Iran Gov’t Reversal Rattles Share Market

Tehran stocks took an unexpected drubbing Monday following reports that the government had a change of heart and was suspending share offers in four refineries via exchange-traded funds. 
The Tehran Stock Exchange opened Monday’s session on a strong note and its main index, TEDPIX, gained more than 26,000 points in the early hours of trade before investors lost sentiment and rushed to sell on the perception that shares in big listed companies, mostly affiliated to the government, could plunge as the ETF divestment scheme is no more.  
With sell-off pressure piling up, TEDPIX pared gains and lost 13,437 points to close 0.65% lower. The equal-weighted index fell by 1.62%.