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.
