Tehran stocks rose solidly on Sunday, recording another all time high for the equity market and topping off a series of back-to-back records that has kept the market heated since summer. The new rally is a sign that investors remain sanguine about market prospects and the larger economy at the outset of autumn.
The market’s main index, TEDPIX, closed up 2.8% to reach 165, 057, 44 points. Sunday’s growth surpassed that of Saturday which saw TEDPIX leap 2% on the last day of summer.
A parade of positive developments has turned the equity market into a new darling of investors, most notably the rial’s steep slide against the US dollar, the Central Bank of Iran’s embracing of market-friendly policies in the currency market and similar measures by the Ministry of Industries, Mining and Trade to end price caps for minerals and base metals in Iran Mercantile Exchange which favored a small group of investors.