Bourse Extends Losses

Tehran stocks slumped again on Sunday for the third session in a row as the correction phase lingers under panic selling by retail investors.
The benchmark of Tehran Stock Exchange, TEDPIX, shed 29,741 points losing 2.05% to close trade at 1,420,484.
The market went into a correction phase after the TEDPIX reached 1.56 million points last week. The downswing is linked to a combination of factors, most notably concerns about the Central Bank of Iran’s decision to raise interbank rates and worries about the decline in international commodity prices, according to Homayoon Darabi, a market expert.