TSE down for 3rd consecutive day

The stock market in Tehran has plummeted for the third day in a row more than a week after a mutual nuclear understanding between Iran and the P 5+1 group of countries sent stocks to new highs.

The Tehran Stock Exchange’s benchmark index fell 329 points and reached 68,452 at close on Monday.

Earlier this month, the Tehran Stock Exchange’s benchmark index jumped more than 6% to over 70,000 units a few days after Iran and the five permanent members of UN Security Council plus Germany reached a mutual understanding on outstanding issues related to Tehran’s nuclear program.

Despite the recent plunge in Tehran stock market, the outlook for Iran’s economic growth remains bright with growing expectations for a comprehensive nuclear deal between Iran and the P 5+1 group (including the US, UK, France, Russia, China and Germany). The two sides have until July 1 to reach an agreement. Any possible deal, which will ultimately lift international sanctions against Iran, is expected to give considerable impetus to the country’s capital market, and turn it into one of the hottest investment opportunities

Iran’s stock market has a market capitalization of around $90 billion. It is one of the largest stock markets in the Middle East and has the potential to attract tens of millions of dollars in foreign investments if anti-Iran sanctions are lifted.

By Press TV