Iran stock index breaks through 1 million mark amid warnings market is overheating

Reuters – Iran’s main stock index broke through the 1 million point mark for the first time on Saturday, state media reported, amid warnings that the market is overheating.

The Tehran Stock Exchange’s benchmark TEDPIX index gained 25,663 points in early trading on Saturday, rising above 1,000,000 points, the official IRNA news agency said.

The TEDPIX had closed the previous session on Wednesday at 977,923.47, down 2,647.54 points, or 0.27%.

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.

(Reporting by Dubai Newsroom; Editing by Catherine Evans)