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Rising trend not to continue in Iranian stock market

Oct 10, 2018 (TREND News Agency via COMTEX) --

Tehran, Iran, Oct10

Trend:

Considering the sanctions ahead, the rising trend will not continue in Iranian stock market, an Iranian market expert Hamid Mirmoeini told Trend.

Addressing the reasons behind the growth of the stock index in recent months, an Iranian market expert said that rising dollar rates since late last year leads to anticipations that export-oriented industries would be profitable. As a result of increased dollar rates, these companies became profitable, and their stocks have grown.

"The increase of dollar price has led to an increase in domestic prices, which has led to an increase in the value of the replacement of assets and stocks of non-export-oriented companies. The index has been growing over the past six months," he added.

"Maintaining of this trend is dependent to the absence of sanctions and restrictions. If the political problems and sanctions imposed on the oil and non-oil industries have been removed, we could see the growth of the index. But, considering the sanctions ahead and some government policies, we will not see the continuation of this trend and people should be cautious," he warned.

Referring to herding behaviors in the capital market, he said the herding behaviors in the market arise from excitement and rumors; of course, one should not expect all the activists to make decisions on the basis of logic, but unfortunately, the presence of sub-structures in the market has caused the recent situation.

"Sub-structures push customers to buy the shares of companies at the project stage or bankrupt in order to increase in the price of these companies` stocks, but this eventually harms the shareholders in the future," he said.

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