Iran stocks extend rally as TSE index surpasses 4 million points
Stocks in Iran continue to rise as the country’s main stock market has witnessed a major surge in capital inflows.
The official IRNA news agency reported on Wednesday that the main index of the Tehran Stock Exchange (TSE) had climbed to 4.028 million points earlier in the day, up 92,787 points from the previous session.
The milestone comes after the TSE index had fallen to around 2.5 million points over the summer, when many investors sold off holdings following an Israeli attack in June and amid rising global gold prices.
The total market value of the TSE rose to 120 quadrillion rials (more than $89.5 billion) on Wednesday, up from 104 quadrillion rials reported in early December and 78 quadrillion rials in early September.
Local media reports said stock yields had reached 55% over the past four months, outperforming returns from hard currency and gold markets over the same period. The reports added that share trading had generated returns of 38% over the past nine months.
More than 40.8 billion shares were traded in over 590,000 transactions, with a total value of 189.75 trillion rials, in the TSE’s main hall on Wednesday.
The main index of Iran’s Farabourse, an over-the-counter market for trading securities and other financial instruments, also gained 741 points to reach 33,894 points.
The best-performing sectors included metals and petrochemical companies, banks, and two state-run investment holdings.
The stock market rally came as gold and hard currency prices also continued to rise in Iran’s free market.
The US dollar was traded at 1.34 million rials on Wednesday, up from 1.32 million rials a day earlier.
Meanwhile, the price of one gram of gold rose to more than 145 million rials in Tehran’s market, marking a 1.59% increase from Monday.
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