Middle East

Iran's stock exchange hits 1-year high after nuclear deal

The Tehran Stock Exchange has rallied to a one-year high after Iran's landmark nuclear deal with world powers went into effect last month, a spokesman for the exchange said Tuesday.

Hamid Rouhbakhsh said the volume of daily trading has increased from $40 million to $133 million since the implementation of the deal, which lifted international sanctions in exchange for Iran restricting its nuclear activities.

"Since the implementation of the nuclear deal last month, the stock index has experienced 15-percent growth in terms of share turnover alone," he told The Associated Press.

"The total trade value is not remarkable yet, but it is a very good indication that foreign investors are now more enthusiastic about our market than before," he added.

Stockbroker Tahereh Mollaie said that after the nuclear deal "everyone was a little bit doubtful, but now we can say that trust is returning to the market."

Iran expects an economic bonanza after the lifting of sanctions, which will allow it to access overseas assets and sell crude oil more freely.