The Tehran Stock Exchange opened the week with the same picture it closed the last one on, but this time the gap was wider. At 10:54 on Saturday 10 Mordad 1405 (1 August 2026), the TEDPIX stood at 5,047,494 points, 27,605 points (0.55 percent) below the previous close, while at 10:58 the equal-weight index stood at 1,441,069 points, 8,261 points (0.58 percent) higher. The distance between the two gauges reached about 1.1 percentage points in a single session. The exchange's own trading system confirmed the same picture at 11:04:53: TEDPIX at 5,046,042 points, down 29,055 points (0.57 percent).
In plain terms, the market is not red today; its large caps are. The TEDPIX is capitalisation weighted, so a handful of large symbols can pull the whole gauge down while most shares are green. The equal-weight index gives every listed company the same weight, and that is why it is positive today. (Our lesson on how the headline and equal-weight indices differ explains exactly what each of these two numbers measures.)
Today's snapshot
| Market | Level | Change | As of |
|---|
| TEDPIX (headline index) | 5,047,494 pts | -27,605 pts (-0.55%) | 10:54 today |
| Equal-weight index | 1,441,069 pts | +8,261 pts (+0.58%) | 10:58 today |
| Iran Fara Bourse index | 40,949 pts | -19 pts (-0.05%) | 10:58 today |
| Free-market dollar | 192,400 tomans | last recorded quote | 8 Mordad |
| Exchange Centre dollar (sell) | 152,977 tomans | +0.13% | 08:04 today |
| Tether | 194,966 tomans | +0.71% | 10:59 today |
| 18-carat gold (gram) | 18,665,400 tomans | last recorded quote | 8 Mordad |
| Emami coin | 188,010,000 tomans | last recorded quote | 8 Mordad |
| Silver 999 (gram) | 378,270 tomans | +0.73% | 10:13 today |
| Spot gold | $4,045.17 | -0.05% | 00:31 today |
| Bitcoin | $63,092 | +0.16% | 10:58 today |
| Brent crude | $87.93 | broadly unchanged | 04:51 today |
Today's headlines
- Per SENA, the directive governing how listed public companies revalue their assets was approved (10 Mordad 1405).
- Per SENA, 354,000 tonnes of product go on offer at the Iran Mercantile Exchange on the first trading day of the week (10 Mordad 1405). Bourse News reported the same figure as 355,000 tonnes.
- Per a Securities and Exchange Organization research report, the physical trade value of Iran's commodity exchanges rose 95 percent in the first four months of this year to 1,563 hemat (SENA, 10 Mordad 1405).
- SENA's review of the Capital Market Development Fund: its retail purchases passed 41 hemat over the 46 working days since the equity market reopened (10 Mordad 1405).
- Per SENA, the Central Bank's high council issued a new version of the directive on divesting banks' surplus assets, clearing the way for those assets to be sold through the capital market.
Currency
The cash FX market had not posted a new quote by midday Saturday, and the last recorded price for the free-market dollar remains 192,400 tomans, dated 8 Mordad. The euro at 219,880 tomans and the UAE dirham at 52,688 tomans carry the same date.
The official rate, by contrast, is live: the Iran Currency and Gold Exchange Centre's dollar remittance rate stood at 152,977 tomans on the sell side at 08:04 today, up 0.13 percent, and at 151,600 tomans on the buy side at 09:32. The distance between the 8 Mordad free-market rate and today's agreed rate is about 39,423 tomans, close to 25.8 percent.
The number that actually moved today was Tether: 194,966 tomans at 10:59, up 0.71 percent. Because toman-quoted Tether trades all day and all week, it usually reacts before the exchange-shop boards do; today it sits 2,566 tomans (about 1.3 percent) above the last cash dollar quote. Treat this as an observation, not a forecast: until the cash market posts a fresh rate, the distance between these two numbers only shows that traders in the open market are bidding slightly higher. In the longer frame, TGJU records the dollar's year-on-year swing at 112.46 percent.
Gold and coin
The same cash-market silence applies to gold. The last recorded price for a gram of 18-carat gold is 18,665,400 tomans, the Emami coin 188,010,000 tomans and the Emami coin premium 3,278,000 tomans, all dated 8 Mordad with no fresh quote by midday today. The mesghal also remains at 80,849,000 tomans with the same date.
But two numbers in this market are live, and both rose: a gram of 999 silver reached 378,270 tomans at 10:13 today, up 0.73 percent, and spot silver stood at $57.63, up 0.27 percent. Spot gold meanwhile was nearly motionless at $4,045.17, down 0.05 percent.
TGJU's technical note dated 10 Mordad describes the situation this way: the mesghal has traded in a 76 to 83 million toman channel for about 15 days and now sits near the middle of that range, with the trading range compressing. Taken together, these three observations form one picture: the gold market is coiled and waiting for a catalyst, while its more liquid instruments (silver and Tether) drift up. This is an observation, not a directional forecast.
Stocks
Today's divergence continues the previous session. On Wednesday 7 Mordad the market closed with the TEDPIX down 33,913 points (0.66 percent) and the equal-weight index up 0.44 percent, and today from the opening bell the headline index was about 33,000 points (0.63 percent) lower before recovering part of the fall by 11am. That makes this the second consecutive session with the same pattern, and today the gap is wider than in the previous one.
On the news side, the most significant event today is regulatory: per SENA, the head of the capital market's legal advisory and regulation centre announced approval of the directive governing how listed public companies revalue their assets. Revaluation brings assets carried at historical cost closer to current value and opens the path to a capital increase from that source. The mechanism inherently concerns companies holding old, undervalued assets on their balance sheets, most of which carry small weights in the headline index. What share this news had in today's move is not yet clear and should not be attributed to it; for now it is simply one dated fact standing alongside one dated move.
Two further numbers frame the bigger picture. First, SENA's report on the Capital Market Development Fund: this support fund's retail purchases have passed 41 hemat over the 46 working days since the equity market reopened. Second, the exchange-traded fund market, reported at 53 hemat of trade value with 3.6 hemat of retail money inflow. SENA also recorded 62 hemat of securities and commodity trading across Iran's four exchanges for 7 Mordad.
Crypto
Bitcoin traded at $63,092 at 10:58 today, up 0.16 percent, calm and inside yesterday's range. Global Tether is pegged at $1.00, so the entire 0.71 percent move in toman-quoted Tether came from the rial side, not the dollar side. That separation matters: the toman Tether price is the global price multiplied by the domestic dollar rate, and when the global leg is fixed, a change in it is a domestic signal.
Iron and steel
On the factory-gate list dated 10 Mordad 1405, Arian Foulad 10mm A3 rebar sits at 69,550 tomans and A2 at 69,450 tomans per kilogram; 12mm rebar is 68,270 tomans in both grades and 14mm A3 is 68,180 tomans. The familiar pattern of prices sloping down as size increases shows up in this list too.
The commodity-exchange side is busier today: per SENA, 354,000 tonnes of product go on offer at the Iran Mercantile Exchange on the first day of the week, and the physical trade value of the commodity exchanges in the first four months of 1405 rose 95 percent year on year to 1,563 hemat. A 95 percent rise in value in a high-inflation economy does not necessarily mean a rise in volume and should be read with caution.
Cars
No fresh vehicle price was recorded in our price feed today. On the news side, Bourse News reported the Competition Council stepping in following a rise in complaints, and EcoIran covered changes to the functional rules of free zones and the car import route. A car industry analyst told Bourse News that short-term cheapening decisions should not set aside the mechanics of production, customs, tariffs and public revenue.
Building materials
No fresh building-material price was recorded in the feed today either. The one related dated figure is Bourse News's report that real-estate services inflation reached 37 percent, a number that shows the cost pressure along the construction chain without substituting for a live materials price.
Regional and global backdrop
In global markets, Brent crude was broadly unchanged at $87.93 at 04:51 today and spot gold stood at $4,045.17, down 0.05 percent. The euro to dollar pair was at 1.1531 and the dollar to yen at 157.45. SENA reported that Apple has become the most valuable company on the world's exchanges, and Bourse News noted that US economic growth slowed as the trade deficit widened; both matter to an Iranian trader through Federal Reserve rate expectations and therefore through the dollar and gold price.
On the regional beats, the dollar to yuan pair was at 6.7509 at 10:14 today, down 0.06 percent; the yuan is the direct channel for Iranian crude purchases. The dollar to Turkish lira was at 47.52 (9 Mordad) and the lira in the rial market at 4,060 tomans (8 Mordad), and Bourse News reported a 34 percent rise in Iranian gas exports to Türkiye, which bears directly on foreign-currency revenue. The Iraqi dinar was recorded at 128.8 tomans and the Russian rouble at 2,405 tomans, both dated 8 Mordad. In East Asia, SENA reported a triple-digit jump for a Chinese stock on its listing day following government support for semiconductors.
The takeaway
Today belonged to the stock market, but not the stock market the headline index shows. The verdict of the day: at midsession the equity market is giving two different pictures of itself, and the broader picture, the equal-weight index, is green. The one thing to remember: when the headline and equal-weight indices move in opposite directions, the red number in the headline is talking about a few large companies, not about the majority of the board. Outside the bourse, the cash gold and FX market stayed silent until midday and only silver and Tether moved.
What to watch today
- Today's 12:30 close: whether the TEDPIX to equal-weight gap stays open or closes by the end of the session.
- The first cash quote of the week in the dollar and gold markets, and how far it sits from today's Tether price.
- The results of today's 354,000-tonne offering at the Iran Mercantile Exchange and the prices discovered.
- Implementation detail on the asset revaluation directive and the first companies to use it.
- Upcoming events on the Sahmino market calendar, including the next Federal Reserve decision.
Every figure in this report carries a date and time and refers to the moment it was recorded. Prices change within short intervals.
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