Tehran stocks hit record 6.9m points on strong buying
Tehran’s main stock index closed at a record high on Monday, breaking through the 6.9-million-point level for the first time as the market extended its recent rally.
Trading was marked by successive records from the opening minutes, with the index jumping 2.5% to enter the 6.8-million-point range. Buying queues remained strong through the session, keeping the market firmly in positive territory.
By the close, the benchmark index had gained 184,000 points, or 2.7%, to reach 6,907,000 points, according to IRNA.
The equal-weighted index also rose 48,000 points to about 1.9 million.
Shares of Mobarakeh Steel Company (FMLY) and Persian Gulf Petrochemical Industries Company (FARS) contributed 34,000 and 15,000 points, respectively, to the benchmark’s rise, while Amin Investment Bank (AKO) and Bank Mellat (VBMELAT) were among the most actively traded stocks.
Total trading value reached 2 quadrillion rials, equivalent to approximately $895 million, while retail trading stood at 378 trillion rials, or roughly $169 million.
The over-the-counter index also advanced 1,302 points, reaching 5,366 points for the first time.
The strong performance follows a 20.4% monthly gain in Tehran’s price index in June, placing 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.
The gains came after months of heavy pressure on the Tehran bourse from wartime conditions, political uncertainty and a prolonged suspension of trading, which had prompted many investors to take a cautious approach.
Trading on the Tehran Stock Exchange resumed on May 19 after an 80-day suspension. Iranian equities ended the first session higher than expected, showing early signs of stability after the prolonged halt caused by the war.
The stock market had been closed since Feb. 28 following US and Israeli aggression against Iran.