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.