Iran stock market climbs for 2nd day after reformist-backed president's victory

  • Updated: June 16, 2013 - 2:00 AM

TEHRAN, Iran — Iran's stock exchange is climbing for the second continuous day following the surprise election of a reformist-backed president.

The rise came after a night of a celebration in Tehran, with cars honking and blaring music ranging from patriotic songs to the Lambada.

State TV showed people celebrating the victory of Hasan Rowhani and rebroadcast a speech he made after his victory was announced Saturday, asserting Iran's readiness to improve its ties with the world.

The website of the Tehran Stock Exchange said the market jumped 837 points by mid-morning Sunday, reaching 47,460 from its Saturday close of 46,623, almost a 1.8 percent increase.

On Saturday the stock exchange index improved by 2 percent while Iran's national currency, the rial, strengthened by 9 percent against the U.S. dollar.

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