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What Is Behind Success Of Tehran Stock Exchange?

The Tehran Stock Exchange has been a success in an otherwise stagnant economy.
EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to report, film or take pictures in Tehran. 

A trader speaks with a stock market official beneath the electronic board at the Tehran stock exchange September 15, 2010. While U.S. diplomats were busy upping Iran's economic punishment over nuclear activities Washington fears are aimed at making a bomb, Iranian shares, which might have been expected to fall, have, instead, gone through the roof. Picture taken S

The Tehran Stock Exchange (TSE) has been viewed as a phenomenon in the midst of the declining Iranian economy. The TSE Price Index (TEPIX) currently hovers at about 59,000 — up more than 500% since 2009, about 50% since the beginning of the current Iranian year (March 21) and about 28% since the election of Hassan Rouhani as president (June 14). As the following graph indicates, there are occasional adjustments downward — such as in the days running up to the presidential election on June 14 — however, the overall trend is upward. The question is how one can understand this uninterrupted rise and what factors are influencing this phenomenal growth.

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