Iran's Stock Index Drops, Falls Below 1 Million Mark

Business

May 16th, 7:46am

Asharq Al-Awsat

Analysts say the booming stock market is at odds with Iran’s economic fundamentals. (AFP file photo)

Iran's main stock index dropped below one million points Saturday, a week after topping that mark, state affiliated media reported. The Tehran Stock Exchange's benchmark TEDPIX index lost 30,000 points in early trading on Saturday, falling to 989,000 points. The stock exchange rose above the 1 million mark for the first time last Saturday amid warnings that the market was overheating, Reuters reported. Analysts said the booming stock market was at odds with Iran's economic fundamentals. The economic situation in Tehran keeps on deteriorating under the weight of sanctions and the coronavirus outbreak, raising the risk of a stock market bubble.

from Asharq AL-awsat https://english.aawsat.com/home/article/2286931/irans-stock-index-drops-falls-below-1-million-mark