Tehran stocks unaffected by depression
The volume of securities traded on Tehran Stock Exchange has marked a sharp growth despite the market depression in other parts of the Middle East.
According to a report published by The Financial Times newspaper on Wednesday, Tehran bourse has climbed 53 percent so far this year, compared to last year, and already enjoys a record market capitalization of $81 billion across about 350 companies. The stock market managed to climb 29 percent in 2009.
The growth comes in spite of UN Security Council sanctions against the Islamic Republic of Iran and the global financial crisis.
The business of buying and selling stocks has attracted more Iranians compared to real estate, fund managers say.
The Tehran Stock Exchange — home of the world’s second-best performing equity index — set a rate of return amounting to 57 percent in the 2009-10 year.
Furthermore, investors in emerging Iranian markets have received better returns than those in Europe and the US over the last year.
The Tehran Stock Exchange, founded in 1967, presently lists 337 companies with a total value of 742 trillion Iranian rials ($74 billion).