News ID: 270862
Published: 0217 GMT June 30, 2020

Iran stocks set record high in five decades

Iran stocks set record high in five decades
IRNA

Economic Desk

The Iranian stock market on Tuesday made its biggest single-day gain in a half century, rising nearly 65,000 points and breaking the threshold level of 1.5 million points.

The Tehran Stock Exchange (TSE) advanced on Tuesday with main index TEDPIX rising 4.38 percent to hit 1,546,849 points.

A total of 5.8 billion securities valued at nearly 104 trillion rials ($515 million) were traded at the over-the-counter exchange in some 1.16 million exchanges in the TSE.

Persian Gulf Petrochemical Industries Company gave the biggest boost to the benchmark index, followed by Mobarakeh Steel Company, and National Iranian Copper Industries Company.

The main index at Iran Fara Bourse, a subsidiary of the TSE for trading securities and other financial instruments, also climbed by 563 points to reach 16,516 points.

Middle East Mines Industries Development Holding Company had the highest number of traded shares and trade value as 27.4 million of its shares worth 486 trillion rials ($2.4) were traded.

Booming trade at the TSE comes despite expectations outside Iran that the country would face a dire economic situation because of a continued drop in the value of the national currency rial.

Money exchange shops traded the Iranian rial above 200,000 for a dollar on Tuesday. 

The rial has tumbled from a rate of 32,000 rials to $1 at the time of the Iran 2015 nuclear deal with world powers. The currency unexpectedly rallied after President Donald Trump's decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions on Iran more than two years ago.

The sanctions have caused Iran's oil exports, the country's main source of income, to fall sharply.

The government says prices would return to normal once Iran gets hold of a series of funds blocked outside of the country because of the US sanctions.

Governor of the Central Bank of Iran Abdolnaser Hemmati said Saturday that the CBI has injected hundreds of millions of dollars to stabilize the currency market.

The official exchange rate is 42,000 rials per dollar and is used mostly for imports of state-subsidized food and medicine.

 

 

 

 

   
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