Tehran's main index crosses 7 million points for the first time on a day retail investors turned net buyers; Iran Market Pulse, Wednesday, September 9, 2026

1. Lead

The Tehran Stock Exchange passed a number yesterday it had never seen before, and this time the other side of the trade came with it. In Sahmino's recorded series, the TSE main index closed Tuesday, 17 Shahrivar 1405 (September 8, 2026) at 13:24 on 7,074,945 points, 167,328 points and 2.42 percent above Monday 16 Shahrivar's close of 6,907,617. Donya-e-Eqtesad reported the same two figures independently and wrote that the main index entered the 7 million point channel for the first time in the history of Iran's capital market.

The day's real point, though, is not the index but who was buying. Donya-e-Eqtesad reported about 4,150 billion tomans of retail investor money entering the equity market in that session, and our own independent share count points the same way: retail investors were net buyers of 5,215,258,429 shares on the Tehran Stock Exchange, after being net sellers in each of the three recorded sessions before it. The market opens today at 09:00.

2. Today's snapshot

Asset	Price	Change	As of
TSE main index	7,074,945 points	167,328 points, 2.42 percent	Tue 17 Shahrivar, 13:24
TSE equal-weight index	1,936,644 points	34,190 points, 1.80 percent	Tue 17 Shahrivar, 13:24
Farabourse main index	54,661 points	1,056 points, 1.97 percent	Tue 17 Shahrivar, 13:24
TSE turnover	46.2 trillion tomans	39.6 trillion tomans prior session	Tue 17 Shahrivar, 13:24
Free-market dollar	226,700 tomans	4,600 tomans, 2.07 percent	Tue 17 Shahrivar, 19:59
Exchange Centre transfer dollar (sell)	161,951 tomans	buy rate 160,494 tomans	Tue 17 Shahrivar, 08:16
Emami coin	234,995,000 tomans	4,990,000 tomans, 2.17 percent	Tue 17 Shahrivar, 19:59
18-carat gold	23,623,400 tomans	561,200 tomans, 2.43 percent	Tue 17 Shahrivar, 19:59
Gold mesghal	102,327,000 tomans	1,171,000 tomans, 1.16 percent	Tue 17 Shahrivar, 19:59
18-carat traded gold (sell)	23,449,100 tomans	26,000 tomans, 0.11 percent	Wed 18 Shahrivar, 07:43
Gold spot	4,373.08 dollars	14.61 dollars, 0.34 percent	Wed 18 Shahrivar, 07:44
Bitcoin	78,764 dollars	247 dollars, 0.31 percent	Wed 18 Shahrivar, 07:42
Tether (domestic)	229,378 tomans	485 tomans, 0.21 percent lower	Wed 18 Shahrivar, 07:44
Brent crude	99.28 dollars	0.11 dollars, 0.11 percent	Wed 18 Shahrivar, 07:44
A3 rebar sizes 14 to 20 (IME)	82,793 tomans per kg	recorded settlement	Sun 15 Shahrivar
Type 2 (42.5) bulk cement (IME)	2,658 tomans per kg	recorded settlement	Tue 17 Shahrivar
Peugeot 207 automatic TU5P, 1405 model	3,060,000,000 tomans	latest recorded price	Tue 17 Shahrivar

3. Today's headlines

• The TSE main index rose 2.42 percent on Tuesday, 17 Shahrivar, to 7,074,000 points, entering the 7 million channel for the first time; the equal-weight index rose 1.8 percent and both gauges recorded a fourth consecutive rising session (Donya-e-Eqtesad, Tuesday 17 Shahrivar).
• In the same session retail-sized turnover in the equity market reached about 45 trillion tomans and about 4,150 billion tomans of retail investor money entered the market (Donya-e-Eqtesad, Tuesday 17 Shahrivar).
• Iran's central bank offers the first standard parallel salaf full-coin bonds on the Iran Mercantile Exchange today, Wednesday 18 Shahrivar: 100,000 full Bahar Azadi coins minted in 1386 with a three month maturity, capped at 100 coins per individual investor and with no numerical limit for gold funds (Kalanews, Iran Mercantile Exchange, Tuesday 17 Shahrivar).
• The US Treasury's Office of Foreign Assets Control added 27 Iranian passenger airlines to its sanctions list and suspended General License J1, which had authorised the temporary return of civil aircraft to Iran, effective September 8 (US Department of the Treasury, Tuesday 17 Shahrivar).
• Three-month copper on the London Metal Exchange rose 1.1 percent to 14,673 dollars a ton and touched an all-time intraday high of 14,694 dollars (Reuters, Tuesday 17 Shahrivar).
• China's crude oil imports rose for a second consecutive month in August to 8.93 million barrels a day, 6.2 percent above July but 23.4 percent below August last year (Chinese customs via Oilprice.com, Tuesday 17 Shahrivar).

4. Currency

The free-market dollar broke its two-session decline yesterday. In Sahmino's daily series, the 19:59 reading on Tuesday, 17 Shahrivar, settled at 226,700 tomans, 4,600 tomans and 2.07 percent above Monday's close of 222,100. TGJU independently reports the same 2,267,000 rial rate and the same 2.07 percent daily gain, and Donya-e-Eqtesad wrote that the dollar opened around 223,000 tomans and rose to about 225,000. That rate is 505 tomans, or 0.22 percent, below the highest figure recorded for the dollar in the same series: 227,205 tomans on Saturday, 14 Shahrivar 1405.

On the official side, the transfer dollar sell rate at the Iran Currency and Gold Exchange Centre was recorded at 161,951 tomans on Tuesday at 08:16, with a buy rate of 160,494 tomans. The two rates price by two different mechanisms: free-market supply and demand versus administrative allocation for imports and specified uses. The gap between the two readings is 64,749 tomans, meaning the free rate stands 40.0 percent above the transfer rate. Yesterday's Market Pulse reported the same pair at 60,633 tomans and 37.6 percent, so the gap widened by 2.4 percentage points in a day. The two readings do not share a timestamp and must be read with their own times.

In global currency markets, the euro against the dollar is at 1.1629 this morning at 07:34, 0.05 percent higher, and the dollar against the yen at 153.42, 0.35 percent lower (Wednesday 18 Shahrivar, 07:39).

5. Gold and coin

This was the biggest mover yesterday, and it has its own event today. 18-carat gold settled at 23,623,400 tomans per gram in the 19:59 reading on Tuesday, 17 Shahrivar, up 561,200 tomans and 2.43 percent. The Emami coin stood at 234,995,000 tomans at the same moment, up 4,990,000 tomans and 2.17 percent, and the gold mesghal at 102,327,000 tomans. TGJU confirms both figures independently: a 2.43 percent daily gain for 18-carat gold and 2.17 percent for the Emami coin. The Bahar Azadi coin was recorded at 231,120,000 tomans, the half coin at 119,000,000 and the quarter coin at 64,000,000.

Both assets now stand a short distance from their own records, and that distance can be written precisely. The highest recorded figure for 18-carat gold is 23,674,400 tomans on Saturday, 14 Shahrivar 1405, so yesterday's reading sits 51,000 tomans, or 0.22 percent, below that ceiling. For the Emami coin the ceiling was 237,495,000 tomans on the same 14 Shahrivar, and yesterday's reading is 2,500,000 tomans, or 1.05 percent, below it (both ceilings from the TGJU series). The gap between the Emami coin's price and its intrinsic value, both read at 19:59 on Tuesday from two of our own series, is 4,439,800 tomans: a price of 234,995,000 tomans against an intrinsic value of 230,555,200 tomans.

The mechanism behind this move has to be stated plainly, because it runs against intuition. Gold spot is at 4,373.08 dollars this morning, Wednesday, at 07:44, while the same series stood at 4,441.26 dollars yesterday morning at 07:43: 68.18 dollars and 1.53 percent lower over one day and night. So domestic gold rose 2.43 percent yesterday while its global driver fell. The domestic gold price is by definition the product of the global ounce and the exchange rate, and on the same day the free-market dollar rose 2.07 percent; so what lifted gold and coin yesterday came from the rial side, not from the ounce. These two facts stand side by side and nothing stronger than that is provable in today's data.

And today's event is exactly where that pressure is routed into a new instrument. According to Kalanews of the Iran Mercantile Exchange (Tuesday, 17 Shahrivar), Rahman Arasteh, director of the derivatives and new financial instruments market at the exchange, said the central bank's first standard parallel salaf full-coin bonds are offered today, Wednesday 18 Shahrivar, and can be traded under an equity trading code. In the first phase 100,000 full Bahar Azadi coins minted in 1386 are offered with a three month maturity, the purchase cap for each individual investor is 100 coins, and gold funds face no numerical limit. Holders may take physical delivery at maturity or settle in cash, and the bonds can also be sold in the secondary market before maturity. The initial offering price is set on the basis of the last trading day's price of the gold coin deposit certificate on the exchange. Ecoiran (Tuesday, 17 Shahrivar) reported the central bank's stated aim as preventing speculative waves from forming in the market. By construction this instrument moves part of the physical demand for coins into a tradable paper; how much of the cash market's pressure that actually absorbs is something to be measured in the coming days and cannot be claimed today.

6. Bourse and Farabourse

The Tehran Stock Exchange and the Farabourse are two separate markets with two separate indices, and both rose yesterday, though not by the same amount. The TSE main index closed at 7,074,945 points, up 167,328 points or 2.42 percent; the equal-weight index rose 34,190 points or 1.80 percent to 1,936,644; and the Farabourse main index rose 1,056 points or 1.97 percent to 54,661. Donya-e-Eqtesad reported the same levels and wrote that both gauges completed a fourth consecutive rising session. TSE turnover in our recorded data was 462,207 billion rials, about 46.2 trillion tomans, against about 39.6 trillion tomans on Monday, with 1,092,016 trades against 734,250. So unlike Monday's session, this time the index gain came with higher turnover and more trades. Farabourse turnover was 92.7 trillion tomans, less than half Monday's 194.7 trillion; that board also carries debt instruments and its figures cannot be added to the TSE's.

Now the other side of the trade, which is yesterday's real story. In our own data, retail investors on Tuesday, 17 Shahrivar, were net buyers of 5,215,258,429 shares on the Tehran Stock Exchange and 501,529,846 shares on the Farabourse, a combined 5,879,703,032 shares across the market. Their share of the TSE buy side was 75.3 percent, 69.3 billion shares against 22.7 billion for institutions. This is a reversal rather than a continuation: in the most recent session recorded in our data before it, Saturday 14 Shahrivar, retail investors were net sellers of 1,206,351,767 shares across the market, and on 10 and 11 Shahrivar net sellers of 14.6 and 15.5 billion shares. Donya-e-Eqtesad put the rial value of this flow at 4,150 billion tomans. The two figures do not contradict each other, because one counts shares and the other counts rial value, and neither says anything about either group's intent or future behaviour.

And within that flow, the direction of the money was not uniform. In Sahmino's screener, 31 TSE equities traded more than 200 billion tomans yesterday. The heaviest was Bank Tejarat at 1,801 billion tomans, up 1.52 percent, followed by Bank Mellat at 1,162 billion tomans, up 1.32 percent. In both of those bank names the retail net was negative: minus 13.2 percentage points in Bank Tejarat and minus 10.3 in Bank Mellat, meaning the two heaviest names of the day closed green while the net buying side in them was institutional. Retail money went elsewhere: the retail net was plus 90.0 percentage points in Khouzestan Steel (with a 91.7 percent share of the buy side), plus 39.6 in Golgohar Mining and plus 19.5 in SAIPA. These figures are percentage shares of each name's own board in that session.

Sahmino's board-events reading this morning at 07:50 points the same way. Khouzestan Steel, Golgohar Mining, SAIPA, Isfahan Oil Refining and Iran Khodro all reached their highest price in a year in the 17 Shahrivar close, and all five were in a fourth consecutive rising session. Khouzestan Steel's volume ran 7.62 times its twenty-session average, and the name stands this morning on a buy queue of 2,391,495,918 shares at 2,563 rials. Queues are a live read of the pre-open board and change within the session. In the ratio card, which is a nightly reading, Khouzestan Steel's price to earnings ratio is 11.5 against 12.34 for the basic metals group and Golgohar's is 13.0 against 13.53, while Bank Mellat's is 3.4 against 5.64 for the banks group. The only red name among the heaviest was ACCO, down 2.74 percent. The Base Market, the shallower and more volatile board inside the Farabourse with wider price bands and more frequent halts, had no notable event recorded in our data.

7. Crypto

Bitcoin is at 78,764 dollars this morning, Wednesday 18 Shahrivar, at 07:42, up 247 dollars or 0.31 percent; Tether Gold is at 4,372.37 dollars and Bitcoin Cash at 259.44. In the domestic market, Tether is at 229,378 tomans at 07:44, down 485 tomans or 0.21 percent, which is 2,678 tomans above the last free-market dollar reading; that gap is normal and carries transfer costs and domestic platform risk.

The day's corporate news came from the bitcoin treasuries. Michael Saylor, chairman of Strategy, said the company has halted its weekly bitcoin buying and directed the funds to share buybacks instead; he said Strategy held 845,050 bitcoin and 6.5 billion dollars in cash as of September 7 and has raised its securities buyback ceiling from 1 billion to 2 billion dollars (Arzdigital, Tuesday 17 Shahrivar). Moving the other way, Strive bought another 1,375 bitcoin at an average of 79,281 dollars, worth 109 million dollars in total, taking its reserves to 24,531 units (Arzdigital, Tuesday 17 Shahrivar).

8. Iron and steel

This market made no notable move yesterday and its figures are recorded settlements. On the Iran Mercantile Exchange, A3 ribbed rebar in sizes 14 to 20 last settled on Sunday, 15 Shahrivar, at a volume-weighted average of 827,933 rials per kilogram, or 82,793 tomans, and sizes 22 to 32 last settled on 11 Shahrivar at 808,940 rials, or 80,894 tomans. The factory price for Arian Foulad A3 size 14 rebar in the Tuesday, 17 Shahrivar, record was 85,910 tomans per kilogram, 3,117 tomans and 3.8 percent above the exchange's 15 Shahrivar settlement; yesterday's Market Pulse reported the same gap with the same two dates, so it has not changed in a session. Other factory prices recorded on 17 Shahrivar: Arian Foulad A3 size 10 at 87,270 tomans, A3 size 12 at 86,730, A2 size 10 at 87,180 and A2 size 12 at 86,000. Globally, Shanghai rebar is at 3,116 yuan a ton this morning at 06:55, 0.22 percent lower. Both the factory and exchange feeds are daily and publish no daily percentage change.

9. Cars

Recorded car prices did not change from the prior session. In the latest record of Tuesday, 17 Shahrivar, the Peugeot 207 automatic TU5P 1405 model is at 3,060,000,000 tomans and the same car in the 1404 model at 2,950,000,000; the gap between the two model years is 110,000,000 tomans, or 3.7 percent. The Peugeot 207 automatic panoramic roof TU5P 1405 model is at 3,150,000,000 tomans, the 207 manual TU5P 1405 model at 2,200,000,000 and the 207 manual with ESP TU3 engine 1405 model at 1,980,000,000.

On the exchange board, though, the carmakers were among yesterday's leaders and retail money did go to them: SAIPA rose 2.23 percent with a retail net of plus 19.5 percentage points, and Iran Khodro rose 2.96 percent with a retail net of plus 4.2; both reached their highest price in a year in the 17 Shahrivar close. The price to earnings ratios of these two names are recorded as negative in the exchange card (minus 5.1 for SAIPA and minus 15.6 for Iran Khodro), meaning the companies were loss-making in the period the calculation is based on and the ratio does not carry its conventional meaning for them.

10. Building materials

On the Iran Mercantile Exchange, type 2 (42.5) bulk cement settled on Tuesday, 17 Shahrivar, at a volume-weighted average of 26,582 rials per kilogram, or 2,658 tomans, slightly below Monday 16 Shahrivar's settlement of 2,664 tomans. Type 5 (42.5) bulk cement settled at 2,874 tomans on the same date and type 2 (32.5) bulk at 2,511 tomans, while type 1 (42.5) bulk last settled on 15 Shahrivar at 2,837 tomans. Type 2 (42.5) cement in 50 kilogram bags last settled on 16 Shahrivar at 3,745 tomans per kilogram; the gap between bulk and bagged by definition contains the cost of the bag, packaging and distribution and should not be read as the factory to retail gap. On the retail side, Abyek Portland type 2 cement in 50 kilogram bags is recorded at 227,000 tomans per bag in the 17 Shahrivar record.

On the exchange board, cement funds rose with the market yesterday: Simano up 3.00 percent at 43,230 rials, Simania up 3.00 percent at 40,105 rials, the Cement fund up 3.00 percent at 11,056 rials and Simana up 1.85 percent at 40,650 rials (17 Shahrivar close, 13:25).

11. Regional and global view

Brent crude is at 99.28 dollars this morning, Wednesday 18 Shahrivar, at 07:44, 0.11 percent higher, and Donya-e-Eqtesad reported 99.49 dollars at 07:06 this morning; Brent stood at 97.47 dollars yesterday morning, so it has risen about 1.9 percent over one day and night and moved close to 100 dollars. The channel from this price to Tehran runs two ways: export revenue, and the cost of freight and insurance on imports. The fresh driver came from the Persian Gulf: Al Jazeera (Tuesday, 17 Shahrivar) reported that fighting between Yemen's Houthi forces and Saudi Arabia has escalated and that the Saudi Energy Ministry said fires broke out at several oil and energy facilities in the kingdom's southern provinces, including near the 400,000 barrel per day Jizan refinery. In Iran, the IRGC Navy said before dawn on Tuesday that it had seized an American unmanned submersible at the entrance to the Strait of Hormuz (Donya-e-Eqtesad citing Mehr, Tuesday 17 Shahrivar); US officials have not commented on the claim.

In metals, copper on the London Metal Exchange rose 1.1 percent to 14,673 dollars a ton and touched an all-time high of 14,694 dollars; the main drivers cited are tighter global supply and the flow of the metal to the United States ahead of possible new tariffs (Reuters, Tuesday 17 Shahrivar). The channel to Tehran is the cost base of domestic cathode and wire rod. In East Asia, China's crude oil imports reached 37.93 million tons in August, or 8.93 million barrels a day, 6.2 percent above July and 23.4 percent below August last year, while refined product exports jumped 29 percent to 6 million tons (Chinese customs via Oilprice.com and Reuters, Tuesday 17 Shahrivar); the channel to Tehran is demand from the main buyer of Iranian crude. On sanctions, the United Kingdom published a new law on Tuesday further restricting Iran's access to the British financial system and banning Iranian aircraft from flying in the UK (ISNA citing Reuters, Tuesday 17 Shahrivar).

12. Conclusion

Yesterday's verdict is plain: gold and the bourse won almost in step, and that is rare. 18-carat gold rose 2.43 percent and the TSE main index 2.42 percent, the Emami coin 2.17 percent and the free-market dollar 2.07 percent; no market drew money out of another, they all rose together. The one thing to remember is that this time the index record came with retail money rather than without it: after three sessions as net sellers, retail investors were net buyers of 5.2 billion shares on the Tehran Stock Exchange yesterday and brought 4,150 billion tomans into the market, yet that same money was net negative in the two heaviest bank names and went to the metals and carmakers instead. Sahmino's previous reading also settled: the 16 Shahrivar reading said the main index would stay above 6,700,000 points through the end of the week, and with Tuesday's close of 7,074,945 that reading held. Sahmino's new reading for what comes next: the TSE main index stays above 7 million points, as long as net retail inflow stays positive; the level of this reading is 7,000,000 points, its horizon is the end of the week, and closing below 7 million in two consecutive sessions invalidates it (reading dated 17 Shahrivar 1405).

13. What to watch today

• The offering of Iran's first standard parallel salaf full-coin bonds on the Iran Mercantile Exchange today, Wednesday 18 Shahrivar: 100,000 coins, capped at 100 per individual investor, with the initial price set from the last trading day of the gold coin deposit certificate.
• Whether net retail inflow stays positive today or yesterday's session was a one-day reversal; that is the exact condition today's reading is tied to.
• What becomes of Khouzestan Steel's pre-open buy queue at 2,563 rials after the 09:00 open, and whether the equal-weight index narrows its gap with the main index or falls further behind.
• 18-carat gold, sitting 0.22 percent below its 14 Shahrivar record, and whether it moves with the global ounce today or follows the exchange rate again.
• Brent crude around 99 dollars and its distance from the 100 dollar mark, after the reported fires at oil facilities in southern Saudi Arabia.
• A fresh settlement in the rebar family on the Iran Mercantile Exchange, last recorded on 15 Shahrivar. The Sahmino market calendar shows upcoming events at a glance.