Iran says foreigners ready for TSE rush
Iran said on Wednesday that some 150 foreign investors are ready to buy company shares at its benchmark Tehran Stock Exchange (TSE).
Hamid Rouhbakhsh, the TSE public relations director, said the foreign investors have been studying the Iranian market over the past months and are ready to invest in the TSE as soon as the sanctions against Iran are lifted.
Rouhbakhsh said the investors have already acknowledged that there is a huge potential in the Iranian market that remains untapped.
“Nevertheless, they will still have to wait for the sanctions to be removed before they take specific steps toward investing in the TSE,” he said.
“The more we approach the date for the removal of the sanctions, the investors see an increased transparency with regards to investment conditions and can thus make better decisions,” the official added.
Market data show the TSE has been performing perfectly over the past days. In the latest trading, the TSE’s main index (TEDPIX) gained 137 points to hit 61,839. Analysts attribute this to the increasing investor optimism toward the prospects for the removal of the US-engineered sanctions. The investor optimism specifically grew after the approval of the Joint Comprehensive Plan of Action (JCPOA) by Iran’s Parliament earlier this week.
With a market capitalization of $118 billion — of which about $30 billion is free floating — the Tehran bourse (TSE) is smaller than other regional exchanges in Turkey and Saudi Arabia, according to a report in May 2015 by the Financial Times.
Yet it is seeking to build a trading platform that conforms to international standards. Under its new structure, Tehran’s exchange has online trading, an arbitration board to fast-track disputes, digital signature, enhanced investor protection, surveillance mechanisms as well as post-trade systems, added the report titled “Tehran stock exchange prepares for flood of foreign investment”.
The TSE trades a range of shares, funds and financial instruments, including Sukuk and Islamic funds. Stocks trading on the Tehran exchange include Telecommunication Company of Iran, Tamin Petroleum and Mobarakeh Steel Company, said the report adding that almost all of Iran’s industry operates well below capacity and is in desperate need of investment and new technology.
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