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Iran stock exchange grows 7% after Rohani election

Source: Press TV

Iran stock market has witnessed a vigorous growth over the past days following the victory of Hassan Rohani in the June 14 presidential election, Press TV reports.

"During this week, there has been a growth of seven percent in the stock market from 45,670 points last week to 48,919 this week. This shows an increase of 3,250 points," said deputy head of Tehran Stock Exchange (TSE) Ali Sahraei.

"This growth is expected to continue next week. Before the election, there were doubts in the market, so it was difficult to make decisions. But the election of the new president with plans, including improvement of ties with all countries and economic development, led to the gradual increase in profits," he added.

Rohani secured an outright victory in Iran's presidential election by winning more than half of the total 36 million ballots cast.

Nearly 50.5 million Iranians were eligible to participate in the presidential election. The voter turnout in the election was 72.7 percent, according to the Interior Ministry.

Officials say the new trend in Iran's stock exchange market, which started Saturday, will continue next week, because relative tranquility has returned to Iran's economy.

"I strongly reject rumors that the rise in Iran stock exchange index is a bubble, because Iran stock exchange has unique variety of industries like banks, petrochemicals, refineries and many companies acting in the mining sector. So, there are a large number of players involved in the growth of Iran's market," Sahraei said.

Rohani launched his presidential campaign on the platform of developing Iran's economy and improving ties with the world.

Analysts say these policies might improve Iran's relations with the West, which has long adopted a hostile approach toward Tehran over its nuclear energy program.

Moreover, TSE has modernized its system in an attempt to boost market transparency and attract more domestic and foreign investors. The new system makes it possible to purchase and sell stocks on the same day.

Since 2011 investors have been able to trade in the Iranian stock exchange through the Internet from anywhere in the world, or get all the necessary information before traveling to Iran.

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