Tuesday midday, 21 July 2026 (30 Tir 1405); for weeks the equity market saw only red, but the mid-session picture today is different: Tehran's main stock index is extending a second consecutive green session. As of about 11 a.m. today, the TEDPIX index was up nearly 1.5 percent, roughly 74,000 points, to around 4,887,000, above the 4,813,503 level at which it closed yesterday, Monday 20 July. The over-the-counter (Farabourse) index (IFX) also rose about 2 percent to near 38,645. This is the second day in a row that demand has beaten supply, with the market rising green after seven straight red sessions and a correction of nearly 10 percent.
The key question for today's trader is exactly here: is this a genuine turn, or merely a "bull trap," a dead-cat bounce after a prolonged sell-off? One number argues for the rebound scenario: according to capital-market media, on Monday 20 July roughly 3,000 billion tomans (about 3 hemat) of real (retail) money flowed into the bourse, meaning that for the first time after several weeks of steady outflow, retail investors turned net buyers instead of sellers. That is today's "fact"; the "outlook," however, is still cautious, and we address it further below.
Market snapshot (mid-session, Tuesday 21 July 2026)
| Index / asset | Value | Change / status |
|---|
| TEDPIX main index (mid-session, ~11 a.m.) | around 4,887,000 | about +74,000 (1.5%) |
| Farabourse index (IFX, mid-session) | around 38,645 | about +2% |
| Free-market dollar | about 187,700 tomans | little changed |
| Exchange Center dollar, transfer sell (morning, 21 July) | 150,915 tomans | about +226 tomans (0.15%) |
| Free vs Exchange Center gap | about 36,800 tomans | near 24% |
| 18-karat gold (per gram) | about 18,184,000 tomans | little changed |
| Emami coin | about 183,000,000 tomans | little changed |
| Emami coin premium (hobab) | about 6,000,000 tomans | near 3.3% |
| Spot gold (per ounce) | above 4,000, around 4,020 dollars | about +0.4% |
| Bitcoin | about 65,926 dollars | +1.02% |
| Brent crude | about 89 dollars | near +1.7% |
Figures reflect the latest data recorded through mid-session on Tuesday 21 July 2026 (around 11 a.m. Tehran time); the bourse session runs until 12:30, and these numbers change through the day.
Today's headlines
- According to capital-market media, Tehran's main index rose about 1.5 percent mid-session today, Tuesday 21 July, moving past 4,887,000 and extending a second straight green session; the Farabourse index gained about 2 percent.
- According to capital-market media, roughly 3,000 billion tomans (about 3 hemat) of real money flowed into the bourse on Monday 20 July, with retail value of trades near 21 hemat; this is the first meaningful real-money inflow after several weeks of continuous outflow.
- In the currency market, the free dollar held little changed near 187,700 tomans, while the Exchange Center transfer-sell dollar was quoted at 150,915 tomans this morning; the gap between the two rates is about 36,800 tomans (near 24 percent).
- On the market calendar, a gold-bar auction (harajj-e shemsh) is scheduled for today, Tuesday 21 July; its result can affect melted gold, coins, and the premium.
- In global markets, Brent crude firmed about 1.7 percent to around 89 dollars and gold held above the 4,000-dollar mark near 4,020 dollars; the Strait of Hormuz risk premium continues to hold a floor under oil prices.
Stocks: a genuine turn or a bull trap?
The TEDPIX main index, which closed yesterday (Monday) up nearly 58,000 points at 4,813,503, rose another roughly 74,000 points (near 1.5 percent) mid-session today to around 4,887,000. The Farabourse index also advanced about 2 percent to near 38,645. As it did yesterday, demand today returned to the banking, pharmaceutical, base-metals, food, and cement groups, and selling pressure eased.
What argues for a "genuine turn"? The most important signal is the direction of real money. In sessions before this week, real-money outflow (for example, around 4.8 hemat on Saturday 18 July) had weighed on the market; but on Monday 20 July the picture flipped, and about 3,000 billion tomans of real money came in. When real money shifts from net seller to net buyer, it usually signals that panic selling has exhausted and value-driven demand is returning.
What sounds a warning? One day of inflow and two green sessions do not make the end of a multi-week downtrend certain. Part of these two days' gains is a technical feature of the market after a nearly 10 percent drop: when prices reach attractive levels, swing traders and value demand return, but that differs from a durable "trend reversal." The real test is sustained real-money inflow over the next few sessions and holding the index level; until then, today's green is a rebound, not necessarily a change of direction. To understand how the main index and the equal-weight index behave differently on such days, our explainer how the main index and equal-weight index differ is a good guide.
Currency: relative calm, but the multi-rate gap persists
In the currency market, the free dollar, which had climbed to around 194,000 tomans early last week, has settled near 187,700 tomans in recent days and is little changed today; the free euro sits near 214,700 tomans. On the official side, the Exchange Center transfer-sell dollar was 150,915 tomans this morning (up about 0.15 percent), and the transfer euro was quoted near 172,200 tomans. The gap between the free rate and the Exchange Center transfer rate therefore remains about 36,800 tomans, equal to nearly 24 percent.
Why it matters. The dollar's calm is one of the main reasons money is returning to the bourse: when the parallel market goes quiet, part of the liquidity moves toward lagging assets such as equities. But this multi-rate gap shows the currency structure is still tense; as long as geopolitical risk and inflation expectations are alive, the dollar's current calm stays fragile and can quickly spill back into the stock market.
Gold and coin: domestic prices calm, spot gold above 4,000 dollars
In the gold and coin market, the calmer exchange rate has also quieted the domestic market: each gram of 18-karat gold is around 18,184,000 tomans and the Emami coin is in the 183-million-toman range. The transactional 18-karat gold (sell) rate was recorded near 19,765,000 tomans in the early hours today, almost unchanged. The Emami coin premium (hobab) is around 6 million tomans (near 3.3 percent of the coin's price).
Globally, gold is trading above the 4,000-dollar psychological mark, around 4,020 dollars, slightly higher than yesterday. As long as the domestic dollar is calm, the move in global gold is the most important external variable for domestic gold prices. For a technical comparison of coins and melted gold and choosing a store-of-value instrument, see our report melted gold or the Emami coin?.
Crypto: modest gains alongside the global market
In the crypto market, Bitcoin is trading up about 1 percent near 65,926 dollars and Ethereum up nearly 1.8 percent near 1,935 dollars. The Tether-toman rate domestically remains roughly level with the free dollar (about 187,700 tomans). A reminder: global crypto prices are measured in dollars and the toman price embeds the dollar rate, so when the domestic dollar is calm, the toman move in crypto mostly reflects the move in their global price.
Iron and steel
In the iron and steel market, factory rebar prices were little changed; for example, Aryan Steel size-10 rebar (A3) was about 70,450 tomans and size-12 about 69,180 tomans per kilogram (factory rate, 21 July). This market watches two variables above all: the exchange rate, which sets the finished cost and the export price floor, and the trend in global steel. The calmer currency this week has eased upward pressure in the short term, though rising oil and the Hormuz risk premium could feed through via energy costs.
Cars: a gentler pace after currency-driven jumps
In the car market, after last week's heavy jumps that tracked the currency's record run, the dollar's calm this week has softened the pace of price increases. At the same time, Iran Khodro has announced a fresh round of instant sales, whose product details and expected margin we examined in our report on Iran Khodro's latest instant sale. The market margin (the gap between factory and open-market prices) remains high in the current inflationary environment and stays a direct function of the exchange rate.
Building materials
In the materials market, cement prices were relatively stable; bulk Portland Type-2 cement in Tehran was quoted at about 4,014,000 tomans per ton in the latest data (20 July). The main drivers of this market are seasonal construction demand and energy costs, with the exchange rate having an indirect effect.
Regional and global backdrop
In global markets, the two axes today are oil and gold. Brent crude rose nearly 1.7 percent to around 89 dollars; the open Strait of Hormuz file and worries about a possible supply disruption keep the risk premium alive and lift the floor under oil prices. This variable reaches Tehran through two channels: the country's foreign-currency revenue and the psychology of the domestic market. Gold, too, has held above 4,000 dollars near 4,020 dollars, and expectations for the Federal Reserve's rate path remain its most important external anchor. For context on oil supply and demand, see the IEA monthly oil market report in our calendar.
Among neighbors and trade partners, this morning the Chinese yuan at the Exchange Center was around 22,291 tomans (transfer sell) and the UAE dirham, one of Iran's main trade corridors, traded near 51,436 tomans; the Iraqi dinar was close to 143 tomans and the Turkish lira was around 47 to the dollar. The dirham and the yuan are two key channels for settling Iran's trade, and their moves directly affect the finished cost of imports.
What to watch today
- Sustained real-money inflow: whether the real money that returned to the floor yesterday stays a net buyer today and in the coming sessions; this is the key to separating a "genuine turn" from a "bull trap."
- Holding the index level: whether the main index can keep its mid-session green through the day (until 12:30) and close above yesterday's level.
- Gold-bar auction: a gold auction is scheduled for today, Tuesday 21 July; its result can affect melted gold, coins, and the premium.
- The Muscat table and Hormuz: the continuation of Iran-Oman talks and any news on the Strait of Hormuz directly affect oil and the currency, and from there reach the bourse.
- For upcoming events see the Sahmino economic calendar, and for this morning's recap see our Tuesday morning market pulse.
This report is a news review of market conditions, not buy or sell advice. Figures are timestamped and sourced and change through the day.
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