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Iran Stock Exchange Breaks Key Level to All-Time High, Analysts Warn of Bubble

Dubai: Iran’s main stock index broke the 2 million point mark for the first time on Sunday, state media reported, amid warnings that the market is overheating.

The Tehran Stock Exchange benchmark TEDPIX gained 46,844 points at the start of the session, the official IRNA news agency said, up 2.4%.

The index closed at 1,961,649 on Saturday after jumping more than 57,325 points, or 3.01%, on the day, according to the Tehran Stock Exchange (TSE) website.

Iranian religious leaders have encouraged ordinary Iranians to invest in local stocks to boost the country’s economy, which has been hit hard by the reimposition of US sanctions on Tehran’s nuclear program.

Analysts and some lawmakers have warned, however, that the move could increase the risk of a stock market bubble, as the market rise is at odds with the deteriorating economic fundamentals of Iran, which is also feeling the impact of the coronavirus outbreak. .

Iranian authorities have denied the existence of a bubble in the country’s stock market.

This story was posted from an agency feed with no text editing. Only the title has been changed.

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What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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