Tehran Stock Exchange Index Plummets 80,000 Points Over Past Three Days

The Tehran Stock Exchange index fell for the third consecutive day with a decline of approximately two percent, dropping to around 1.2 million points on Tuesday, the fifth of Bahman.

Petrochemical and mining companies experienced the largest decline in share values.

The government has yet to provide an explanation for the fall in shares of these companies and the acceleration of the stock market decline. However, in recent days, gas supply to petrochemical, steel, and other industrial units has experienced a significant drop due to severe gas shortages in the country, and some facilities have suspended their operations.

Indeed, the decline of the stock market index began last summer, when the index unusually soared from 500,000 points at the beginning of the year to above 2 million points by late August within four months, but has been gradually declining since then.

At the time of the stock market peak, many analysts described this increase as a “bubble” and accused the government of manipulating the stock market index to gain more profit—a claim that the Hassan Rouhani administration denied.

The Economic Commission of Parliament released a report in November this year, reporting a “70 billion dollar” loss for the public from the stock market decline.

At that time, the stock exchange index was above 1.4 million points, but has now plummeted to 1.2 million points, and losses to the public are expected to have increased.

In this regard, the Farsi News Agency reported on Sunday of this week of the exit of 6 trillion tomans from the stock exchange during December of this year.

In December of this year, the capital market ended 18 consecutive months of red.

Source: Radio Farda