Tehran Stocks in Correction Phase

After rallying two sessions in a row, Tehran stocks went into correction phase on Tuesday as the benchmark of Tehran Stock Exchange failed to advance above the resistance level of 1.3 million point.
TEDPIX, the main gauge of TSE, lost 414 points or 0.03% to end trading at 1,303,921. The TSE’s equal-weighted index shed 0.08%, indicating that both small and large caps had a lukewarm performance.
Main losers were agriculture, metal, electronic, cement and transportation stocks while shares in banks, pharmaceutical, refinery and mineral companies were among the top gainers.
Total value of trade declined 51% to reach 164.2 trillion rials ($670 million). However trade by retail investor increased 9.3% compared with a session earlier, amounting to 73.86 trillion rials ($301m).