DUBAI: Iran’s main stock index broke through the 1 million point mark for the first time on Saturday, state media reported, amid warnings that the market is overheating.
The Tehran Stock Exchange’s benchmark TEDPIX index gained 25,663 points in early trading on Saturday, rising above 1,000,000 points, the official IRNA news agency said.
The TEDPIX had closed the previous session on Wednesday at 977,923.47, down 2,647.54 points, or 0.27 percent.
Analysts say the booming stock market is at odds with Iran’s economic fundamentals, which are deteriorating under the weight of sanctions and the coronavirus outbreak, raising the risk of a stock market bubble.
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Iran stock index breaks through 1 million mark amid warnings market is overheating
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Iran stock index breaks through 1 million mark amid warnings market is overheating
- Analysts say the booming stock market is at odds with Iran’s economic fundamentals
Closing Bell: Saudi main market edges up to close at 11,216.9
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, closing at 11,216.93, up 28.20 points, or 0.25 percent.
The MSCI Tadawul 30 Index also advanced, finishing at 1,512.99, a gain of 0.29 percent, while the parallel market index, Nomu, inched up 0.09 percent to 23,887.01.
Trading activity was robust, with a total of 150.4 million shares changing hands and an aggregate value of SR3.3 billion ($880.2 million).
Among the top gainers, Zahrat Al Waha for Trading Co. surged 7.05 percent to SR2.58. The Mediterranean and Gulf Cooperative Insurance & Reinsurance Co. rose 5.26 percent to SR15.82, and Jahez International Co. for Information System Technology increased 4.68 percent to SR14.09.
Saudi Real Estate Co. added 4.47 percent to SR14.48, while Arabian Shield Cooperative Insurance Co. gained 4.3 percent to SR12.12.
On the other hand, Abdullah Saad Mohammed Abo Moati for Bookstores Co. fell 3.55 percent to SR44, and The Company for Cooperative Insurance dropped 2.92 percent to SR133.
Canadian Medical Center Co. eased 2.69 percent to SR6.15, Ataa Educational Co. declined 2.61 percent to SR52.15, and ADES Holding Co. finished 2.5 percent lower at SR18.31.
Meanwhile, Saudi Aramco Base Oil Co. announced that its board of directors has recommended distributing cash dividends for the second half of 2025.
The proposed payout is SR3.5 per share, bringing total dividends for the year to SR4.5 per share, representing around 70 percent of free cash flow in line with the company’s performance-linked dividend policy.
The total amount to be distributed for the second half stands at SR589.9 million, covering 168.2 million eligible shares.
Eligibility will be determined at the close of trading on the day of the company’s general assembly, with the distribution date to be announced later. Luberef shares last traded at SR105.5, up 3.53 percent.
Separately, the Capital Market Authority revealed that it has licensed Lesha Capital to conduct investment management and fund operations in the securities business, following the company’s completion of all required business registrations.
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