Iranian stocks rise after hypersonic missile is unveiled
Iranian stock markets were bullish while foreign exchange prices dropped right after the country’s unveiling of a first home-made hypersonic missile which experts said had injected confidence in the markets.
The main index in Tehran Stock Exchange (TSE) rose by nearly 0.5% to 2.289 million points on Tuesday, according to a report by IRNA .
Total trade in the TSE reached 78.812 trillion rials (over $157 million) as nearly 10 billion shares changed hands in the exchange on Tuesday.
IRNA said in a report that the early on Tuesday unveiling of Fattah hypersonic missile by Iran’s elite military force, the IRGC, had positively impacted the markets in the country.
Experts said the unveiling had instilled a sense of hope in those investors who are normally wary of risks that could be posed by a military confrontation between Iran and regional or international adversaries.
Iran’s currency the rial firmed against the US dollar after the news of Fattah’s unveiling came out. The rial closed at 509,000 against the greenback late on Tuesday, up from 512,000 reported at the close of trade a day earlier.
The rise in the markets comes against the backdrop of other positive political and military developments reported by Iran in recent days.
The country announced on Monday that it would finally reopen its embassy and other diplomatic missions in Saudi Arabia later in the week as part of a rapprochement deal brokered by China in March.
Iran’s Navy also announced last week that it will soon form an alliance with maritime forces of Arab countries of the Persian Gulf in a bid to boost regional security.
ME
