Tehran The Iranian stock market is moving in the right direction and will achieve stability in the near future, market analyst Amir-Ali Amir-Baqeri told IRNA on Saturday.
Market authorities are currently using asymmetric fluctuations to improve the market situation, but we need to move in a direction where there is no volatility in the market, Amir-Baqeri said.
Criticizing government interference in the capital market, Baqeri said the further the market moved away from orderly pricing and the rules and regulations established by the government to move towards a free market in which prices are set by the supply and demand, the more realistic and competitive the market. the economy will become medium and long term.
The expert noted that political factors, including US sanctions and their impact on domestic markets, which led to increased inflation in the country, led people to introduce their assets to the stock market, which caused a strong increase in the mentioned market.
However, several external factors, including disputes between the ministries of oil and the economy over the offer of the second ETF (dubbed First Refinery, or Dara Second), rising interest rates and ambiguities of the budget bill of the following years stock market recession.
According to Amir-Baqeri, the changing political climate in the United States and around the world, as well as Iran’s economic resilience in the face of US sanctions, has also had an impact on the market.
As a result, the main Tehran Stock Exchange (TSE) index (TEDPIX), which had passed two million points in early August 2020, suddenly began a downtrend at the end of August and has since fallen by around 38%.
To support the market, the government has started to adopt new regulations and guidelines and injected millions of dollars of resources into the market; however, these measures have proven to be counterproductive, according to the expert.
The market is correcting itself and will achieve stability in the near future if the government stops interfering in it, Amir-Baqeri said.
In January, the Minister of Finance and Economic Affairs, Farhad Dejpasand, said the stock market was on the right track and had reached a stage that can be trusted in terms of performance.
With the exception of the peripheral variables that affect this market, we have no specific disruption in the market, the Minister said, adding: Sometimes policies that are carried out in different sectors affect the market, which is natural.
TSE’s vice chairman of the board also said in December 2020 that the stock market should spend the final months of the current Iranian calendar year (ending March 20) calmly.
Referring to the survey of periodic reports (semi-annual and nine months) on company performance, Javad Eshqi-Nejad said that given the situation of exchange rates and the appropriate sales volume, during this period, almost the expectations of listed companies have been met and positive results have been achieved for the capital market.
Regarding the continuation of the stock market trend over the next three months, he said: In this regard, the main issue is political relations and international behavior; we seem to be doing well on the international stage.
While predicting that the stock market will be calm in the last months of this year, he said: “But for next year, depending on the budget, we could face new events whose analysis may have particular effects. on various industries; in a way these effects may be associated with certain industries over the next 2-3 years.
EF / MA
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