Iran stocks rally on upbeat reports from G7 summit
Optimism about the future of a political standoff between Iran and the United States that followed the summit of G7 industrial nations in France have pushed stocks in Iran higher as main indexes rally to record levels.
A report by the IRIB News on Tuesday said that TEDPIX, the main index in Tehran Stock Exchange (TSE), rose 1.31 percent to 278,469 points while the price index TEPIX was also up 1.31 by gaining 967 points to stand at 74,844.
A total of 4.401 billion shares were traded in the TSE in 420,000 times of exchange on Tuesday with an overall value of 17.340 trillion rials (over $155 million), said the Tasnim news agency.
The highest-yielding shares traded in the market on Tuesday were for publication and printing companies, followed by firms active in engineering and construction, communications, garment, woodwork and paper production sectors.
The rally came against the backdrop of reports from a summit of G7 industrial countries in France where leaders agreed to find a solution to a stalemate between Iran and the United States.
The upbeat data pushed Iran’s currency rial higher against the US dollar as many household flocked to the markets to sell their foreign currency savings.
TSE chief Shapour Mohammadi confirmed that the G7 meeting had impacted the trades in the stock market. He told the ILNA news agency on Tuesday that a trip two days earlier by Iranian Foreign Minister Mohammad Javad Zarif to France to meet French officials concurrent with the G7 summit helped stocks rally.
Mohammadi said the value of shares traded in the TSE and a subsidiary market meant for securities had increased by more than three times to reach a daily record of above $270 million.
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