Tehran stocks advance

Financial Tribune – Tehran stocks opened trading week 3.3% higher on Saturday gaining close to 41,000 points as the market defied the negative political climate and rallied on rising currency prices. The rally put the benchmark of Tehran Stock Exchange, TEDPIX, at 1,270,602 points.

Saturday marked the end of the first of quarter of current Iranian fiscal year when the stock market experienced a big boom by recording 143% gain.

Spike in foreign currency prices and the ensuing real and expected inflation growth boosted price prospects for most listed companies, which consequently should increase their share prices in the near future.