As valorizações são tão fortes desde há quatro anos que agora já não deixam a bolsa subir mais, pelo menos durante quinze dias :-)
Iran chills overheated stocks
Regulators ban increases in rocketing share prices as TEPIX index jumps more than 80% this year.
August 6, 2003: 11:00 AM EDT
TEHRAN, Iran (Reuters) - The head of Iran's stock market has outlawed share price increases for two weeks after sharp gains led to concern the market was overheating and vulnerable to a crash, the exchange and brokers said Wednesday.
Buoyed by high oil prices, rocketing domestic money supply and lack of alternative investment opportunities, the Tehran Stock Exchange's TEPIX all-share index has soared more than 80 percent this year, after gains of 41 percent in 2002, 23 percent in 2001 and 45 percent in 2000.
The increases have set off alarm bells at the exchange that the bubble could be about to burst with devastating effects.
"For at least 15 days from Tuesday, price increases of any share will not be possible," said Hossein Abdoh-Tabrizi, secretary-general of the exchange, in a statement sent to brokers, the newspaper Yas-e No reported Wednesday.
The statement said individual shares would not be allowed to rise above their closing levels of Monday. It added there would be no limit set on price falls for stocks during the 15 day period.
Abdoh-Tabrizi was not available for comment, but an official at his office confirmed the contents of the statement.
After his order, the TEPIX index fell 4.2 percent to close at 9,154.4 points Tuesday. It recovered slightly to 9,331.2 Wednesday, but share prices remained below their levels prior to the order.
"The exchange went through one of the worst days in its history [on Tuesday]. The abrupt decision of the secretary-general will destabilize the market," said Amir, a broker who would only give his first name.
"Besides political issues, now buyers also have to worry about the stock exchange management's overnight decisions," Amir said, predicting the decision could push capital from shares to real estate.
The meteoric rise of Tehran's stock market, which has 346 listed companies and a market capitalization of $28.5 billion, has puzzled many analysts.
Most of the listed companies are still majority-owned by the state, and the lion's share of money invested in stocks comes from institutions that are also tied to the government.
Foreign investment is limited, although the exchange recently launched a 50 million investment fund based in Bahrain in the hope of attracting regional investors.
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