Stock Gains Give Way to Losses in Tehran

Tehran stocks began trading week on Saturday on a strong note but pared gains later as sell-off pressure mounted on a broad range of shares.

The benchmark of Tehran Stock Exchange, TEDPIX, gained 20,000 points in early trade before losing half an hour later. TEDPIX closed the day 4,000 points higher to gain 0.24%, standing at 1,615,531 points.

The sell-off was apparently sparked by the reports that the stock market regulator had decided to prohibit day trading in the volatile market to discipline speculators.