Tehran stocks hit record high above 6m points
Economy Desk
Tehran's main stock index rose more than 126,000 points on Saturday, breaking above the 6- million-point mark for the first time as the market began the new week with a strong rally.
Thran's main stock index rose 1.83% on Saturday to close at 6,061,000 points, its highest level on record, as liquidity continued to flow into the stock market.
The benchmark index gained 126,447 points by midday, building on gains in recent trading sessions that have been accompanied by increased demand and significant inflows of liquidity into the stock market, according to ISNA.
The index had been steadily approaching the 6-million-point level in recent days and reached the 5.9- million-point range on Wednesday.
The broad-based rise was not limited to a handful of stocks, with increased demand across the market helping drive the index higher. By midday, about 293,785 trades had been recorded, while trading value exceeded 12 trillion rials.
Tehran stocks rank second globally
in June returns
The strong performance follows a 20.4% monthly gain in Tehran's price index in June, which ranked the exchange second among 75 major stock markets worldwide, according to the World Federation of Exchanges.
Tehran's price index rose 20.4% from the previous month to 884,239 points in June, the federation's latest report showed.
Spain's Valencia Stock Exchange ranked first, with a 23.4% gain, while Indonesia ranked third with a 19.1% increase.
Twenty-four major stock markets recorded declines in June, including US and some European and Arab markets. The Nasdaq fell 2.8% during the month, while the New York Stock Exchange index declined 1.1%.
Most Arab stock markets also fell. Saudi Arabia's index declined 2.5%, Abu Dhabi's fell 0.3%, Kuwait's dropped 1.2% and Jordan's Amman Stock Exchange declined 5.2%.
Hong Kong recorded the steepest decline in June, falling 10.9%, followed by Luxembourg, which fell 10.2%.