People protest in Tehran, Iran December 30, 2017 in this picture obtained from social media. REUTERS People protest in Tehran, Iran December 30, 2017 in this picture obtained from social media. REUTERS

Iran’s stock market plunge resumes

Tue, Jan. 2, 2018
CAIRO - 01 January 2018: Tehran’s stock market incurred its biggest loss on the fifth day of Iranian protests against the regime.

"After the stock market was hit by a price drop, traded shares have witnessed big purchases, as investors attempted to escape the market with the least loss possible. This move pressured the main market index to plummet 2,400 points" reported the Saudi Al Ekhbariya news channel.

In the aftermath of the Iranian unrest, Tehran’s stock market losses are the worst in decades. The Iranian rial was down against the U.S. dollar to settle at 42,880 rials per dollar. These rates forced most of the exchange shops to close their doors to dealers.

Demonstrations began in Iran's second-largest city of Mashhad in the northeast on Thursday and spread to Tehran and other urban centers. Iranians vented their anger over a sharp increase in prices of basic items like eggs, and a government proposal to increase fuel prices in next year's budget.

Some protesters also vented their rage over high unemployment and savings that were lost after investments in unlicensed credit and financial institutions turned sour.

The demonstrations, initially focused on economic hardships and alleged corruption, turned into political rallies. Anger was soon directed at the clerical leadership in power since the 1979 revolution, including Supreme Leader Ayatollah Ali Khamenei, the ultimate authority in Iran's cumbersome system of dual clerical and republican rule.
 
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