TEHRAN, Iran, Aug. 3
Trend:
Iran's main stock index broke through the 2 million point mark for the first time on Aug.2.
The Tehran Stock Exchange’s benchmark TEDPIX index gained more than 42,000 points in early trading on Aug. 2, rising above 2,000,000 points, Trend reports citing IRNA.
The index closed at 1,961,649 the day before after surging by over 57,325 points, or 3.01% according to the Tehran Stock Exchange (TSE) website.
Iranian Government has been encouraging the citizens to invest in local stocks to boost the country’s economy, which has been hard hit by the re-imposition of the US sanctions.
Some analysts say the booming stock market is at odds with Iran's economic fundamentals, which are deteriorating under the weight of sanctions and the coronavirus outbreak, raising the risk of a stock market bubble.
In the meantime, Iranian authorities have denied that there is a bubble in the country’s stock market. Moreover, Iranian President Hassan Rouhani has pointed to the market as a rare bright spot for the country.
Founded in 1967, the Tehran Stock Exchange lists some 1,000 companies, including major firms like car manufacturer Iran Khodro.