Iran’s TEDPIX declines on Tuesday’s session end
Date
9/11/2024 8:54:58 AM
(MENAFN) The TEDPIX, the primary index of the Tehran stock exchange (TSE), experienced a decline on Tuesday, dropping by 7,748 points to settle at 2,088,301. This marked the fourth trading day of the Iranian calendar week. The TSE, as the largest and most significant of Iran's four stock exchanges, plays a crucial role in the country's financial landscape. The other three exchanges include the Iran Mercantile Exchange (IME), the Iran Energy Exchange (IRENEX), and the over-the-counter (OTC) market, known as Iran Fara bourse (IFB).
To bolster the stock market, the Central Bank of Iran (CBI) has recently approved a directive that allows banks within the country to allocate up to 100 trillion rials, approximately USD200 million, in funding. This financial support aims to strengthen the capital market and was greenlit on August 20 during a meeting of the CBI Supreme Council, which was presided over by the bank's governor, Mohammadreza Farzin. The directive comes at a time when market conditions are challenging, and investors are seeking reassurance.
Governor Farzin has called on the Securities and Exchange Organization (SEO) to carefully consider the concerns of shareholders as these funds are injected into the market. He emphasized that the SEO must ensure the capital is distributed in a manner that maximizes its impact on the market, thereby addressing investor sentiment and stabilizing stock prices. The directive reflects a cautious approach by the CBI to provide targeted support rather than simply flooding the market with capital.
In addition to this directive, Farzin outlined several new measures by the CBI aimed at further supporting Iran’s capital market. These initiatives are part of the bank’s broader strategy to restore confidence in the financial system and promote sustainable growth. The CBI’s intervention highlights the importance of maintaining a balanced approach in navigating current economic challenges while protecting the interests of investors and market stability.
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