Iran's stock market hits record high amid battered economy

The Tehran Stock Exchange in Iran has closed at a record high

The exchange's website showed it closed at 2,011,492 points, up some 50,000 points from Saturday. Government authorities also offered additional shares of state-owned companies onto the market Sunday.

Encouraged by a government eager to privatize state-owned firms, average people now have access to the market and can trade shares, earning returns they’d never see in a savings account or a certificate of deposit.

But these rapid gains increasingly have analysts and experts worried about a growing stock market bubble, one that could be particularly dire and wipe away the earnings of the average people flooding into the market.

Even Iranian President Hassan Rouhani — beleaguered since President Donald Trump unilaterally withdrew America from his 2015 nuclear deal with world powers — has pointed to the market as a rare bright spot for the country. Iran’s rial currency has fallen to some 230,000 to 1 against the U.S. dollar, as opposed to the 35,000 to $1 in 2015.

Founded in 1967, the Tehran Stock Exchange lists some 1,000 companies, including major firms like car manufacturer Iran Khodro. The bourse now has a market cap of more than $200 billion.