Tehran Stock Exchange Is Leading on Iranian Exchange Markets
TEDPIX, the summary index of Tehran Stock Exchange is up 8,346.3 points or 10.77% and is now 85,831.8. This index reached its 45-month maximum by the end of the sixth months (August 23 – September 22).
Iran Fara Bourse, a smaller off-exchange site, has also increased its profitability, with its reference index IFX having grown by 76.91 points or 8.73% to 957.31. By the end of the first half of the year IFX reached its all-time peak.
Such investment market as housing development sector, very popular in the past but not active in Iran now, is second in terms of return on investment, being ahead of gold and forex markets. According to CBI’s report titled “Trends in the Housing Market of Tehran”, the average price for a residential property in the capital city was 45 800 000 rials per square meter as of September 22, which showed a 6.2% growth over the six months.
Nonetheless, the price increase was not backed by real activities because real estate trade volume grew by 2.8% only to 85,200 selling transactions in the first half of the year, demonstrating the sector’s being still lethargic but slowly recovering.
With U.S. secondary sanctions still being imposed on all banking relations with Iran, and banks being prohibited from dollar transactions with Iran, the major part of Iranian business operations are conducted in euros nowadays, however the official state trade such as export of crude oil is done in U.S. dollars.
Gold demonstrated a far more moderate growth in the first half of the year. Azadi gold coin cost 11,790,000 rials at the beginning of the year and showed moderate fluctuations through the end of August. Its price rose to 12,430,000 rials by September 3, and closed the first half of the year at the level of 11,970,000 rials, which was 1.52% higher than six months ago.