Tehran stocks surge 2.6%, break above 4.8m points in record rally
The benchmark Tehran Stock Exchange (TSE) index rose 2.61% on Sunday to surpass the 4.8- million-point resistance level and close at 4.818 million points, extending a record-setting rally.
According to IRNA, the benchmark index gained 122,000 points at the close of trading, while the equal-weight index climbed 33,590 points to reach 1.299 million points.
The biggest contributors to the benchmark’s advance were National Iranian Copper Industries Co., Shiraz Petrochemical Co. and Esfahan Oil Refining Co.
The most actively traded stocks were Iran Khodro Co., SAIPA Co. and Bank Mellat.
Trading in Bank Mellat totaled 9.7 billion shares worth 12 trillion rials (about $7.0 million), while 22.3 billion shares of Iran Khodro changed hands with a value of 12 trillion rials.
Tehran stocks also hit a record closing high last Sunday as the benchmark index jumped more than 101,000 points, or 2.3%, to close at 4.493 million points.
The gains came after months during which the TSE faced heavy pressure from wartime conditions, political uncertainty and a prolonged trading halt, prompting many market participants to adopt a cautious outlook.
Trading on the TSE resumed after an 80-day suspension on May 19, with Iranian equities ending the session stronger than expected and showing early signs of stability following the prolonged halt caused by the war.
The stock market had been closed since February 28 following US and Israeli attacks on Iran and the outbreak of war.