Source: Radio Farda
Tehran's stock market experienced another bad day on Monday as it declined 1.2 percent, after weeks of steep falls. Compared to same day last month, the market has declined 13 percent and compared with to beginning of September 18 percent.
As in past sessions, the biggest losers are petrochemical companies, since
their business mostly depends on exports, which are affected by tough U.S.
sanctions. The Isfahan Steel Company was also a big loser for the same reason,
as it exports about half of its production.
The director of the Isfahan Steel announced on December 15 that the company exported 662,000 tons of metal products this year, but a member of Iran's Steel Association announced in early December that the European Union has failed to renew a contract for importing Iranian steel. Europe is the main market for Iran.
Petrochemical companies are losers not only because of U.S. sanctions but also as a result of declining oil prices, which have fallen considerably in the past few weeks.
Iran is currently suffering multiple economic problems, from high inflation to unemployment and sanctions pressures, resulting most of all in a huge decline in oil exports.
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