Tehran stocks get winter chill as oil keeps falling

Financial Tribune – Tehran Stock market on Saturday capped a tumultuous three months with another substantial drop.

After a roller-coaster ride through autumn that saw the market make historic gains on a plunging rial, the TEDPIX fell nearly 1% to finish the first trading day of winter at 154,505.5– a point considered to be the market’s support level not easily to be broken before the yearend in March.

The drop in oil prices in the days prior to Saturday’s session was the main reason behind the heavy pressure on refinery stocks, causing them to act as a drag on the main index.

Oil prices extended this week’s sell-off on Friday, posting the worst weekly performance in nearly three years, as global oversupply kept buyers away from the market ahead of the New Year festivities.