Sunday, 10 May, 2020

Tehran Stocks Exceed Key Level, Doubling Since First Virus Case - Bloomberg

The Tehran Stock Exchange’s main index of shares exceeded one million points for the first time on Saturday, extending the record highs reached as the benchmark more than doubled since Iran’s first recorded Covid-19 case.

The gauge rose 4.4% to close at 1,020,897, according to figures on the TSE’s website. The rally was mainly led by gains in industrial, petrochemical and mineral stocks such as Mobarakeh Steel Co., Persian Gulf Petrochemical Industrial Co. and National Iranian Copper Industries Co.

Stocks in Iran have rallied to record highs after the government announced plans to sell about $2 billion worth of state assets to raise money for the fight against the coronavirus pandemic. The benchmark index has surged by 113% since the country’s first Covid-19 case was recorded on Feb. 19. Iran had 106,220 cases and 6,589 deaths as of Saturday.

The rial’s value has declined since the U.S. quit the multipower nuclear deal with Iran two years ago and reimposed tough sanctions, leaving the stock market as one of the few attractive investments for Iranians.

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