first serious attempt by President Ebrahim Raisi and his men to rescue the share market that has seen unprecedented volatility in the past 18 months. The latest government package has spurred hopes for the return of millions of retail investors to the bourse.