Financial Tribune - Equity indices extended decline in the third session on Monday, tracking weakness in commodity stocks and uncertainty regarding the future of export-based companies. Heavy selling was witnessed in at the petrochemical, banking and mineral counters.

Tehran Stock Exchange main index had shed 1,600 points on Sunday and the slide continued on Monday, albeit with less intensely. Auto and refinery stocks had investors' appeal, thanks to the capital boost for carmakers and new attention toward big refiners.

Commenting on the recent bear market, Shahin Cheraghi, a market analyst said Iran's capital market usually follows the country's economic landscape as indices are heavily reliant on petrochemicals, mineral and steel products.