This week, the Ministry of Petroleum finally approved selling crude oil at Energy Exchange. National Iranian Oil Company said that it will offer one million barrels of crude oil at the market within the next two weeks. 20% of the price will be paid in Iranian rial before delivering the oil and 80% paid in foreign currencies, will be settled afterward.
As it was expected, Tehran Stock Exchange (TSE) started the week with heavy falls. Within the first three trading days, TSE’s main index, TEDPIX, lost 10,374 points, i.e. 5.6%. At the same time, TSE lost 396000 billion rials of its market cap, nearly 3 billion USD.
Although after the good news of approval of joining FATF, the market resumed its growth, still it could recover only part of its loss.
At the end, TEDPIX went to weekend at 181,016 points, 2.4% less than a week ago. Main reason for this fall, is the fall in exchange rate and rush of investors to the stock market without proper investment plans. TSE has always witnessed such ups and downs when individual investors only follow trends without solid information about the companies they are investing in. For tops and flops see the charts above.