Tehran stocks growth unabated

Financial Tribune – Stock markets in Iran are on fire. Free flowing liquidity from parallel markets, rise in global commodity and metal prices, bullish foreign exchange rates, good yearend reports for listed companies and a stampede of new retail investors eager to ride the upward momentum have catapulted the Tehran Stock Exchange more than 4% since the start of the current year (March 21).

In Sunday’s trade TSE grew close to 1% thanks to renewed attention to smaller firms from investors. In addition to fundamental factors such as boosts for the global commodity markets, excitement has also grown for bank shares in light of capital increase for banks based on higher forex rates.

According to Bloomberg, money managers around the world haven’t been this optimistic about US oil prices since early October, just before the crude market began a steep decline on fears of a global oversupply. Crude made a steady comeback this year and sentiment has climbed alongside it, with the net-long position rising for the sixth straight week in data posted on Friday.