Tehran Stock Market Posts Higher Returns

EghtesadOnline: A report reviewing the performance of different markets during the first seven months of current fiscal year (March-21-October.22) shows investors reaped higher returns from investment in equities compared to investment in other assets.

News ID: ۷۴۹۱۷۲

14 December 2019

According to data compiled by the Economic Review Department of Tehran Chamber of Commerce, Industries, Mines and Agriculture from gold, forex, real estate and stock markets, the share market outperformed others on a yearly basis.

TCCIM released data based on the base figure of 100 points in fiscal 2016-17.

As per the report, the value of equities traded in the stock market reached 586.2 points during the seven months to register a whopping growth of 129.5% compared to the same period last year when the index stood at 255.4 points, according to Financial Tribune.

The index for the number of traded shares jumped from 199.5 points during the corresponding period of last year to reach 397.7 points during the March-October period this year -- up 99.3% year-on-year.

Next on the best list was the housing market.  The average price of one square meter of housing unit in Tehran was 127 million rials ($990, calculated as per currency exchange rates on Dec. 12), up 81.3% y/y.

Gold and currency markets reported comparably lower returns. TCCIM said the benchmark Bahar Azadi gold coin on average sold for 43 million rials ($335) during the aforementioned period while it was sold for 29 million rials ($226) during the same period last year.

The price of one Bahar Azadi gold coin shot up 47.6% in one year.

Likewise, each Emami gold coin cost 45 million rials ($350), up 42.5% compared with the corresponding period a year ago.

Gold coins were sold for around 44 million rials in Tehran on Thursday, according to the Tehran Gold and Jewelry Union website.

Forex Market

TCCIM reported the average price for USD and euro during the period and said the greenback was worth 127,000 rials in Tehran's open market -- up 31.2% compared to the same period a year ago when a dollar n average fetched 97,000 rials.

A euro on average bought 142,000 rials during the seven-month period, 26.2% higher compared to 113,000 rials last year.

The consumer price index (CPI) in urban areas reached 176.8 points, showing 42.2% growth compared to the same period last year when the CPI stood at 124.3 points.

The CPI for Tehran registered 42.5% growth YOY, standing at 179.9 points during the period. CPI for urban areas stood at 184.9 points, indicating 47.9% annual growth.