Iran stock market climbs for second day after vote

Hassan Rowhani’s victory at the presidential elections led to a two-day rise in the Iranian stock exchange. (Reuters)

Iran’s stock exchange on Sunday climbed for the second continuous day following the surprise election of a reformist-backed president.

The morning’s rise came after a night of a celebration in Tehran, as the announcement of Hassan Rowhani’s victory sent tens of thousands of jubilant supporters into the streets. Cars honked and blared music ranging from patriotic songs to the Lambada.

Riot police, who were frequently deployed on Tehran streets in the run-up to Friday’s vote, were conspicuous in their absence. State TV showed footage of the celebrations and rebroadcast a speech he made after his victory was announced Saturday, asserting Iran’s readiness to improve its ties with the world.

“Now, there is an opportunity in the international scene for those who support democracy to speak to this great nation through respectful and fair language while admitting its rights,” Rowhani said.

Sanctions imposed on Iran by the West over its suspect nuclear program have devastated the economy. The West suspects Iran is pursuing weapons technology, a charge Iran denies.

The website of the Tehran Stock Exchange said the market jumped 837 points by mid-morning Sunday, reaching 47,460 from its Saturday close of 46,623, almost a 1.8 percent increase.

On Saturday the stock exchange index improved by 2 percent while Iran’s national currency, the rial, strengthened by 9 percent against the U.S. dollar.

Foreign currency shops Sunday traded each U.S. dollar for 34,200 rials compared to 36,300 rials Thursday, the eve of the election.

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Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40
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