Tehran stocks plunge 2.7%

Financial Tribune – Tracking global markets, share prices in both Tehran Stock Exchange and over-the-counter Iran Fara Bourse took a beating on Monday.

TSE’s market cap-weighted index, TEDPIX, shed more than 14,800 points and closed the session 2.7% lower. Equal-weighted index dropped 1.91% to indicate smaller losses in small-cap companies.

Downturn in Tehran’s stock market started on Saturday amid increasing uncertainty among investors over the market regulator’s arbitrary decisions, and gained pace on Monday as an obvious response to trends in global markets.

The sell-off particularly hit petroleum-based stocks in refinery and chemical groups before extending to almost all other stocks throughout the trading session.