Tehran Stock Exchange Index Continues to Fall; Shareholders Gather Outside Bourse Building and Chant Against Iranian Government
Following the continued decline of the Tehran Stock Exchange index, a number of shareholders gathered outside the Tehran Stock Exchange building and chanted against the government, lowering the exchange’s flag.
Based on images and videos circulated on social media, shareholders in a protest gathering on Monday, December 29, expressed their reaction to the fall in stock value, which has continued from the beginning of this week until today, by chanting slogans against the government and its policies in the money and capital markets.
According to reports from some domestic news agencies, experts believe that the decline in stock value at the current juncture has no economic basis and the only likely reason is irresponsible statements by senior government officials, including Iran’s president, about reducing the dollar price to 15,000 tomans.
The overall bourse index dropped sharply in September of this year. After an upward trend of 300,000 units in December, this index again entered a downward trend and fell to its previous low. This decline continued from the beginning of this week until Monday. Some experts believe that if the index loses its previous support level, the stock market decline will be more severe.
Losing shareholders also gathered outside the stock exchange building last week and chanted slogans. Protesters say they entered the stock market on government advice, but in recent months have only witnessed their stock values decline.
Despite economic recession in Iran, the stock market index showed significant growth from spring of this year, rising from 500,000 units at the beginning of the year to over 2 million units by August 10. From that point on, however, a severe decline in the index began and shareholders lined up to sell, reaching approximately 1.6 million units by early September.
This led some experts and even political officials to attribute the loss of one-quarter of the stock market’s value in two weeks to the government’s failure to keep its promises and contradictory decisions.
The stock exchange index continued its decline on Monday, December 29, reaching 1 million and 149,000 units.
Shareholders say they sold their assets and entered the stock market, and today have witnessed the destruction of their capital. Experts in recent months cited contradictory government decisions, irresponsible statements, and mismanagement as reasons for the stock index decline.
Economic crises in Iran and increases in inflation and unemployment continue as the Islamic Republic persists in its support for the Syrian government and proxy groups in Lebanon, Iraq, and Yemen.
The United States says the Islamic Republic is spending the country’s wealth supporting terrorist groups and destabilizing the Middle East instead of helping its people.
The United States has also repeatedly condemned institutionalized financial corruption and the plundering of Iran’s natural resources by affiliates of the ruling regime in this country, considering them among the main causes of Iran’s economic and financial problems. For instance, recently U.S. Secretary of State Mike Pompeo tweeted about Islamic Republic officials, saying they have been engaged in corruption instead of helping people.
Source: Voice of America
