Tehran stocks extended a losing streak into the third session Tuesday amid relentless sell-off. The main index of Tehran Stock Exchange shed 55,834 points, pulling down TEDPIX by 3.8%. The index closed trade on Tuesday at 1,428,324.49.
As in the recent past, the downturn was spurred by sell side pressure in major large cap stocks as indicated in the 4.4% decline in the TSE-30 Index that tracks the performance of top 30 listed companies in terms of market capitalization.
The trend soon extended to shares of smaller listed companies, pushing down the equal-weighted index by 2.4%. Observers blame market makers and institutional traders for the excess supply of shares in three days.
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