Iran: Shares Open on High Note

Leaving behind a two-day correction phase, Tehran stocks opened Saturday in positive territory amid spike in foreign exchange rates, which always whet investor appetite for commodities and other export-based stocks.  
The main index of Tehran Stock Exchange, TEDPIX, gained 54,711 points for the day, climbing 2.88% to end trading session at 1,955,858.
Stocks rallied in tandem with the currency market on Saturday. Besides creating inflationary expectations, the soaring value of the dollar helps export companies earn more when their earnings are converted into rials.