Stock market rises in Iran after election of reformist-backed president Hasan Rowhani

Iran's stock exchange is climbing for the second 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 television showed people celebrating the victory of Hasan Rowhani and rebroadcast a speech he made after his victory was announced on 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 on Sunday, reaching 47,460 from its Saturday close of 46,623 - almost a 1.8% increase.

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

AP