Tehran Market: Refiners Lead Stock Slide as Losses Mount

Refineries led the slide in Tehran stocks Tuesday as an early rally faded, giving the benchmark TEDPIX index its fourth straight loss.
Petrochemical stocks also helped pull the market lower, outweighing gains by food stocks. Oil prices continued a steep slide early Tuesday, as concerns that slowing global growth could further hinder demand for crude outweighed production cuts by the Organization of the Petroleum Exporting Countries.
Extending a decline from Asia, January West Texas Intermediate crude dropped $1.54, or 3%, to $48.33 a barrel.  The bearish oil prices came as investors are dealing with a dearth of positive news on the domestic front.