TEHRAN, Iran, May 16
Trend:
The stock exchange trade has brought $8.3 billion to the capital market from the start of current Iranian year (began March 20, 2020), so it has been suggested to extend the trading time, said Managing Director of Tehran Stock Exchange.
"However, the extension of trading time by two hours requires development of technical infrastructures," said Ali Sahraie, Trend reports citing ILNA.
"Tradingwill start after 12:30 a.m until 14:30 p.m after necessary post trade supervision in the market. These transactions should be approved by a supervisor of Tehran Securities Exchange Technology Management Co by the end of the day," he said.
"The Central Securities Depository of Iran is trying to address the issue of limits in post trade operations. In order to increase the trading time, post trade system and registry should change," he added. "Following installing new systems, the trading time will increase by two hours minimum based on market's demand."
"Around $357 million has been traded every day since the beginning of the current Iranian year," he said. "In the near future, we will see Justice Shares trade."
Iranian government has previously allowed the sale of Justice Shares at stock exchange to help people in need affected by economic consequences of the coronavirus spread.
The Justice Share was the byproduct of government privatization plan with each share worth 10 million rials (about $238). According to Article 44 of the constitution, 80 percent of public companies was to be transferred to public ownership, 40 percent of which conducted through the Justice Shares, while the rest will be offered for privatization through the Tehran Stock Exchange.