Reuters - Iran�s main stock index broke through the key 2 million point mark for the first time ever on Sunday, state media reported, amid warnings that the market is overheating.

The Tehran Stock Exchange�s benchmark TEDPIX index gained 46,844 points in early trading, the official IRNA news agency said, up 2.4%.

The index closed at 1,961,649 on Saturday after surging by over 57,325 points, or 3.01%, on the day, according to the Tehran Stock Exchange (TSE) website.

Iran�s clerical rulers have been encouraging ordinary Iranians to invest in local stocks to boost the country�s economy, which has been hard hit by the reimposition of U.S. sanctions over Tehran�s nuclear programme.

Analysts and some lawmakers, however, have warned that the move might raise the risk of a stock market bubble as the rising market is at odds with Iran�s deteriorating economic fundamentals, which are also feeling the impact of the coronavirus outbreak.

Iranian authorities have denied that there is a bubble in the country�s stock market.

Writing by Parisa Hafezi; Editing by Susan Fenton