Iran’s TEDPIX drops around 20,000 points on Sunday’s session end
Date
10/20/2024 6:25:26 AM
(MENAFN) On Sunday, the TEDPIX, the primary index of the Tehran Stock Exchange (TSE), experienced a significant decline, dropping 19,959 points to close at 2,021,117. This marks the second day of trading in the Iranian calendar week. The TSE is the most prominent of Iran's four stock exchanges, which also include the Iran Mercantile Exchange (IME), the Iran Energy Exchange (IRENEX), and the over-the-counter market known as Iran Fara Bourse (IFB).
In mid-September, Hojatollah Seyedi, the head of Iran's Securities and Exchange Organization (SEO), indicated that the organization would take necessary steps to ensure that the interests of the stock market are reflected in next year’s budget bill. Seyedi stated, "We are taking special measures in relation to the budget bill and issues that directly or indirectly affect the capital market." He emphasized that improving the efficiency of the stock market is a key priority for the SEO under the current government administration.
Seyedi further elaborated on the potential for growth within the capital market, asserting that it possesses significant capabilities and resources. He stated, “The capacities of the capital market are huge, and I believe that this market has room for a leap.” He highlighted the presence of strong workforces, capable managers, and ample capital in the market, asserting that there is no reason the capital market should not evolve to reach a gross domestic product of at least USD300 to USD400 billion.
Additionally, Seyedi underscored the importance of the capital market as a regulatory and supervisory body. He noted that the missions of protecting shareholders’ rights, enhancing market efficiency, and facilitating capital formation are interconnected. Seyedi identified the improvement of market efficiency as a crucial factor in fostering capital formation while also preserving shareholders' rights. He reiterated the need for diverse financing tools in Iran, as emphasized by Mohammad Shirijian, the deputy governor of the Central Bank of Iran (CBI), who highlighted that the stock market plays a vital role in directing capital towards production efficiently.
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