TEDPIX, the Tehran Stock Exchange's main index, had closed higher in an unbroken run of at least 19 straight trading sessions from Saturday, August 3, 2026 (12 Mordad 1405) through yesterday, Tuesday, September 1, 2026 (10 Shahrivar 1405), reaching a record 6,583,932 points. Today, Wednesday, September 2, 2026 (11 Shahrivar 1405), the index fell 1.21%, about 80,000 points, to close at 6,503,970. Per Sahmino's own ten-minute archive of Tehran Stock Exchange data, this is the first losing session for the index in our entire 30-day record.
Background
The rally that ended today began on August 3 (12 Mordad) at 5,277,352 points and, without a single losing session, had gained 24.8% by yesterday's close. But beneath those back-to-back records, a crack had already opened the day before: according to Eghtesad News (Ecoiran), on Tuesday (10 Shahrivar), even as TEDPIX rose 0.55% to a fresh record, 71% of listed symbols traded lower and about 4.3 trillion tomans ("hemat") of retail money left the market. Yesterday's record, in other words, stood on shaky ground. The same day, a glitch in the exchange's trading core disrupted order matching, which, alongside heightened political risk and a rising free-market dollar rate, weighed on trader behavior, Ecoiran reported.
The numbers
Today, three independent sources converge on one figure. Ecoiran, in two dispatches at 16:00 and 18:01 Tehran time today, reported TEDPIX closing 1.21% to 1.23% lower at about 6,503,000 points; Sahmino's own archive recorded the close at exactly 6,503,970 (down 79,962 points). Donya-e-Eqtesad, in a mid-session report published at 11:21 today, wrote that the index had fallen as low as 6,491,000 (down 92,000 points) mid-morning, losing the 6.5-million-point channel it had held for three sessions; the same outlet reported an intraday low of 6,432,000 (down 151,000 points) in the opening minutes of trading.
The equal-weight index, which tracks the average return across all listed symbols without weighting by market value, fell 1.48% today, a steeper drop than TEDPIX itself, indicating the selling pressure was spread across the market rather than concentrated in a few large-cap names. Ecoiran reported that 65% of symbols closed lower and that about 5.7 trillion tomans of retail money exited stocks, rights issues and equity funds; Donya-e-Eqtesad independently pointed to a similar imbalance, noting buy orders worth 9.5 trillion tomans against sell orders worth 11.5 trillion tomans mid-session.
Still, closing the day above the 6.5-million channel shows part of the intraday drop was clawed back. Donya-e-Eqtesad wrote that in the session's second half, more than 200 symbols swung from negative to positive territory, and 437 symbols traded above their opening price, a sign of buyers stepping in at lower levels.
Drivers
Two explanations, each dated and attributed to its own source, have been offered for today's drop. First, Ecoiran's 16:00 report today described the decline as a natural "correction phase" following the market's substantial gains in recent weeks. Second, a capital markets analyst told Boursenews (10:32 today) that Tuesday's market action "was mostly related to a glitch in the trading core," which, "based on investors' historical memory, had a significant psychological effect on the market," and that the resulting fear fed today's heavy selling. Regional risk also sits in the background: per Ecoiran, citing Axios, three US officials said yesterday that Donald Trump and senior advisers are weighing a limited strike option in the Strait of Hormuz, alongside remarks by President Masoud Pezeshkian on Iran-US relations at the Shanghai Cooperation Organisation summit. Sahmino treats none of these as the sole confirmed cause; all three, alongside an ordinary pullback after a 24.8% run in 19 sessions, have been offered as explanations.
Outlook
In the same mid-session report, Donya-e-Eqtesad wrote that the behavior of a subset of symbols, including the more-than-200 that swung back to positive, could signal buyers becoming more active and could pull the index back into the 6.5-million channel, but stressed that whether this continues "depends on the political climate," and any escalation could bring back "a new wave of caution and selling." This is a hedged assessment attributed to Donya-e-Eqtesad, not a Sahmino forecast.
Bottom line
TEDPIX today, after at least 19 straight gaining sessions and an uninterrupted 24.8% rally, closed lower than the prior session for the first time in our one-month archive; the drop came alongside 5.7 trillion tomans of retail outflows, but the index's recovery back above the 6.5-million channel by the close keeps this short of a deep correction so far. Sahmino's own assessment: TEDPIX stays above the 6,500,000-point channel as long as daily retail outflows do not exceed 5 trillion tomans; this assessment holds through Saturday, September 5, 2026 (14 Shahrivar), and a close below 6,400,000 points would invalidate it.
What to watch
Retail money flows over the coming sessions will show whether today was an ordinary correction or the start of a downtrend. Also worth tracking: the path of the equal-weight index, which fell more sharply than TEDPIX today, and developments around Strait of Hormuz tensions, including the Baltic Exchange's next weekly report on Persian Gulf tanker freight rates, which prices that regional risk.
Related reading
For the earlier legs of this rally, see TEDPIX's 6,516,000-point record on August 29 and its second straight record on August 23. For the full market picture today, see today's Market Pulse edition. Live prices and the index's full history are on Sahmino's prices page.
