Iran stocks gain 1.5%

Tehran: Iranian stocks headed for the highest level in more than five months after sanctions imposed to punish the country for its nuclear programme were lifted. Equities in Dubai and Abu Dhabi tumbled.
The TEDPIX Index climbed 1.5 per cent to 65,829.7 in Tehran to the strongest level since August on a closing basis, according to data on the bourse’s website. The gauge rose 2.1 per cent on Saturday. Dubai’s DFM General Index sank 6 per cent, the biggest loss in five months. Abu Dhabi’s ADX General Index reached the threshold for entering a so-called bear market.
Iran has complied with the terms of an international agreement to curb its nuclear development programme, allowing it to move out from under the yoke of crippling economic sanctions, the United Nations’ nuclear agency announced on Saturday. The country is seeking to attract at least $30 billion in foreign direct investment over the next five years, President Hassan Rouhani said in a televised speech.
“Investors shouldn’t look at Iran to make a quick buck but rather invest with a long term view to benefit from the best performing market of the next five years," Ramin Rabii, the chief executive officer of Tehran-based Turquoise Partners, said on Saturday. “We expect the Iranian economy to grow at a rate of 6 to 8 per cent for several years.”
Revenue from oil will act as a “supplementary income" for the country, Rouhani said. Brent crude sank more than 6 per cent on Friday to a new 12-year low as Iran moved closer to restoring exports.
“Oil breaking below $29 oil price has urged more investors to sell," Talal Touqan, the head of research at Abu Dhabi-based Al Ramz Securities.