Tehran Stocks Fall for Third Day in a Row

Tehran stocks retreated for the third consecutive day on Monday as base metal and steel shares came under further pressure and the rial strengthened. 
However as the early day selloff was sending Tehran Stock Exchange's main gauge, TEDPIX, into the red for the fall, news that a state regulator has authorized price hikes for domestic cars sent their stocks higher and prevented a worse rout for the market. 
News outlets reported that automakers will soon raise factory prices by an average of 70-100%. The news should apparently be a relief for an industry, which  despite an iron-clad monopoly has been sinking in red ink for years.