TEDPIX Falls in Correction Phase

Petrotahlil-Stocks lost ground on the Tehran Stock Exchange in a correction phase to cool down recent market overheating, with the benchmark TEDPIX  falling for after nine straight positive sessions.

The TEDPIX plunged 7,220.79 points on Tuesday, or 3.69%, to close at 188,259. On Monday, the key market gauge had gained only 376 point, which was a cooling of activity after a series of back-to-back records in recent weeks.

The market’s downside was in fact anticipated and even welcomed by analysts who saw the ongoing rally, initially amplified by fundamental factors, deteriorate into speculative behavior by investors who looked to stocks as a way to protect their wealth as the rial plummeted against the US dollar.