Articles

Zarif's Foreign Affairs Vision and Iran's Markets: Two Scenarios for the Dollar, Gold, and Stocks

In a Foreign Affairs essay, former foreign minister Mohammad Javad Zarif argues that West Asia's own states should build the region's security and economic order. Sahmino lays out his case, the serious criticism of it, and the likely consequences for the dollar, gold, and the bourse under two scenarios, de-escalation and continued war, with a look at the July 21, 2026 market where the free-market dollar trades near 190,000 tomans.

Earnings Per Share (EPS) and Price-to-Earnings (P/E): What They Are and How to Read Them

This lesson explains how earnings per share (EPS) and the price-to-earnings (P/E) ratio are calculated, the difference between the trailing and forward versions, what "adjustment" means, and why in Iran's inflationary economy a low P/E does not always mean a cheap stock.

Iran Market Pulse: Tuesday Midday, 21 July 2026; The Bourse Extends Its Rebound to a Second Green Session as the Index Climbs Near 4,887,000

Tuesday midday, 21 July 2026 (30 Tir 1405): mid-session, Tehran's main index (TEDPIX) rose about 1.5 percent (near 74,000 points) to around 4,887,000, extending a second straight green session; the OTC index added about 2 percent. Behind the move: roughly 3,000 billion tomans of real-money inflow on Monday. The free dollar held near 187,700 tomans, the Exchange Center rate was 150,915, and globally gold stayed above 4,000 dollars while Brent firmed about 1.7 percent to 89 dollars.

Iran 2026 in the Mirror of The Economist: Civilizational Weight Against Economic Reality

The Economist's annual "The World Ahead 2026" special does not put Iran on the cover, yet Tehran recurs through its pages: a player with real geographic and civilizational weight, but an economy that constrains its ability to "enter the game." With the free-market dollar near 187,700 tomans, point-to-point inflation close to 88 percent, and the IMF projecting a 6.1 percent contraction for 2026, Sahmino measures the multipolar narrative against the numbers (21 July 2026).

Iran Market Pulse: Tuesday Morning, 21 July 2026; the bourse ends a seven-session losing streak with a green close as the dollar holds near 187,700 tomans

Tuesday morning, 21 July 2026 (30 Tir 1405). For weeks the headlines have tracked the dollar's records, but the number that actually turned yesterday was the stock index: Tehran's TEDPIX closed Monday up about 1.2 percent (nearly 58,000 points) at 4,813,503, its first green session after seven straight red ones. The free-market dollar, near 194,000 tomans earlier in the week, settled calm around 187,700, and spot gold climbed back above 4,000 dollars overnight, toward about 4,040.

Which Model Offers the Biggest Gain in Iran Khodro's Latest Instant Sale? (Monday, July 20, 2026)

Iran Khodro has offered four models in its latest instant-sale round with 30-day delivery. A comparison of factory and market prices shows a buyer gain of 72 to 242 million tomans and a margin of roughly 4.5% to 12.8%; the manual Tara tops the table and the Soren Plus sits at the bottom.

TEDPIX vs the Equal-Weight Index: What Sets Them Apart and Why They Diverge

Learn what the Tehran Stock Exchange's overall index (TEDPIX) and its equal-weight index each measure, why one can turn green while the other stays red, and what a divergence between them signals about market breadth and real-money (retail) inflows. A labelled hypothetical shows how an index can rise while most stocks fall.

That Year the Price Was at Its Peak, Today It Is the Risk: The Lesson of 1399 for Stocks and Housing in 1405

In 1399 (2020 to 2021) the Tehran bourse peaked at a price-to-earnings ratio above 35 and a dollar market value up to 427 billion, while housing jumped 92 percent. Today, in Tir 1405 (July 2026), it is inverted: the bourse near a P/E of 6.4 and about 85 billion dollars, deeply discounted, and housing near its long-run dollar average but frozen, transactions down about 80 percent. The lesson of 1399: that year the price was at its peak; today the risk is.

Iran Market Pulse: Monday Midday, 20 July 2026; Tehran Stocks Turn Green After Seven Red Sessions as the Dollar Steadies Near 193,000 Tomans

By midday on Monday, 20 July 2026 (29 Tir 1405), Tehran's overall stock index rebounded about 1.6 percent (nearly 80,000 units) to around 4,833,000, its first green session after seven straight declines. The free-market dollar held near 193,000 tomans, gram gold sat around 18,765,000 tomans, spot gold clung to the 4,000 dollar line, and Brent crude held near 91 dollars on Strait of Hormuz worries.

Iran Market Pulse: Monday Morning, July 20, 2026; the Dollar Backs Off Its 194,000-Toman Record, but Its Gap With the Official Rate Widens to 42,000 Tomans

After days of record-setting, the parallel market caught its breath: by the evening of Sunday, 28 Tir 1405 (19 July 2026) the free-market dollar had eased to about 193,000 tomans, but its gap with the roughly 150,000-toman official ("toafoghi") rate widened past 42,000 tomans. 18-karat gold fell nearly 2%, yet the coin premium rose, and by early Monday Brent crude jumped more than 3% to the 91-dollar mark. The Tehran bourse logged another down session.

The Market Was Red for Eight Days; These Five Stocks Rose Against the Tide: Anatomy of "Resilience" on the Tehran Exchange (Week Ending Saturday, 18 July 2026)

In the red week when Tehran's TEDPIX index posted an eighth straight decline, sliding from roughly 5,182,622 points (11 July) to around 4,777,285 points (Saturday, 18 July 2026 / 27 Tir 1405), five symbols showed a genuine multi-session uptrend: Fanavar (Tosan), Hormoz, Vakharazm, Sarood and Kakhak. This is a descriptive, educational report, not buy or sell advice; its focus is separating real resilience from a one-day dead-cat bounce.

A reader asked us: the bourse has been red for eight days. Buy gold and dollars, or hunt for war-resistant stocks?

On Saturday 27 Tir 1405 (18 July 2026) the Tehran Stock Exchange main index fell 2.44% for its eighth straight red session, the same day the free-market dollar hit a record near 194,500 tomans. A reader asked: should I pull my money out of stocks and buy gold and dollars, or stay in the bourse and look for war-resistant shares? Sahmino's neutral framework for the dilemma, with dated figures and the intra-bourse divergence signal. This is not buy or sell advice.

Melted Gold or the Emami Coin? A Technical Guide to Preserving Value in Iran's Inflationary Economy

Melted gold and the Emami coin are both gold, yet one carries a near-zero premium and the other a volatile one. Per Sahmino's price feed on Saturday night, 27 Tir 1405 (18 July 2026), the Emami coin's premium was about 6 million tomans (near 3.3 percent) while melted gold's was only about 238 thousand tomans (near 0.3 percent). A technical guide to comparing the two for preserving value against inflation, with no buy or sell advice.

Housing as an Asset: How Price per Square Meter, Deposit and Rent, and Transaction Costs Work

This lesson looks at a home as an asset: what "price per square meter" means, how a rental deposit (rahn) and monthly rent convert into each other, the true cost of a transaction (agent commission, tax, municipal fees), and why Iran's housing market moves in "jumps and lulls" rather than a smooth climb.

Iran Market Pulse: Sunday Midday, 19 July 2026; The Dollar Holds Its 194,500-Toman Record as the Bourse Slides Toward a 9th Straight Loss

Sunday midday, 28 Khordad 1405 (19 July 2026): the market is pulling in two directions. The free dollar sits at a record near 194,500 toman and a gram of 18-karat gold holds in the 19-million-toman channel, yet the Tehran bourse index is trading about 0.6 percent lower by 11 a.m. and, if it holds, heads for a 9th straight losing session. The divergence between the bourse and the parallel market is today's main story.

Behsaz Kashaneh Tehran (Sabhesaz) Under the Lens: A 74% Gross Margin and 1,877 Billion Toman Profit; How Much Is Value Creation, and How Much Is Cashing In Inflation? (Sunday, 19 July 2026)

Behsaz Kashaneh Tehran (Sabhesaz) closed its fiscal year ending 30 Azar 1404 (21 Dec 2025) with a 73.7% gross margin and audited net profit of about 1,877 billion tomans. But behind that dreamlike margin sits one fact: revenue grew only 15% in a year when average inflation hit 57.7%, meaning real sales shrank. Neutrally and with no buy or sell advice, we trace where this profit comes from. (Figures as of 15 and 19 July 2026.)

Iran Market Pulse: Sunday Morning, July 19, 2026; Gram Gold Leaps Nearly 5% Into the 19-Million Channel as the Free-Market Dollar Sets a 194,500-Toman Record

On the morning of Sunday, 28 Tir 1404 (19 July 2026), the Tehran bourse reopens amid a multi-week slide. Saturday evening the free-market dollar hit a fresh record near 194,500 toman and a gram of 18-karat gold jumped almost 5% into the 19-million-toman channel; the less-watched twist was that because coins rose slower than gold, the Emami coin premium deflated about 19% to roughly 6 million toman.

Vomodir Under the Lens: A 17,346 Billion Rial Net Profit and a Price to Earnings of 3.2; Why the Market Prices the Pension Fund Holding at a Discount (Saturday, 18 July 2026)

Vomodir (Value Capital Management Group of the Government Employees Pension Fund) closed its audited fiscal 1404 (ended 21 December 2025) with net profit of 17,346 billion rial (about 1,735 billion toman), EPS of 667 rial and a 220 rial dividend. Yet two thirds of that profit came from selling investments, and the market prices the holding at 3.2 times earnings versus 5.8 for the sector. This analysis is not a buy or sell recommendation.

Ghachar Under the Lens: Chaharmahal Sugar's Sales Rose 50% and Profit 43% in FY1404; But Through the Inflation Lens, Real Growth Is Near Zero (Saturday, 18 July 2026)

Chaharmahal Food & Sugar (ticker: Ghachar), on Iran's Farabourse, reported fiscal 1404 (to 20 March 2026) results with revenue up about 50% and net profit up 43%. But on any reasonable read of 1404 inflation, this nominal growth is at best in line with inflation and real growth is near zero. The figures are still unaudited and the ticker carries a supervisory flag; against that, its P/E of about 5.5 sits below the 8.27 sugar-group average. This analysis is not a buy or sell recommendation.

Dabid Under the Microscope: Dr Abidi Pharmaceutical's Six-Month Profit Jumped 3.3x; Dissecting a Surge That Didn't Come From Sales Alone (Saturday, 18 July 2026)

Mid-session today, Dr Abidi Pharmaceutical (Dabid) published its unaudited six-month statements: revenue grew 118% to 13.2 thousand billion tomans, the operating margin jumped to 50.2%, and net profit reached 3.3x at an EPS of 939 rials. A dissection shows four engines behind the jump, but three questions stay open: the cash backing of profit, the price-versus-volume split, and the nature of 958 billion tomans of non-operating income.

What Is Liquidity, and Why Selling a House Differs From Selling Gold

Learn what liquidity means, why one asset converts to cash quickly and near a fair price while another does not, and how to weigh the hidden cost of not being liquid. We walk the liquidity spectrum of an Iranian household's assets, from deposits and gold to housing, with clearly labelled hypothetical figures.

Vomelal Under the Lens: A 14.3-Trillion-Toman Net Loss and Negative 59% Capital Adequacy; Why Conventional Valuation Tools Fail for Mellal Credit Institution (Saturday, July 18, 2026)

Mellal Credit Institution (Vomelal) posted a net loss of 14.3 trillion tomans and negative EPS of 7,169 rials for fiscal year 1404; its capital adequacy sank to negative 59% and shareholders' equity turned negative. The ticker has been halted since November 2025 and the institution is run by a Central Bank supervisory board. Why nominal lending-income growth does not solve a balance-sheet crisis, and why P/E and P/B are meaningless here. No buy or sell advice.

Iran Market Pulse: Saturday Midday, 18 July 2026; Tehran bourse falls about 2.5% on the week's first session as the agreed dollar breaks into the 150,000-toman channel

Saturday midday, 27 Tir 1405 (18 July 2026): on the week's first session and its eighth straight down day, the Tehran bourse fell nearly 2.5% by around 11 a.m., the main index near 4,776,000 points. Meanwhile the agreed dollar (the official rate) entered the 150,000-toman channel for the first time (150,237 toman), toman Tether stood at 194,581, and spot gold held above 4,000 dollars, on the day Iran's delegation sat at the Oman table over the Strait of Hormuz.

Iran Market Pulse: Saturday Morning, July 18, 2026; the Dollar Hits a Fresh Record Near 191,000 Tomans as Global Markets Turn Higher Alongside the Oman Table

On the morning of Saturday, 27 Tir 1405 (18 July 2026), the Tehran bourse reopens after the weekend following a seventh straight losing session. The free-market dollar reached a fresh record near 191,000 tomans (up nearly 8 percent on the week), and just as the Iranian delegation sits down at the Oman table, global markets priced tension back in: spot gold returned above $4,000 and Brent crude jumped 4.36 percent to $88.

Kapshir Under the Lens: Pashm-Shishe Iran's Net Profit Leapt 95%, but Real Sales Have Been Shrinking for Three Years (Friday, 17 July 2026)

Pashm-Shishe Iran (ticker: Kapshir) lifted revenue 54% and net profit 95% in fiscal 1404, pushing its net margin to 40.8%. But the sales charts show real volumes of both glass wool and Isogam falling for a third straight year, meaning the jump is almost entirely inflationary. At a Q ratio of about 0.79, the market is pricing the company slightly below its replacement cost.

Southern Iran Under Fire: Sahmino's Analysis of the Economic Fallout and the Paths Ahead

The sixth wave of US strikes on southern Iran is, above all, a human tragedy. On the economic side, by the evening of Friday, 17 July 2026 (26 Tir 1405) the domestic Tether rate had climbed to around 193,000 tomans and the coin premium held near a multi-week record, while the fate of Saturday's Oman meeting remains unclear. Sahmino reviews the impact across currency, gold, the bourse, energy and ports, plus three scenarios ahead. This analysis is not buy or sell advice.

What Is Diversification? Why You Should Not Put All Your Eggs in One Basket

This lesson explains what diversification means, how spreading money across several assets lowers risk, and why "correlation" between assets is the key. Using a hypothetical gold-and-stocks example, we show how a good basket is built, and why buying dollars, coins and gold at the same time is not really diversification.

Iran Market Pulse: Friday Midday, July 17, 2026; Bitcoin Below $63,000 and Gold Pinned at $4,000 on the Eve of the Oman Table

Market Pulse, Friday midday, 26 Tir 1405 (17 July 2026), with the bourse and cash markets closed. The only live board today, global and crypto, is flashing one word: caution. Bitcoin fell about 2% below $63,000 (~$62,857), Ether to ~$1,830, and spot gold clung to the $4,000 line. Iran's parallel market is frozen on Thursday's record: the free-market dollar near 188,600 tomans and the coin premium around 7,194,000 tomans. Everything waits on Saturday's Oman table and the bourse reopening.

Iran Market Pulse: Friday Morning, 17 July 2026; Global Gold Slips Below $4,000 as Markets Eye Saturday's Oman Talks

Market Pulse, Friday morning, 17 July 2026 (26 Tir 1405, bourse closed). The world priced de-escalation: spot gold below $4,000 (~$3,992), Brent off its one-month high (~$84.4), and a fresh round of Iran-US talks set for Saturday in Oman. Yet Iran's street is still at records: the free-market dollar ~188,600 tomans, Tether ~189,000, and the Emami coin premium ~7,194,000 tomans. The gap between global calm and domestic fear, and the test of the Oman table.

Risk and Return: How Are They Related, and Which Risks Threaten a Household's Savings?

Asset Allocation in Iran's Inflationary Economy: A Professional Framework for Building and Rebalancing a Portfolio

Asset allocation, not stock picking, explains most of a portfolio's return variability, yet the standard models assume what Iran lacks: a true risk-free asset and single-digit inflation. This article rewrites the framework for Iran's market: the shared currency anchor and false diversification, real versus nominal return, the true role of each asset class, and rebalancing rules where there are neither hedging instruments nor uniform liquidity.

Iran Market Pulse: Thursday Midday, July 16, 2026; Global Gold Slips Below $4,050 as the Free-Market Dollar Holds Its 188,000-Toman Record

Midday market update, Thursday 25 Tir 1405 (16 July 2026), bourse closed. With no Tehran session, only the global markets that never rest were live, and that is where the news was: spot gold pulled back from Tuesday's near $4,080 peak to around $4,040, and Bitcoin eased to $64,554. At home, the free-market dollar held its record near 188,250 toman and gold and coins kept Wednesday's levels. The world prices this conflict as contained; Iran's street does not.

Iran Market Pulse: Thursday Morning, 16 July 2026; The Week the Ceasefire Collapsed and the Dollar Hit a Record 188,000 Tomans

Weekly market review, Thursday morning, 25 Tir 1405 (16 July 2026, bourse closed): the week the Islamabad accord collapsed, the US reimposed its naval blockade of Iranian ports, and the free-market dollar jumped 2.22% on Wednesday to a record 188,200 tomans. Gram of 18-karat gold reached 18.36 million tomans and the coin premium leapt about 25% in one day, yet the Tehran bourse stayed red all week while global gold and Brent fell on blockade day. Two markets, two opposite bets.

What Is an Investment Fund? Fixed-Income, Equity, Balanced, Gold Funds and ETFs Explained

What is an investment fund, and how does it differ from buying shares or gold directly? This lesson explains the main fund types (fixed-income, equity, balanced and gold), what NAV (Net Asset Value) means, and how an exchange-traded fund (ETF) differs from an issuance-and-redemption fund, with simple worked examples.

Iran Market Pulse: Wednesday Midday, 15 July 2026; the Tehran bourse stays red intraday as global gold slips from its $4,080 peak

Midday Wednesday, 15 July 2026 (24 Tir 1405); mid-session, Tehran's main index (TEDPIX) is down about 0.29% near 4,910,330 for another red day, while the free-market dollar holds a record 184,110 tomans and a gram of 18-karat gold sits near 17,891,000 tomans. The fresh driver is external: spot gold has slipped from Tuesday's ~$4,080 peak to about $4,037 as the oil spike revives bets on a Federal Reserve rate hike.

Iran Market Pulse: Wednesday Morning, 15 July 2026; Emami Coin Near 181 Million Tomans as Global Gold Holds Near $4,050

Wednesday morning, 24 Tir 1405 (15 July 2026). In overnight and early parallel-market trade, gold and coins ran ahead of the dollar: the Emami coin rose 2.25% to about 180,985,000 tomans and a gram of 18-karat gold gained 1.19% to about 17,892,000 tomans, while the free-market dollar held its record 184,110 tomans. The driver was global gold near $4,050 after a soft US inflation print. Tehran's bourse fell again, with 3,275 billion tomans of retail money leaving the market.

Vomahan Under the Lens: Why Mehr Ayandegan Financial Group Should Be Judged by Price to Net Asset Value, Not Profit Margin (Tuesday, 14 July 2026)

A reader asked, "What do you make of Vomahan?" The right answer starts with one fact: Vomahan, the ticker of Mehr Ayandegan Financial Group, is an investment holding on Iran's OTC market (Farabourse), not a factory. For this kind of stock the correct yardstick is not profit margin or a simple P/E, but price to net asset value (P/NAV). The last price is 7,380 rials (Sahmino, 14 July 2026), and the stock has historically traded at a discount to NAV. Not investment advice.

Crypto from Scratch: What Bitcoin Is, What Tether Is, and Why Tether Became Iran's Digital Dollar

Learn from scratch what a blockchain is, how Bitcoin is a scarce but highly volatile asset, and why Tether, which is pegged to the dollar, has taken on the role of a "digital dollar" in Iran, with a labelled hypothetical example, a few dated real figures, and a list of the base risks.

Separdis Under the Lens: Why Maskan Pardis Investment Trades at a Discount to the Current Value of Its Assets, A Detailed Fundamental Analysis

A detailed analysis of Separdis (Maskan Pardis Investment) interim statements: revenue fell 44% yet the margin jumped to 59%, operating cash flow turned negative, and receivables and stalled projects rose. The key point, though, is the hidden asset: with 100% housing inflation, the current value of the property inventory and the 115-hectare Pardis land is far above book, and the share likely trades at a 30% to 50% discount to NAV. Neutral, with no buy or sell recommendation.

Shatran Under the Lens: Is Tehran Oil Refining's 335% Gross-Profit Jump Real or Paper? A Fundamental and Forensic Analysis

Tehran Oil Refining (Shatran) in fiscal 1404 (2025/26) lifted revenue 32%, gross profit 335% and net profit 287%. But a forensic look shows operating cash flow is only 23% of net profit and accounts receivable have jumped 273%. This neutral analysis, with no buy or sell recommendation, probes earnings quality, the balance sheet, and the durability of this growth.

BAMA Under the Lens: Bama Mining's Net Profit Roughly Quadrupled in a Year, But Why the Quality of That Jump Matters More Than the Number (Tuesday, July 14, 2026)

A reader asked what we think of BAMA. Net profit at Bama Mining & Industrial rose from roughly 422 to about 1,597 billion tomans, nearly a fourfold jump in a year. But much of it came from FX-translation gains and higher global zinc prices, not more output, output volume actually fell around 6 percent. A neutral look at a profitable but cyclical, dollar-linked miner (as of Tuesday, July 14, 2026). Educational, not buy or sell advice.

Iran Market Pulse: Tuesday Midday, July 14, 2026; Tehran Bourse Slips Below 4.92 Million as Global Gold Reclaims $4,000

At midday on Tuesday, 23 Tir 1405 (14 July 2026), Tehran's TEDPIX index fell about 1.08% in the live session to 4,913,868 points (below 4.92 million), while the free-market dollar held near its record (the toman-tether proxy around 183,220 tomans) and global gold, which had slid below $4,000 on Monday, climbed back above that line. Brent crude traded near $85.8 and bitcoin near $62,605. The midday winners were gold and the dollar; the loser was equities.

Iran Market Pulse: Tuesday Morning, July 14, 2026; The Dollar Sets a New Record and Brent Oil Nears $85

Early Tuesday, 23 Tir 1405 (July 14, 2026), the live free-market dollar (Tether-toman proxy) reached about 183,000 tomans, a fresh record; the dollar had closed Monday at 180,985. Brent neared $85 on the continuing Strait of Hormuz disruption, global gold slipped below $4,000, and the Tehran index closed Monday down 1.79% at 4,966,761. Amid the sell-off, Tehran Oil Refining (Shatran) reported a 287% jump in FY1404 net profit.

Kafpars Under the Lens: A 1,519% Revaluation-Based Capital Increase and the Fundamental Root of a Decade of Shareholder Frustration at Pars Refractories (July 13, 2026)

A Sahmino reader wrote: "I have held Kafpars for ten years, nothing but losses." Neutrally and with no buy or sell advice, drawing on official exchange data and financial statements, we examine why Pars Refractories Products has failed to satisfy its long-term holders: from thin, fragile profitability to a 1,519% capital increase funded entirely by asset revaluation, and how that distorts the unadjusted price chart. Figures as of July 13, 2026.

The Factories Are Back, the Symbols Are Not: 42 War-Damaged Tickers Worth About 35% of the Tehran Bourse Stayed Frozen Through 22 Tir (Monday, July 13, 2026)

Roughly 42 war-damaged tickers on the Tehran Stock Exchange, together about 35% of total market value, from Foolad and Fakhouz to Bafajr, Mobin and Shavan, stayed suspended through 31 Tir 1405 (July 22, 2026), even as many of the same firms restarted production. Mobarakeh Steel revived its No. 8 furnace in about 45 days, and officials say nearly 89% of war-hit petrochemical units are back online. The main index (TEDPIX) closed Monday down 1.79% below 5 million points, at 4,966,761.

Karbon Trades at a 5.1 P/E Against Its Sector's 21.8; Why the Chart's 56% Drop Is Partly a Price-Adjustment Illusion (Monday, July 13, 2026)

Karbon (Kani Karbon Tabas), a coal-mining stock on the second market of Iran's Farabourse (OTC market), trades at a 5,960-rial close, a price-to-earnings ratio near 5.1, and an earnings yield close to 20%, while its coal-mining sector averages 21.8. This data-driven report shows that much of the 56% fall from the one-year high is not a real crash but the price-adjustment effect of two corporate actions (a capital increase and a dividend). Figures as of July 13, 2026.

Iran's Multiple Exchange Rates: Why Is There More Than One Dollar Price?

Learn why one dollar has several prices in Iran: we separate the free-market rate, the Exchange Center rate, and the preferential rate, say who each rate is for, and use a hypothetical worked example plus dated real figures to show what the gap between them means.

Iran Market Pulse: Monday Midday, July 13, 2026; Tehran Stock Exchange Stays Below 5 Million in a Sixth Down Session as the Dollar Hovers Near 180,000 Tomans

By around 11:00 a.m. on Monday, 22 Tir 1405 (13 July 2026), Tehran's main index (TEDPIX) was down about 1.9% at 4,961,293, staying below the 5-million mark for a sixth straight session. At the same hour the free-market dollar traded near 179,800 tomans and 18-karat gold near 17,660,000 tomans a gram. A roughly 4% jump in Brent crude to about $79, driven by Strait of Hormuz tension, failed to lift equities.

Iran Market Pulse: Monday Morning, 13 July 2026; Hormuz Tension Lifts Oil 4%, but Global Gold Retreats

At dawn on Monday, 22 Tir 1405 (13 July 2026), the usual pattern flipped: Brent crude jumped nearly 4% to about $79 as Strait of Hormuz tensions escalated, while spot gold fell for a second session to around $4,055. At home, the Tehran Stock Exchange closed Sunday down 2.51% (5,055,648), its fifth losing session, while the free-market dollar held near 179,600 tomans and the Emami coin around 178 million tomans. The same risk lifting oil is grinding down the bourse.

What Is the Coin Premium (Hobab) and How Is It Calculated?

Iran Market Pulse: Sunday Midday, July 12, 2026; Stocks Fell a 5th Day, but Gold and Coins Bounced Back

On Sunday, 21 Tir 1405 (12 July 2026), Iran's markets split two ways: the Tehran Stock Exchange's main index fell 2.51% to 5,055,648 (a 5th straight losing session), while gold and coins rebounded. A gram of 18-karat gold rose 0.93% to 17,638,200 tomans, the Emami coin gained 1.41%, and its premium re-widened to about 4.4 million tomans. The free-market dollar edged up too. Is money rotating out of stocks into safe havens?

TAPICO Closes Persian Gulf Star Refinery's 15-Year FX-Debt File; Its 49% Stake One Step From an IPO (Sunday, July 12, 2026)

TAPICO's CEO says the roughly $3 billion FX-debt file of Persian Gulf Star Refinery has been closed after about 15 years, leaving the plant "one step" from an IPO. TAPICO owns 49% of the asset; the PTAP symbol traded at 2,962 tomans on Sunday, July 12, 2026, about 79% of its published NAV. Why the debt fix matters and what the market is pricing.

Tehran Stock Exchange Opens Down About 2.5% on Sunday, July 12, 2026: The Psychology of the Sell-Off and Systematic vs Fundamental Risk

On the morning of Sunday, July 12, 2026 (21 Tir 1405), the Tehran Stock Exchange overall index (TEDPIX) fell about 2.49% to around 5,056,740 in early trade, extending several pressured sessions; the equal-weighted index dropped 2.08%, a sign the selling is broad. This piece explains what a heavy sell queue means, why even fundamentally sound shares get sold on days like this, and why systematic risk does not necessarily mean companies' intrinsic value has changed.

Iran Market Pulse: Sunday Morning, July 12, 2026; Gold and Coin Fell Harder Than the Dollar as Global Gold Held Near $4,100

On Saturday, 20 Tir 1405 (11 July 2026), Iran's domestic gold and coin fell harder than the dollar: a gram of 18-karat gold dropped 2.64% to 17,476,100 tomans, the Emami coin slid 3.11%, and the free-market dollar eased 1.92% back to 178,200 tomans, all while global spot gold held near $4,100. The TEDPIX index also shed 2.01%. A bottom, or more correction? A look before today's reopening.

Kermanshah Petrochemical (Karmasha) Is About to Reopen After Its AGM: a 97% Capital Increase, a 1,227-Rial Dividend, and the Global Urea Shock in the Background (Saturday, July 11, 2026)

Kermanshah Petrochemical (Karmasha), one of the few urea and ammonia producers on the Tehran Stock Exchange, is halted for its annual meeting and about to reopen. It registered a 97% capital increase and approved a 1,227-rial dividend (40% payout) at its July 7 AGM. The stock trades at a trailing P/E of about 8.18, roughly in line with the chemicals group average of 8.24, so its story is the global urea cycle amid the renewed Hormuz crisis, not a valuation discount.

Gold in Iran: 18 Karat, Melted Gold, and Coin Types

Learn what 18 karat gold, melted gold, and Iran's four gold coin sizes (Emami, Bahar Azadi, half, quarter, gram) are, and what builds each one's price, with a hypothetical worked example and dated real figures.

Iran Market Pulse: Saturday Midday, July 11, 2026; Tehran Stock Exchange Sheds 2.12% at Week's Reopening

Tehran Stock Exchange's main index (TEDPIX) fell 109,826 points (2.12%) to 5,177,030 by 10:58 AM Tehran time in the week's first trading session, Saturday, July 11, 2026 (20 Tir 1405), the market's first price reaction to two days of Iran-US military escalation over the weekend and the free-market dollar's jump into the 182,000-toman channel. Global gold held at $4,121 an ounce and bitcoin traded near $64,200.

Emami Gold Coin's Premium Falls to 5,101,000 Tomans on Friday, July 10, 2026; Three Legal, Tax-Exempt Ways to Trade It

On Friday, July 10, 2026 (19 Tir 1405), Iran's Emami coin traded around 182 million tomans and its premium over intrinsic gold/dollar value fell to 5,101,000 tomans (about 2.8%), down from 7,091,000 a week earlier. This piece explains the mechanics and three legal, tax-exempt trading channels: the CBI auction, the exchange coin deposit certificate, and gold funds.

Sejam and the Trading Code: A Step by Step Guide to Opening a Brokerage Account in Iran

What is Sejam, why must every investor register before trading on the Tehran Stock Exchange, and where does the trading code come from? This lesson walks through registration, in person and remote identity verification, and choosing a brokerage.

Iran Market Pulse: Friday Morning, July 10, 2026

After the ceasefire collapsed completely, the US military bombed nearly 90 targets across five Iranian provinces over two straight days, and Iran's health ministry said at least 14 people were killed and 78 wounded; Iran struck US bases in Kuwait, Bahrain, Qatar and Jordan with drones and missiles. The free-market dollar neared the 182,000-toman mark, Brent held near $78, and the Tehran bourse is closed on Friday, July 10.

Bank Novin Sets Dividend Payment Schedule: SEJAM Holders Paid From August 19, Last Group Waits Until October 21, 2026

Bank Eqtesad Novin (Tehran Stock Exchange ticker: Vanovin) has announced its dividend payment schedule for the fiscal year ended March 20, 2026. SEJAM-registered shareholders are paid from August 19, 2026; non-SEJAM individuals and funds from September 22; and other non-SEJAM legal shareholders from October 21.

Isfahan Refinery's Replacement Value Is Up to 5x Shapna's Market Cap; How Much of That Gap Does the Market Price In? (Thursday, July 9, 2026)

Shapna's (Isfahan Oil Refining) Tehran Stock Exchange market cap is estimated at $2.6 to $2.8 billion based on available reporting. Rebuilding a refinery of the same capacity from scratch, using global refinery cost benchmarks, could cost $7.5 to $13.1 billion, meaning the market prices this asset at only 20 to 38 percent of its estimated replacement value.

Iran's Dollar Crosses 180,000 Tomans, Coin Premium Jumps 6.85%; Why Did Global Gold Fall at the Same Time? (Thursday, July 9, 2026)

Iran's free-market dollar crossed 180,000 tomans early Thursday, July 9, 2026 (18 Tir 1405), reaching 180,195 tomans. The same week, the Emami coin's premium jumped 6.85% to about 7,091,000 tomans, even as global gold fell for a second straight day. The widening gap is a live gauge of domestic fear.

Bank Mellat Announces Four-Stage Dividend Payment Schedule; SEJAM-Registered Shareholders Paid Last, From August 1 (Thursday, July 9, 2026)

Bank Mellat announced a four stage dividend payment schedule for the fiscal year ended March 20, 2026: non-SEJAM individual shareholders from June 5, investment portfolios from July 6, SEJAM-registered shareholders from August 1, and non-SEJAM corporate shareholders from August 21, 2026, an order that puts SEJAM shareholders, against expectation, last in line.

Tehran Stock Exchange 101: What Are Shares, Tickers, and the Overall Index?

Learn what a share and a ticker symbol are on the Tehran Stock Exchange, how the overall index is calculated, which days and hours the exchange trades, and how the daily price fluctuation band limits a ticker's price moves.

Iran Market Pulse: Thursday Morning, July 9, 2026

Iran's free-market dollar broke through the 180,000-toman channel before dawn on Thursday, July 9, 2026 (18 Tir 1405), reaching 180,195 toman, after Trump declared the US-Iran ceasefire "over" and three tankers were attacked in the Strait of Hormuz. Tehran's TEDPIX fell 24,741 points on Wednesday, global gold slipped, and Brent jumped above $78.

Competition Council Calls Iran's 15% Car Price Hike Insufficient; Tehran Bourse's Automaker Stocks Caught Between Codal Rally and War Selloff (Thursday, July 9, 2026)

Iran's Competition Council (session 758, July 8, 2026) again ruled the Industry Ministry's approved 15% car price hike falls short of the Protection Organization's justified 25%. The dispute lands on Tehran Bourse's automaker stocks, Khodro, Khasapa, Khegostar and Khbahman, a group that rode a Codal-driven rally in Khordad but now faces selling pressure from the collapsed Iran-US ceasefire.

TCI's EPS Fell to 4 Rials; The 1,555% Capital Increase Behind Iran Telecom's Numbers (Thursday, July 9, 2026)

TCI's (Telecommunication Company of Iran, ticker اخابر) earnings per share for fiscal year 1403 (ended March 2025) came in at just 4 rials, even as value added, operating revenue, and net profit each grew about 22%. The reason is a 1,555% capital increase approved in Bahman 1402. The June 2025 shareholder meeting approved a 40-rial dividend per share.

Trump Declares Iran Ceasefire "Over"; Rial Smashes Through 180,000 Toman, Tehran Stock Exchange Sheds 52,000 Points (Wednesday, July 8, 2026)

Donald Trump told the NATO summit in Ankara that the ceasefire with Iran is "over." Hours later, on Wednesday, July 8, 2026 (17 Tir 1405), Iran's free-market dollar broke through 180,000 toman and the Tehran Stock Exchange's main index fell 52,012 points (1.9%) to the 2.68 million range. Brent crude jumped about 7% globally.

Bank Tejarat Raises Capital 340 Percent: What the H1 1404 Earnings Report Shows (Wednesday, July 8, 2026)

Bank Tejarat raised its registered capital 340.6 percent, from 33.6 to 148 trillion tomans, at a March 2025 assembly. Its first six-month report since then shows net profit up 14 percent and earnings per share up 21 percent (Wednesday, July 8, 2026).

Bank Mellat's EPS: 656 Rials or 335? The Reason Behind the Conflicting Six-Month Reports (Wednesday, July 8, 2026)

Two different reports put Bank Mellat's first-half fiscal 1404 earnings per share at 656 rials and 335 rials, both citing the same 79.36-trillion-toman net profit. The gap traces to a capital increase that nearly doubled the bank's share count (Wednesday, July 8, 2026).

How Markets Discover Prices

Learn what a market actually is, how supply and demand jointly shape a price, and why expectations, whether in Iran's free currency market or its coin market, can move a price even before supply or demand truly changes.

Competition Council Deems Ministry's 15% Car Price Hike Insufficient; Refers Case to Oversight Bodies (Wednesday, July 8, 2026)

At its 758th session on July 8, 2026 (17 Tir 1405), Iran's Competition Council found a 15% domestic car price increase approved by the Industry Ministry fell short of the roughly 25% the Support Organization had calculated as justified, and referred the Ministry's deviation from Directive 543 to oversight bodies.

Coin Premium Rose 6.85% This Week; Why, Even as Global Gold Fell? (Wednesday, July 8, 2026)

The Emami gold coin's premium reached about 7,091,000 tomans in its latest weekly reading (Sunday, July 5, 2026), up 6.85% week on week. That happened even as global gold fell about $49 (1.2%) from $4,165 to $4,116 on Tuesday night after the Strait of Hormuz attack pushed the Fed toward a more hawkish tone.

Iran Market Pulse: Wednesday Morning, July 8, 2026

Wednesday morning, 17 Tir 1405 (July 8, 2026): the US Treasury revoked Iran's dollar oil-sales license overnight, hours after an attack on three tankers in the Strait of Hormuz, and Brent crude climbed to about $76.18 by this morning. Tehran's TEDPIX rose 2.4% on Tuesday to 5,311,527 points, and refiners Shepna and Shabandar reacted to the oil jump today. The free-market dollar was trading around 175,300 tomans before the news broke.

Bank Mellat's Capital Grew From 35 to 338 Trillion Tomans; Why Vabmellat's EPS Shouldn't Be Compared to Old Figures (Wednesday, July 8, 2026)

Bank Mellat's (Vabmellat, وبملت) registered capital rose in four stages from December 2023 to May 2026, from 35.3 to 338.2 trillion tomans, a nearly tenfold increase that took its share count above 3.38 billion. This report traces Bank Mellat's capital-increase history and explains why its reported EPS varies across sources.

Iran's Housing Inflation Hit 4.7% in Khordad; Why Did It Lag Food and Clothing? (Wednesday, July 8, 2026)

Iran's Central Bank released its Khordad (the Iranian month ending June 21, 2026) inflation report on Tuesday, June 30, 2026: annual inflation at 57.7% and point-to-point inflation at 83.1%. The "housing, water, electricity and fuel" group rose just 4.7% that month, slower than food (8.7%), clothing (9.5%) and furniture (10%), echoing Sahmino's report last week on rent's lagging growth.

Shepna and Shabandar Rally as Brent Tops $76; How the $19 Summer Crack Spread Feeds Refiner Profits (Wednesday, July 8, 2026)

On the first Tehran Stock Exchange session after Brent crude jumped above $76.04 (Tuesday, July 7), refiners Shepna and Shabandar gained 2.87% and about 0.65%. With the feedstock formula set at 95% of the Brent, Dubai and Oman average and this summer's approved crack spread near $19 a barrel, this piece traces the mechanism linking global oil prices to listed refiners' profitability (Wednesday, July 8, 2026).

US Revokes Iran Oil Sales Waiver; Brent Crude Tops $76 After Attacks on Three Tankers in Hormuz (Wednesday, July 8, 2026)

The US Treasury revoked Iran's dollar oil sales waiver (General License X) on Tuesday, July 7, 2026, hours after an attack on three tankers in the Strait of Hormuz, replacing it with a narrower "General License X1." No new sales are authorized, and in-process transactions have until July 17 to settle. Brent crude jumped to $76.04 a barrel in after-hours trading in response.

China's Purchases of Iranian Crude More Than Halved in June Despite Sanctions Waiver; Over 20 Million Barrels Now Stranded at Sea (Tuesday, July 7, 2026)

China's imports of Iranian crude fell to about 654,000 barrels a day in June 2026, more than halving from a month earlier, despite Washington's temporary sanctions waiver effective June 22. Over 20 million barrels of Iranian oil are now idling at sea, up 18% week on week (July 2 and July 6, 2026, per Bloomberg and CNBC).

Iran's Largest Ever IPO Is Coming: Taban Farda Petrochemical Valuation Finalized (Tuesday, July 7, 2026)

Iran's Securities and Exchange Organization says the valuation of Taban Farda Petrochemical Group is complete (June 28, 2026); a 5% stake in the holding, whose listed portfolio is valued at roughly 3,180 trillion rials (about 318 trillion tomans), is expected to be offered within two weeks, in what its CEO calls the largest transaction in Tehran Stock Exchange history.

What Is Bank Deposit Interest? Nominal, Effective, and Real Returns Explained

Learn the difference between nominal, effective, and real interest on a bank deposit, and why comparing a deposit's return to the period's inflation rate gives a truer picture of what happens to a saver's purchasing power.

Iran Market Pulse: Tuesday Morning, July 7, 2026

Tehran's stock exchange reopened Tuesday, July 7, 2026 (16 Tir 1405), after a three day closure; the index fell about 1% at the open, but by 11am market breadth had improved to 194 advancing symbols against 143 declining. The free market dollar reached 175,700 tomans, 18k gold rose to 17,737,000 tomans, and Bitcoin held near $63,000 after Strategy's record $216 million sale.

What Is Shapna's Forward P/E? Estimating It From Isfahan Oil Refining's 1,152 Rial EPS (Tuesday, July 7, 2026)

Shapna (Isfahan Oil Refining) last traded at a confirmed 8,160 rials per share (May 15, 2026); against EPS of 1,152 rials that puts trailing P/E at 7.08x. This report estimates forward P/E under three scenarios, built from the company's earnings trend, Brent, and the free market dollar.

What Is Bank Mellat's Forward P/E? An Estimate Based on Its 6-Month EPS of 335 Rials (Tuesday, July 7, 2026)

Bank Mellat's Tehran Stock Exchange ticker, Vabmellat (وبملت), traded around 1,284 rials on Tuesday, July 7, 2026. Using its 335-rial six-month EPS for H1 of Iranian fiscal year 1404 (up 36% year on year), this report calculates a forward P/E under conservative, base, and optimistic scenarios.

Iran Kicks Off $2bn Industrial FX Allocation; Central Bank Adds $4.5bn to Reserves, Vows No Return to Subsidized Rate (Monday, July 6, 2026)

Iran's central bank governor says the country's foreign currency reserves grew by $4.5 billion during the recent war months, and that a first $2 billion phase of industrial FX allocation began Saturday, July 4. Governor Hemmati stressed the bank will not revive the old subsidized "preferential rate" system. The move coincides with revenue from a temporary US license letting Iran sell oil for dollars.

Russia's Urals Crude Sinks to $41.66 a Barrel, Below Pre-War Levels, Deepening the Kremlin's Budget Squeeze (Monday, July 6, 2026)

Russia's Urals crude averaged $41.66 a barrel in early July, its lowest level since before the Iran-Israel-US war. Its discount to Brent has widened to $27.35 a barrel, compounding a budget already squeezed by a 45% drop in Q1 2026 oil and gas revenue (Monday, July 6, 2026).

What Is an Asset? A Map of an Iranian Household's Assets

Learn what an asset is, how financial assets differ from real assets, and the general map of assets an Iranian household typically holds (deposits, gold and coin, currency, stocks, funds, housing, cars), with no comparison or recommendation about which is better.

How Tehran Stock Exchange Analysts Screen for Undervalued, Overlooked Stocks: Five Current Examples With Official Evidence (Monday, July 6, 2026)

Beyond the headline index, some Tehran Stock Exchange analysts screen for overlooked stocks using criteria like a low forward P/E, a discount to NAV, and leverage from the gap between Iran's free-market and NIMA exchange rates. Sahmino examines the method itself, alongside five current symbols with official financials as evidence, each with its own catalyst and risk (Monday, Tir 15, 1405 / July 6, 2026).

Ethereum Unveils Four-Year Roadmap: Biggest Protocol Rebuild Since The Merge (Monday, July 6, 2026)

Vitalik Buterin unveiled the "Lean Ethereum" roadmap on Saturday, July 4, 2026: a three-to-four-year plan to cut transaction finality from 16 minutes to seconds and harden the network against quantum computers by 2029. Ether traded near $1,791 on Monday, July 6, up nearly 13% for the week.

Iran Market Pulse: Monday Morning, July 6, 2026

On the final day of the Tehran Stock Exchange's three-day closure for the state funeral, parallel markets kept trading: the free-market dollar hit 175,600 tomans, the Emami coin premium jumped over 24% in a month, and global gold climbed back above $4,170. Trading resumes Tuesday, July 7, after Wednesday's green close (TEDPIX at 5,187,000).

Tehran Stock Exchange Reopens Tomorrow; Gold and Coin Hit Records During Closure, Dollar Holds Near 175,600 Tomans (Monday, July 6, 2026)

The Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange, closed since Wednesday, July 1 (10 Tir), reopen tomorrow, Tuesday, July 7 (16 Tir 1405). During the six-day closure, 18-karat gold and the Emami coin hit fresh records while the free-market dollar held near 175,600 tomans; meanwhile OPEC+ raised August output, US bitcoin ETFs returned to net inflows, and analysts flagged unresolved questions over options-contract maturities.

OPEC+ Raises August Output by 188,000 Barrels a Day as Persian Gulf Exports Through the Strait of Hormuz Top 10 Million Barrels (Sunday, July 5, 2026)

Seven core OPEC+ producers agreed at a virtual meeting on Sunday, July 5, 2026, to raise August output by 188,000 barrels a day. As the Strait of Hormuz gradually reopens following the Iran-US ceasefire, total daily oil flows through the strait have topped 10 million barrels, and Brent crude trades near $72 a barrel.

Fmelli Under the Microscope: National Iranian Copper Industries' Net Profit Hit 149.6 Trillion Tomans in FY1404 (Fundamental Analysis, Sunday, July 5, 2026)

National Iranian Copper Industries Co. (TSE: Fmelli), Iran's largest copper producer, reported a net profit of 149.6 trillion tomans for fiscal year 1404 (ended March 20, 2026), up 98% year on year. With a P/E ratio of about 22.4 as of the last trading session before the Tehran bourse's three-day closure (July 1, 2026), this report reviews the company's value chain, financials, mineral reserves, and risks, with no buy or sell recommendation.

Tara Jumps 195 Million Toman in a Day as Iran's Free-Market Car Prices Surge Despite a Flat Dollar (Sunday, July 5, 2026)

On Sunday, July 5, 2026 (14 Tir 1405), the free-market price of the Tara Automatic V4 jumped 195 million toman (about 7.7%) in a single day to 2.72 billion toman; the Peugeot 207 Automatic Panorama rose 60 million toman to the same level, and the Dena Plus Automatic gained 35 million toman. The moves came on a day the free-market dollar barely moved, trading around 175,000 toman.

Money, Inflation, and Purchasing Power

Learn what money, purchasing power, and inflation mean and how they are measured; a labelled hypothetical example shows why idle rial savings can lose part of their real value.

US Bitcoin ETFs Turn Positive After 10-Day Outflow Streak; Bitcoin Tops $62,000 (Sunday, Tir 14, 1405 / July 5, 2026)

US spot Bitcoin ETFs posted a $221.72 million net inflow on Thursday, July 2, 2026, ending a 10-day, $2.7 billion outflow streak, the largest single-day intake in two months. Bitcoin rose 1.74% to $62,512 by Saturday, July 4, and BlackRock's new staked Ethereum fund pulled in $100 million on its debut day.

Iran Market Pulse: Sunday Morning, July 5, 2026

Sunday, 14 Tir 1405 (July 5, 2026) is the second day of a three-day closure of all four of Iran's capital-market pillars for the state funeral of Iran's former Supreme Leader; trading resumes Tuesday, 16 Tir (July 7). Meanwhile OPEC+ meets today on August output, Brent crude trades near $72, and the free-market dollar holds around 175,400 tomans.

Free Trade Zone Plate Conversion Fee Rises to 100% of Customs Value; Up From 90% Under Iran's 1405 Budget (Saturday, July 4, 2026)

The fee to convert an Iranian free trade zone vehicle plate (Kish, Qeshm, Arvand, Chabahar, Mako) to a national plate has risen to 100% of customs value under the 1405 (2026/27) budget law, up from 90% through the end of 1404, per reports published June 29, 2026. Separately, traffic police have denied claims of a permanent, unrestricted nationwide travel exemption for these vehicles.

Saudi Oil Exports Through Strait of Hormuz Hit 6.3 Million Barrels a Day; OPEC+ Nears August Output Hike (Saturday, July 4, 2026)

Saudi Arabia's crude exports through the Strait of Hormuz have climbed to 6.3 million barrels a day, per Bloomberg and CNBC (July 1 to 2, 2026), nearing pre-war levels after the Iran-US ceasefire. OPEC+ is preparing another roughly 188,000 bpd increase for August, as Iran holds its own 60-day US oil license.