Tehran Stock Market Crashes For Seventh Consecutive Day
Iran's Tehran Stock Exchange shows a downward trend.
ICBPS- The total index of Iran’s Tehran Stock Exchange, which has been on a downward path since May 15, fell again by about 2.5 percent on its first working day of this week, Saturday, June 1, 2021.
From May 15 to May 22, the stock market index has fallen by more than 5 percent, and reached 1,127,000 units.
The stock market index was below 100,000 units at the beginning of 1997, however, at the beginning of 1998, it rose to about 500,000 units and crossed the 2 million mark in the first half of the previous year.
Many experts have blamed the government’s manipulation of the stock market and the existence of bubbles for the jump in the overall stock market index, although the devaluation of Rial also had some effect on the growth of the stock market index.
As a result of this fluctuation, many of those who had invested in the Iranian Stock Exchange lost their assets and have participated in protest rallies in recent months.
The government has also invested an enormous part of its assets in the stock exchange over the past two years, which reinforces the scandal of government manipulation of the stock market index for more profit.
Hassan Rouhani’s cabinet denies manipulating the stock market, but Mir-Ali Ashraf Poori Hosseini, who was appointed head of the Iranian Privatization Organization in 2013 when Hassan Rouhani took office, was sentenced to 15 years in prison [in April] for financial violation.
About his case, there were numerous allegations of misappropriation of state-owned companies to the private sector, fraudulent transactions, and sub-price divestitures.
Recently, Seyyed Amir Hossein Ghazizadeh Hashemi, the deputy speaker of the Islamic Consultative Assembly, announced that financial violation of Mir Ali Ashraf Poori Hosseini crossed $142,771,104 USD, related to the Sahame Edalat (Iran Justice Shares).
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