Iran’s stock index TEDPIX loses 30,000 points, falls below 1 million mark

A man looks at electronic board showing stock prices, following the outbreak of the coronavirus disease at Tehran Stock Exchange in Tehran, Iran, on May 12, 2020. (Reuters)

Iran’s main stock index fell 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.

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Analysts said the booming stock market was 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.

Read more: More than 1,500 new coronavirus cases in Iran

Last Update: Wednesday, 20 May 2020 KSA 10:02 - GMT 07:02