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Iran stocks hit record high

WT24 Desk

TEHRAN – Tehran stocks closed at an all-time high on Saturday after five days of consecutive gains despite the collapse of the Iranian rial, AFP reports.

The market’s main index, TEDPIX, closed up 1.97 percent to reach 158,119.2 points.

Prices have been on the rise at the Tehran Stock Exchange for the past three months, with the rial’s fall against the US dollar having hiked export revenues for petrochemical and base metal firms.

TEDPIX has gained close to 65 percent over the past six months, around five percent less than the amount that the rial has lost against the dollar in the past year.

The rial has been falling under increased hostility from the United States and the impact of its withdrawal in May from the 2015 nuclear deal.

Washington reimposed a first round of sanctions on Iran in August and  another set is to follow in November.

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