Tehran stocks dip into correction phase

Financial Tribune – Tehran Stock Exchange lost close to 1% in Wednesday trade. The TSE’s main index, TEDPIX, shed 1,972 points to stand at 199,918 points, dropping below the supportive level achieved barely two days ago.

It seems that after remarkable gains in the past few days, the market is beginning to correct as many market participants, who were in the buying position in recent days, adopt a selling stance in Wednesday trade.

According to Donyaye Bourse analytical website, the corrective move which started Tuesday, gained momentum on Wednesday.

About 83% of the total symbol tickers were red in the early hours of the trade, overloaded with excessive selloff pressure. Banks, sugar and pharmaceutical groups contributed mostly to the selloff.