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Code: 47194 Visited: 422 Publish Date: Feb 06 2018 - 12:53
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Capital Market
TEDPIX Will Break Above 100,000
Tehran, Feb. 06 (SENA) - Tehran Stock Exchange and its sister OTC market, Iran Fara Bourse, have experienced a 3-month rally with TEDPIX, the main benchmark of Iran capital market, breaking it’s all-time high and getting close to 100,000.

Tehran, Feb. 06 (SENA) - Tehran Stock Exchange and its sister OTC market, Iran Fara Bourse, have experienced a 3-month rally with TEDPIX, the main benchmark of Iran capital market, breaking it’s all-time high and getting close to 100,000. In the past couple of weeks though the markets have experienced seesaw trend, investors asking if the bull market has come to an end.

Hamed Madadi, an analyst of Agah Brokerage Co., believes the recent unrest in the currency market drove the capital market into a pause phase and investor are waiting to see new levels. Rial has been recently devaluing against other hard currencies such as Euro and Dollar. “Investors expect the equilibrium price of the dollar to be 45,000-rial, making exporting industries attractive for investment,” he said.

Petrochemical companies are an instance because on the one side are selling their products higher in the local market and on the other side cheaper rial means more export revenues. Oil prices have grown 40 percent in the current year along with steel prices increasing about 70 percent. A reason for the growth in prices of global commodity prices is higher economic growth for China and other emerging economies.

He also mentioned that, on average, capital market has outperformed alternative investments during the current year with TEDPIX increasing 28% while the dollar, gold coins, real estate and bank deposits recording return rates of 25, 23, 17 and 12 percent respectively.

The analyst explained that over 60 percent of Iran’s listed companies are directly impacted by global commodity prices, being both a threat and opportunity. He also noted that trade value and volume of the markets are promising and TEDPIX will probably break above 100,000 by the end of the current year (March 20). “Considering the outlook of global commodities especially oil prices, TEDPIX is capable of hitting 120,000 with industries like base metals and mining as the growth drivers,” he concluded.

 

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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