Iran: Stocks nosedive as national currency gains

Financial Tribune – Another reason for the selloff was said to be Saturday’s initial public offering of Gohar Zamin iron Ore Company on the junior market Farabourse

Tehran equity market nursed losses for the second straight day on Saturday as nervous investors took money off the table amid a rising rial and falling commodity prices.

The benchmark TEDPIX index plunged 3,175.02 points to end at 178,819.3 while Iran Fara Bourse’s main index IFX lost 45.52 points or 2.33% to close Saturday trade at 1,911.63.

According to analysts, the main reason behind the selloff was the gain for the national currency, which has been gaining in the past week, reversing the trend of the past six months during which it lost nearly 70% of its value.