In its 50-year history, the Tehran Stock Exchange (TSE) staged its best performance in the Iranian year beginning March 21, 2013. But by January 2014, it struggled to break or even maintain the record touching 89,500 mark. The bullish breakout occurred some six months after Hassan Rouhani was elected president for the first time. Now, over 3½ years later, the main index is hovering below 84,000.
High interest rates, global commodity price fluctuations and the country’s dual exchange rate regime are occasionally cited as the major causes of the malaise in the volume and value of trading on the TSE. Yet questionable oversight of listed companies is also a major factor.