Iranian stocks hits new high despite grim outlook for rial
Iranian stocks keep surging to new highs despite a dire situation in the country’s forex market where the national currency rial keeps falling against major international currencies.
The Tehran Stock Exchange (TSE) kept advancing on Sunday with main index TEDPIX rising 2.38 percent to hit 1,300,827 points.
A total of 12.5 billion shares changed hands in 1.6 million exchanges in the TSE on Sunday, bringing nearly 146 trillion rials ($740 million) to the market. The total value of the TSE rose to more than 48,648 trillion rials ($247 billion).
A report by the IRIB News said that Mobarakeh Steel, Persian Gulf Petrochemicals and National Iranian Copper had the highest positive impact on TEDPIX on Sunday.
The main index at Iran Fara Bourse, a subsidiary of the TSE for trading securities and other financial instruments, also rose by 284,000 point to reach 14,464 points, said the IRIB News.
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.
The rial closed at 197,000 against the US dollar on Sunday, down nearly 3.7 percent compared to the previous day of trade in the unofficial currency market in downtown Tehran.
The fall is the deepest to come for the rial since Iran came under a series of unilateral American sanctions in November 2018.
However, the government, which maintains an official price of 42,000 for the rial against the dollar, 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.
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