Share Market Rally Loses Momentum

A sharp rally that dominated Tehran stocks for more than a week lost momentum on Sunday as sell off increased when most investors sold shares to save gains.
The benchmark of Tehran Stock Exchange, TEDPIX, closed 4,747.43 points or 0.38% higher to end trade at 1,238,485.75. The gain was much lower compared to the 3.9% rise in the past two sessions.
Stocks were choppy during the session. The market cap-weighted TEDPIX was in the red in the early hours of trade before creeping into positive territory in mid-trade. Sell-side pressure mounted again in late hours of the session.  
Reflecting the performance of penny stocks, the TSE’s equal-weighted index also climbed 0.37%.  About 9.54 billion shares valued at 72.88 trillion rials ($303.6 million) changed hands at TSE for the day.