Tehran stock exchange faces rout as index keeps falling
The main stock market in Iran is retreating from highs seen in recent weeks as government authorities seek to calm investors regretting sharp losses.
The main index at Tehran Stock Exchange (TSE) fell for a fourth consecutive day on Sunday.
The TEDPIX dropped by 3.57 percent compared to the previous day of trade to stand at 1,835,345.92 points, a website run by the TSE said.
It said total value of the market had plunged to nearly 69,000 trillion rials ($313.6 billion).
Some experts and government authorities said that the plunge was normal given back-to-back rises recorded for the TEDPIX in recent weeks.
They said the index would surge again in the upcoming days as the market calms down with more divestment schemes for government-run companies.
However, others said the deepening plunge could be a sign that there has been a bubble in trade in the TSE.
Critics believe TSE’s huge rise has not been consistent with the economic realities in Iran as the country keeps suffering from the impacts of the coronavirus pandemic and the US sanctions.
The TEDPIX had broken through the 2-million-point mark in early August as investors rushed to the market to buy shares of state-run companies listed for a first time.
The government has also encouraged investing in shares, touting it is a reliable way of gaining profit and protecting household savings against fluctuations in the wider economy.
Local news reports said steel and energy companies were the worst performers in trade on Saturday as over five billion shares worth more than 89 trillion rials (over $400 million) changed hands in over 841,000 exchanges.
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