TEHRAN - Iran's Finance and Economic Affairs Minister Farhad Dejpasand has said that new initial public offerings (IPOs) are an indication of the stock market growth in the near future, IRIB reported.

Speaking on the sidelines of a cabinet meeting on Wednesday, Dejpasand mentioned some concerns over the stock market’s recent downward trend and said the holding of new IPOs shows that the government has long-term plans for the mentioned market.

Securities and Exchange Organization (SEO) plans to hold IPOs for over 100 new companies by the end of the current Iranian calendar year (March 20, 2021), Dejpasand said.

The official noted that fluctuation is in the nature of the capital market and the market behavior completely depends on the behavior of shareholders and stock suppliers.

The government, however, is trying to guide these fluctuations in the direction that leads to a stable and growing market, he added.

Since the week ended on August 14, the Tehran Stock Exchange (TSE), which is Iran’s major stock exchange, witnessed a drop of its main index every week, except for the week ended on September 18.

EF/MA