Tehran stocks retreat to 3-month low

Financial Tribune – Iran’s main stock market closed at a three-month low Wednesday amid a bearish global market and weak oil prices.

Wednesday’s session, which marked the last trading day in the fall, saw Tehran Stock Exchange’s main gauge tumble to the 156,000 level which is only two points away from the 154,000 point–a level most analysts believe to be the support level that the market will not break until the yearend on March 20.

Global equity and crude oil markets attempted a tentative recovery on Wednesday after three days of sharp losses that saw investors seek out the safety of bonds amid mounting pessimism over world growth.