Tehran Stock Exchange (TSE) started the week with a 0.2 percent fall in its overall index, TEPIX, however within the four days of trade TSE recovered its fall and eventually on Wednesday, TEPIX reached 98,348 points with a market capitalization of 105.6 billion USD. See the charts above.
Although half of listed companies are export-oriented and therefore could be positively affected by a higher exchange rate, but still their share prices have not experience considerable growth regarding the devaluation of Rial.
Sanaat and Madan Bank (Bank of Industry and Mine) which has been the major shareholder of Industry and Mine Investment Company sold 51% of the shares as a block-offer through Tehran Stock Exchange. Iran Industrial Development Investment Co. (IIDIC) bought these shares at the value of 118 million USD. IIDIC is a listed company on TSE and its major shareholders are Turquoise Partners (30%) and Justice Share (13.2%). Bank of Industry and Mine has expressed hopes that this transfer would ease selling its shares in other firms and businesses.
