October 05, 2018
points over the last four months
The Tehran Stock Exchange (TSE) has taken off and is rising daily, repeatedly setting new records.
The rise in stock prices reflects the collapse of the rial, plus the emphasis that people with any savings have put on getting rid of their rials and buying anything of value—dollars, stocks, real estate. gold, et cetera.—even furniture and appliances.
The TSE’s main index began to take off last September, rising from 84,000 then to 90,000 last November, breaking its previous record of 89,501, set in January 2014.
The index passed the 100,000 mark June 17. It started September at 136,000 and ended September above 195,000, clearly knocking on the door of 200,000.
When the index set the record of 89,501 that held for 4-1/2 years, one dollar on cost 30,000 rials. Now both the rial and the TSE index are closing in on 200,000, which means the rial has lost more value than the index has gained.