Tehran Stock Exchange index hits historic high
Trade at Iran’s main stock market is booming as its benchmark index has reached a historic high, surpassing the 3.5-million-point milestone for the first time.
A Tuesday report by IRNA showed that the main index of the Tehran Stock Exchange (TSE) had climbed to 3.527 million points earlier in the day.
The index had previously slipped by nearly 0.3 million points to around 2.5 million points over the summer after many investors sold holdings following an Israeli attack in June and amid rising global gold prices.
The main index on Iran’s Farabourse, an over-the-counter market for trading securities and other financial instruments, also gained 21 points to reach 29,753 points on Tuesday, IRNA reported.
The total market value of the TSE rose to 104 quadrillion rials (over $84.5 billion), up from 78 quadrillion rials in early September.
More than 35 billion shares were traded in over 574,000 transactions in the TSE’s main hall on Tuesday.
The total value of traded shares stood at more than 175.5 trillion rials, down from 614.17 trillion rials a day earlier.
The stock market rally follows expectations of a decline in gold prices and stronger returns from equities in the coming weeks.
The gains came as currency prices showed slight easing, with the US dollar closing at 1.23 million rials on Tuesday, down from the record 1.25 million rials posted the previous day.
A gram of gold was priced at more than 127 million rials in Tehran’s market, up 0.49% from Monday.
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