Shares set fresh records in Tehran market

Financial Tribune – Steep rise in the price of shares of Social Security Investment Company, known locally as Shasta, pushed up the benchmark of Tehran Stock Exchange, TEDPIX, to new levels, threatening a temporary closure of the market.

TSE rallied to a historic level on Monday, making an unprecedented 4.9% gain by adding more than 80,972 points. This put the TEDPIX at 1,736,402 points.

This unseen rally was owed mainly to Shasta, the largest Iranian holding and the fourth in TSE in terms of market capitalization.

Following a notice of “disclosure of important information” by Shasta, its shares jumped 37% on Monday, alone adding more than 22,000 points to the TSE benchmark and pushing it above 5% for the day — a threshold level if reached would force the stock market regulator to close the market for up to three sessions.