Iran Shares Rise a Third Day as Bourse Creates Stability Fund - Bloomberg

Iran Shares Rise a Third Day as Bourse Creates Stability Fund - Bloomberg:



"Iranian shares advanced for a third day as financial institutions agreed to set up a fund to counter price swings on the Tehran Stock Exchange.



The nation’s benchmark stock index rose 0.9 percent at the close of trading in Tehran, taking its three-day advance to 2.8 percent, according to data on the bourse’s website. The gauge touched a six-month low on April 19 before four banks and two insurance companies agreed yesterday to contribute 50 trillion rials ($2 billion) for the Capital Markets Development Fund.



Iran’s index has declined 15 percent this year after soaring 130 percent in 2013, beating returns posted by the 93 major global equity gauges tracked by Bloomberg. President Hassan Rouhani may have felt extra pressure to stop the fall in share prices as the government introduces measures to remove state subsidies from fuel and energy prices, according to Alireza Salavati, an independent analyst based in London."



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