Tehran Stocks Down 1.4 Percent

After a flat performance a day earlier, the stock market in Tehran took a drubbing Sunday as the sell-off impulse hit  stocks of a wide range of companies. 
The main gauge of Tehran Stock Exchange shed 4,544 points for the day, sending TEDPIX 1.48% lower to 302,340.7 as financial markets continued to react to the government’s decision to ration gasoline and raise fuel prices. 
The market on Sunday featured widespread sale in refinery shares soon after major listed refinery companies enjoyed rarely seen price hikes following investors rush to purchase stocks in this category. 
Refinery shares were well received by investors on Saturday as they expected rising prices in shares of this category following a three-fold rise in the price of unsubsidized gasoline on Friday.