Tehran stock market soars to record high
The main index of the Tehran Stock Exchange, TEPIX, has soared to a record high, despite the US-led sanctions imposed on the Islamic Republic of Iran, PRESS TV reported.
Earlier, the U.S. Senate unanimously approved economic sanctions on Iran targeting the country's oil industry, despite warnings the move could backfire. The measures, passed by 100 votes to nil, would ban foreign firms from doing business with the Iranian Central Bank.
The benchmark index gained 240 points to close at an all-time high of 24,356 on Sunday. The surge mostly occurred due to Iran's copper, steel, and petrochemical industries as investors traded shares worth $36.4 million.
Founded in 1967, the Tehran Stock Exchange has been one of the world's best performing stock markets in recent years and has ranked as the best bourse index in Europe, Africa and Middle East in 2010 in terms of performance of the main index.
The TSE's annual growth rate of main indices was also ranked as the second best among all members of the World Federation of Exchanges (WFE).
The WFE is the association of 52 regulated exchanges around the world which aims to develop and promote standards in markets.
Edited by S. Isayev