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Sat 4 Jan 2020 02:22 PM

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Iran's stock market slumps after Soleimani killing

TEDPIX, the country's main all-share index, drops more than 4% on Saturday

Iran's stock market slumps after Soleimani killing

The stock index is up almost 90 percent since March 2019, the beginning of the Iranian financial year.

Iran’s stocks slumped at the start of the trading week after the killing of a top military commander raised fears of a military confrontation with the US.

The TEDPIX, the country’s main all-share index, dropped more than 4 percent to 367, 610 points by midday on Saturday, the lowest level since December 25, according to data on the Tehran Stock Exchange’s official website.

The stock exchange caps daily fluctuations at 5 percent to control market volatility, according to its website.

Iran has vowed revenge after the commander of Iran’s Qods Force, General Qasem Soleimani, was killed in a US missile strike in Baghdad late Thursday night.

The stock index is up almost 90 percent since March 2019, the beginning of the Iranian financial year.

It hit a three-year high in October, according to the the state-owned Securities & Exchange News Agency which cited stability in the rial and a drop in demand for gold and foreign currencies at the time.

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