Iran TSE best-performing bourse in PG
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September 23, 2:29 pm
Iran TSE best-performing bourse in PG
Tehran Stock Exchange Dividend and Price Index (TedPix) has grown while the markets in the rest of Persian Gulf region have lost value. This Tehran Stock Exchange (TSE) market benchmark has grown since the beginning of March, while most of the Persian Gulf markets have had a miserable summer due to their link to the US equity market.
The financial turmoil in the US started when the housing market suffered heavy blows from stagflation, bringing chaos to the giant mortgage lenders Fannie Mae and Freddie Mac. Problems are being revealed faster and faster by other financial institutions that have been involved in direct or indirect mortgage lending.
From the beginning of the year up until the end of August, the TedPix increased by 41 percent.
The share values of TSE have been on the rise as more of Iran's state-owned companies have floated stakes on the exchange to accelerate the economy's privatization.
The Iranian government plans to float shares of a greater number of public companies on the Tehran bourse, which may allow the rising trend to continue for sometime.
Last week the TedPix rose by 0.8 percent, to finish at 47,107 points.
Meanwhile, Saudi Arabia's Tasi index fell in all five trading sessions of the week with decreases of 4 per cent and 6.5 per cent respectively on 13 and 15 September, MEED reported.
The two main UAE exchanges, the Abu Dhabi Securities Exchange lost 7.5 percent and the Dubai Financial Market declined by 7.9 percent for the week.
The Doha Securities Market also lost 9.2 percent, to finish at 8,556 points.
The Muscat Securities Market finished the week just 0.3 per cent lower at 8,188 points.
The main investors in the Tehran Stock Exchange are Iranian individuals, public pension funds and investment companies of the state-owned banks.
Since 2004, Iran has been trying to accelerate implementation of article 44 of the Constitution that directs privatization of government companies, though not in the upstream oil or gas industries.
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