The Iran Project

Share market races 3% higher

Financial Tribune – Tehran Stock Exchange closed Wednesday’s session 3.18% higher, with its main gauge, TEDPIX, gaining 35,561 points to close trading week at an all-time high of 1,153,679 points.

The rally came amid fresh demand for shares of key firms after stocks tumbled for two sessions in a row, spurred in part by spike in currency prices.

Major currencies gained against the rial on Wednesday after some semblance of stability for nearly two weeks. The dollar briefly touched 180,000 rials at Tehran’s open market before retreating to 179,000 rials. The greenback at moneychangers affiliated to Central Bank of Iran soared close to 2% to 172,550 rials.

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