Iran stock market climbs for 2nd day after vote

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A supporter of Iranian presidential candidate Hasan Rowhani holds up his poster while celebrating Rowhani's victory, in Tehran, Iran, Saturday, June 15, 2013. Wild celebrations broke out on Tehran streets that were battlefields four years ago as reformist-backed Rowhani capped a stunning surge to claim Iran's presidency on Saturday, throwing open the political order after relentless crackdowns by hard-liners to consolidate and safeguard their grip on power. (AP Photo/Ebrahim Noroozi)

TEHRAN, Iran (AP) — Iran's stock exchange on Sunday climbed for the second continuous day following the surprise election of a reformist-backed president.

The morning's rise came after a night of a celebration in Tehran, as the announcement of Hasan Rowhani's victory sent tens of thousands of jubilant supporters into the streets. Cars honked and blared music ranging from patriotic songs to the Lambada.

Riot police, who were frequently deployed on Tehran streets in the run-up to Friday's vote, were conspicuous in their absence. State TV showed footage of the celebrations and rebroadcast a speech he made after his victory was announced Saturday, asserting Iran's readiness to improve its ties with the world.

"Now, there is an opportunity in the international scene for those who support democracy to speak to this great nation through respectful and fair language while admitting its rights," Rowhani said.

Sanctions imposed on Iran by West over its suspect nuclear program have devastated the economy. The West suspects Iran is pursuing weapons technology, a charge Iran denies.

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.

Foreign currency shops Sunday traded each U.S. dollar for 34,200 rials compared to 36,300 rials Thursday, the eve of the election.