Sunday, June 30, 2013

Tehran Stock Index at Historic High

Tehran Stock Exchange (TSE) index hit 50,000 today, a historic high. The automaker SAIPA, synthetic fiber producer Polyacryl Iran Corporation, and Iran National investment Corporation were the market’s top movers. Also trending were Isfahan Oil Refining Company, Persian Gulf Petrochemical Industry Company, and Parsian Oil and Gas Development.

Mahmoud Reza Khajeh-Nasiri, a TSE director, told reporters that investors’ growing “sense of optimism” about the situation in the country and a flood of new capital into the stock market were the main factors behind the sharp rise in the TSE index.  

Since Rouhani’s election, the growing sense of optimism is evident in the country, including in the stock market. The value of rial has also increased against the dollar since the election, contributing to the flood of new capital, as observed by Khajeh-Nasiri, from currency markets into stocks.

Chart credit: the graph shows the performance of TSE index in the first half of 2013 (BBC)

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