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Tehran Stocks Drift Down 2.6%

Tehran Stocks Drift Down 2.6% Tehran Stocks Drift Down 2.6%

The benchmark of Tehran stocks shed 8,000 points on Wednesday, bringing down TEDPIX more than 2.6% lower amid a massive selloff of stocks. 
Following a series of consecutive rallies since the beginning of the calendar month on August 23, which pushed up TEDPIX above the psychological level of 300,000 points, stocks fell into a bearish trend on Tuesday spurred by investors’ push to save earlier profits. 
With the bearish trend gaining momentum on Wednesday, the benchmark retreated from the historic peak conquered in the beginning of the trading week on Saturday, to end trading week at 294,166 points. 
As seen in the previous session, commodity stocks were the main driving force behind the benchmark’s fall with the giant steel maker Mobarakeh Steel Company and major refiners taking the lead.

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