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Iran's stock index loses 30,000 points, falls below 1 million mark

DUBAI, May 16 (Reuters) - Iran’s main stock index fell below one million points Saturday, a week after topping that mark, state affiliated media reported.

The Tehran Stock Exchange’s benchmark TEDPIX index lost 30,000 points in early trading on Saturday, falling to 989,000 points.

The stock exchange rose above the 1 million mark for the first time last Saturday amid warnings that the market was overheating.

Analysts said the booming stock market was at odds with Iran’s economic fundamentals, which are deteriorating under the weight of sanctions and the coronavirus outbreak, raising the risk of a stock market bubble. (Reporting by Dubai Newsroom. Editing by Gerry Doyle)

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