Tehran stocks fall on bruising selloff

Financial Tribune – Tehran stocks took a drubbing on Sunday as investors rushed to sell in order to save gains amid the prospect of a prolonged bear market.

The main gauge of Tehran Stock Exchange dropped more than 7,000 points for day to 320,211, sending TEDIX 2.1% lower.

Selloff pressure for stocks of Bank Mellat in the early hours of trading bode ill for investors long waiting for a market correction.

The lender has led top-performing companies in the stock market since its symbol ticker reopened on Wednesday.

There was a massive sell-off in 72 symbol tickers a quarter to closing trading session at 12:30 p.m. local time, according to Donyaye Bourse website.