The Tehran Stock Exchange experienced a sharp decline following the assassination of Ismail Haniyeh, head of Hamas’ political bureau, in Tehran.
This event has highlighted the Iranian regime’s ongoing struggles in managing the country’s economic and political challenges. As the market opened, the main index dropped significantly, erasing over 1.1 trillion tomans in shareholder value. Iranian authorities have accused Israel of carrying out the assassination and have vowed to retaliate, fueling concerns of further escalation.
On August 3, the main index of the Tehran Stock Exchange plunged by 61,705 points, while the equal-weight index dropped by 20,000 points, settling at 637,000. In just one day, 1.157 trillion tomans were withdrawn from individual investments, bringing the market index to a precarious level of around two million points.
#Iran News in Brief
According to state media, today, the total index of the Tehran Stock Exchange dropped by 122,000 units to 2,317,000, experiencing the biggest drop in the history of its entire 56-year period of activity.https://t.co/b9fYGdf2MK pic.twitter.com/hkZxIpzwSq— NCRI-FAC (@iran_policy) May 8, 2023
Despite efforts by the regime to stabilize the market, the situation continues to deteriorate. Vice President Mohammad-Reza Aref ordered a large injection of funds from the National Development Fund, starting with 100 billion tomans on Wednesday and an additional 500 billion tomans on Saturday. However, these measures have been ineffective in halting the market’s downward spiral.
The market’s collapse has sparked widespread frustration among traders. Many at the Tehran Stock Exchange turned off their systems in protest, while senior traders abandoned their posts. In an unprecedented move, traders in both Tehran and Isfahan halted their work entirely, leaving their trading desks in response to the dire market conditions.
Iran: New Scandal at Tehran’s Stock Exchange Market
On September 29, the CEO of Tehran’s Stock Exchange Market resigned after it was revealed there were dozens of cryptocurrencies miners discovered in its basement.#Iran #Econom
https://t.co/d9G0cr4Txe— NCRI-FAC (@iran_policy) October 1, 2021
Key stocks, including those in the steel, copper, and oil refining sectors, faced significant sell-offs, contributing to the overall decline. Despite the ongoing crisis, the High Council of the Stock Exchange and the Securities and Exchange Organization have yet to implement crucial measures to stabilize the market. The regime’s inability to address these issues effectively highlights a broader incompetence that threatens Iran’s economic stability.
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