Tehran stocks fall as refinery selloffs pile pressure

Financial Tribune – Tehran Stock Exchange began trading week in negative territory amid volatile global markets and selloff pressure in refinery stocks spurred by the decline in global crude prices in recent days.

The symbol tickers of all refinery stocks were down to the minimum daily price that brought down the main gauge of TSE up to 1,300 during the mid-day trade. However, with investor sentiment abating in the later hours of trading day, refinery stocks began to make a comeback.

According to a Reuters report, oil prices plunged on Thursday, losing about 5% as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.