Heading into the final round of matches without a defeat, Maqsoudlou needed a win to finish atop the 10-man table but a loss to Russian Alexander Grischuk saw the Iran stand third with 5.5 points.
The host’s 19-year-old prodigy Nodirbek Abdusattorov tallied six points for the top spot, with fellow-Uzbek teenager Javokhir Sindarov finishing runner-up with six points.
Kasimdzhanov and Azerbaijani Shakhriyar Mamedyarov shared the third spot with Maqsoudlou.
Nine rounds of rapid chess were played over two tournament days, with a time limit of 15 minutes plus 10 seconds per move.