Articles
Neutral, dated analysis and explainers across Iran’s markets.
Shavan Shares Rose 77.6% Over 22 Straight Sessions While Quarterly Profit Fell 90% (Saturday, September 5, 2026)
Shavan (Lavan Oil Refining) on Iran Fara Bourse has risen 77.6 percent over 22 straight higher closes, from August 1 to today, Saturday, September 5, 2026, reaching a one-year high. Yet the company quarterly statement for the period ended June 21, 2026 shows net profit per share down 90 percent from a year earlier. The rally has been driven mainly by retail buying.
Sports Ministry Fully Exits Esteghlal Football Club's Shareholder Register; Its 3.1% Stake Lands at a Persian Gulf Financial Group as the Stock Hits an Eight-Month High (Wednesday, September 2, 2026)
Iran's Ministry of Sport and Youth completely exited Esteghlal Football Club's shareholder register on September 2, 2026 (11 Shahrivar 1405), according to Tehran Stock Exchange records. The 3.1 percent stake (334,525,650 shares) the Privatization Organization had announced for sale a month earlier landed at Persian Gulf Capital Pioneers Financial Group. The same day, Esteghlal's closing price hit its highest level since January 7, 2026, its fifth straight gaining session.
Emami Coin's Premium Falls to 189,000 Tomans Today Despite a Gold and Dollar Jump; Its Tightest Gap in Weeks (Thursday, September 3, 2026)
The Emami gold coin's premium (the gap between its market price and its melt value) fell today, Thursday, September 3, 2026, from about 1,107,000 tomans yesterday to just 189,000 tomans, despite an roughly 2.6 to 3 percent jump in 18 karat gold and the global gold ounce. Sahmino's own data (16:59) and Alanchand's live bubble gauge (20:05) both put the gap near 188,000 to 189,000 tomans, under a tenth of a percent of the coin's price, even as the free market dollar rose only 0.53 percent.
Tehran's TEDPIX Falls 1.21% Today, Wednesday, Ending a Rally of At Least 19 Straight Gaining Sessions (September 2, 2026)
TEDPIX, which had climbed without a single losing session from August 3 to a record 6,583,932 points yesterday, fell 1.21% (about 80,000 points) today, Wednesday, September 2, 2026, to close at 6,503,970, alongside 5.7 trillion tomans of retail outflows.
Kian Financial Group's Stock Is Up 465% in a Year, Hit a 12-Month Record on Saturday; Its 180% Capital Increase Diluted No One
Kiana, the Tehran-listed ticker for Kian Financial Group, closed at 8,110 rials on Monday, August 31, 2026, up 465% from 1,435 rials a year earlier on September 2, 2025. Two days earlier, on Saturday, August 29, the stock closed at a 12-month record of 8,160 rials, two weeks after shareholders approved a 180% capital increase funded entirely from retained earnings, which does not dilute holders. Only 9% of the stock's shares are free-floating.
Iran's Administrative Court Annuls Competition Council's Car Down-Payment Rule; Saipa and Iran Khodro Give Conflicting Codal Disclosures
Iran's Administrative Court of Justice annulled Competition Council Resolution 473, known in the auto industry as the "inflation-share rule," on Wednesday, August 19, 2026. The resolution had locked a car buyer's pre-sale down payment in as a fixed share of the price at registration. Saipa's August 22 Codal disclosure said the annulment is retroactive and its financial impact is still being calculated; Iran Khodro said the same day the ruling has no revenue effect on the company.
Tehran's TEDPIX Jumps 2.03% to a Fresh Record of 6.516 Million Points; This Week's Liquidity Flows From Parallel Markets Into the Bourse (Saturday, August 29, 2026)
Tehran's TEDPIX (main stock index) rose 2.03% (up 129,581 points) on Saturday, August 29, 2026, to a record 6,516,000 points, its sixth straight gaining session, up nearly 7.5% since August 22. Trading value hit about 41.8 trillion tomans and 224 stocks gained more than 2%, as the dollar and gold pulled back this week.
Rail Pardaz Novafarin's Stake in Dlip Jumps From 49.5% to 80.9% After a 450% Rights-Stripped Capital Increase (Saturday, August 29, 2026)
Rail Pardaz Novafarin's stake in Tehran Stock Exchange base-market ticker Dlip (Delijan Talaei Shokouh Pars) rose from 49.53% to 80.93% in the exchange's official ownership record dated August 26, 2026, three days after Dlip's 450.5% capital increase, funded entirely from cash with existing shareholders' pre-emptive rights stripped, was formally registered.
Central Bank Gives Marriage and Childbirth Loan Priority to Gam Bond Welfare Card Holders; Store Credit Arrives Faster, Not Necessarily Cash (Friday, August 28, 2026)
Iran's central bank says applicants for interest-free marriage and childbirth loans who choose the "welfare card linked to Gam bonds" get priority in payment order; the card gives store credit for specific goods at contracted merchants, not cash the household can spend freely (Aug 27-28, 2026).
Hemmati Says Central Bank Has Supplied $500 Million in Negotiated-Rate FX to the Parallel Market; Gap With the Free Dollar Still 21 Percent (Thursday, Shahrivar 5, 1405)
Central Bank Governor Abdolnaser Hemmati said Thursday, Shahrivar 5, 1405 (August 27, 2026) the bank has supplied $500 million in negotiated-rate FX to the parallel market to curb "fake FX jobs," with more available if needed. Sahmino's board put today's negotiated dollar at 158,039 tomans against a free-market dollar near 200,600 tomans, a gap of about 21 percent.
Bitcoin Reached About $79,650 Today, Its Strongest Month in Over a Year, But It's Still Well Below Its All-Time Record (Thursday, August 27, 2026)
Bitcoin traded around $79,650 today, Thursday, August 27, 2026, per CoinGecko, ArzDigital and TradingEconomics. The world's largest cryptocurrency is having its best monthly performance in over a year, but it remains clearly below its October 2025 all-time record. The main driver has been the US Treasury's August 19 decision to roughly double its long-dated bond buybacks.
Iran Radiator Hits Second Straight One-Year High on Tehran Stock Exchange After 36% Sapco Rate Hike Worth 103.5 Billion Tomans in Revenue (Wednesday, August 26, 2026)
Iran Radiator Manufacturing Co. (RADI) told Codal that Sapco raised its product prices 36 percent, an effect it estimates at about 103.5 billion tomans (8 percent of last year's revenue) by fiscal year end. The stock gained more than 10 percent over four sessions and today, Wednesday, August 26, 2026, closed at a fresh one-year high for the second straight session, at its daily price ceiling.
Fameli Hits a One-Year Record of 19,950 Rials on a Third Straight Rally; Its Valuation Sits in the 23rd Percentile of Its Own Sector (Wednesday, August 26, 2026)
Shares of Fameli (National Iranian Copper Industries) on the Tehran Stock Exchange rose 2.99 percent to 19,950 rials on Wednesday, August 26, 2026 (Shahrivar 4, 1405), a one-year closing high and a third straight up session. The company's trailing twelve-month net profit is up 261 percent year on year, yet Sahmino's own screen places Fameli in just the 23rd valuation percentile of its 93-member basic-metals peer group, with a P/E about 31 percent above the sector average.
Bank Tejarat Hits 20th Straight Rising Session and a 795-Billion-Toman Buy Queue, Still Trading 27% Below Book Value (Tuesday, August 25, 2026)
Bank Tejarat (وتجارت) closed Monday, August 24 at a 52-week high of 901 rials, its 20th consecutive rising session, then rose another 3% to 928 rials today, Tuesday, August 25, closing locked in a buy queue worth roughly 795 billion tomans. Yet under its audited Codal financial statement, the stock still trades about 27% below book value; it is up 59% over one month and 187% over one year.
Taban Enters IPO Threshold With a Claimed 40% Guaranteed Return; NAV at 960 Trillion Tomans, Net Profit Forecast at 24.8 Trillion Tomans for 2026/27 (Monday, August 24, 2026)
Tehran Stock Exchange hosted an introductory session on Monday, August 24, 2026 for the IPO of "Taban" (Taban Farda Petrochemical Group). Its NAV was put at 960 trillion tomans and the valuation report's estimated share price at 16,073 rials; net profit for 2026/27 is forecast at about 24.8 trillion tomans. The major shareholder claimed a 40% return guarantee for IPO buyers, a claim Mehr News Agency says still needs checking against the official offering notice.
Dollar, Gold and Coin All Pulled Back Today; Dollar Retreats From a 204,820-Toman Peak to the 200,000-Toman Range (Tuesday, August 25, 2026)
On Tuesday, August 25, 2026, Tehran's free-market dollar retreated to about 200,000 tomans this evening after a two-day surge that had taken it to a peak of 204,820 tomans; global gold, domestic 18-karat gold and the Emami gold coin fell together. A day earlier, Central Bank Governor Abdolnasser Hemmati had announced $175 million a day in FX supply and a plan to allocate $20 billion to industry by year-end, calling the exchange-rate gap "temporary."
Third Straight Pharma Buy Queue in Under a Week: IRDR Hits a One Year High on a 19 Session Run With No Price Moving Codal Disclosure Behind It (Monday, August 24, 2026)
IRDR (Iran Daru) closed up 2.94% and locked in a buy queue on Monday, August 24, 2026, taking its closing price to 14,000 rials: a 19th straight higher close and a fresh one year high, 444.2% above its 2,572.58 rial low of September 24, 2025. Unlike DJBR and Razak, which showed the same pattern recently, Sahmino found no price moving material disclosure filed by the company on Codal in the past 90 days.
DJBR Jumps 14.53%, Extends Winning Streak to 10 Sessions and Hits a 52-Week High; 13 Days After Bank Employees' Pension Fund Exited Its Stake (Monday, August 24, 2026)
Tehran Stock Exchange ticker DJBR (Jaber Ebne Hayyan Pharmaceutical) opened 14.53% above yesterday's close on Monday, August 24, 2026, closing at a 10th straight higher session and a 52-week high of 44,340 rials, on volume 17.8 times its 20-session average. The rally began just 13 days after the Bank Employees' Pension Fund sold its entire 16.58% stake, worth about 1,588 billion tomans, to National Investment Company of Iran (NIKI) on August 11, 2026.
Tehran's Free-Market Dollar Crosses 200,000 Tomans for the First Time Tonight (Sunday, Shahrivar 1, 1405)
Iran's free-market dollar in Tehran crossed 200,000 tomans (2,000,000 rials) tonight, Sunday, Shahrivar 1, 1405 (August 23, 2026), for the first time in at least a month, trading as high as 201,300 tomans; three independent sources (Sahmino, TGJU and Alanchand) confirm the level. That is up about 4 percent from last night's Sahmino-registered rate of 192,700 tomans.
Tehran Stock Exchange Notches Second Straight Record, But Sunday's Gain Shrinks to Just 0.14 Percent
TEDPIX climbed as high as 6,154,000 points in mid session trading on Sunday, August 23, 2026, notching a second straight record close, but a wave of second half selling pared the day's gain to just 0.14 percent, at 6,069,888 points. Buy queues held on only 245 symbols, and per Donya-e-Eqtesad, both real money and fixed income funds ended the day with cash flowing out.
Aref: Top Income Decile Gets 23 Times More Gasoline Subsidy Than Bottom Decile; Government Denies 80,000 Toman Price Rumor (Sunday, August 23, 2026)
Mohammad Reza Aref, Iran's First Vice President, said Sunday, August 23, 2026 that the country's top income decile receives 23 times more benefit from the gasoline subsidy than the bottom decile, and that subsidized gasoline costs the country several billion dollars a year. Government spokesperson Fatemeh Mohajerani denied a rumored 80,000 toman gasoline price circulating on social media, saying no new figure or pricing model has been approved yet.
Vabmellat, Mobarakeh Steel, Shepna and Ikco: Sahmino's 4-Stock Weekly Watchlist, From Vabmellat's P/E of 2.99 to Ikco's Losses (Saturday, August 22, 2026)
In the first edition of its Weekly Watchlist series, Sahmino examined four Tehran Stock Exchange names for the week ahead: Vabmellat, Mobarakeh Steel, Shepna and Ikco. All four closed higher on Saturday, August 22, 2026, and three closed locked in buy queues, but their P/E ratios and profit trends differ sharply, from Vabmellat's P/E of 2.99 (roughly half the banking sector average) to Iran Khodro's net loss for the twelve months to March 20, 2026.
Iran's Emami Coin Premium Falls to Just 59,000 Tomans Today; Quarter and Gram Coins Still Cost 10 to 17 Percent More (Saturday, August 22, 2026)
On Saturday, August 22, 2026, Eghtesad Online reported (14:45 Tehran time) that the premium on Iran's full Emami gold coin had fallen to just 59,000 tomans, under a tenth of a percent of its price. Alanchand's live bubble calculator (21:35) put the same gap at negative 0.60 percent, the lowest in recent weeks. The quarter coin and gram coin premiums, however, stayed near 10 and 17 percent.
Tehran's Gold and Silver Funds Jumped Up to 6.1% Today While Global Bullion Barely Moved (Saturday, August 22, 2026)
On Saturday, August 22, 2026, at least 10 Tehran Stock Exchange gold and silver funds rose between 4.4% and 6.1%, several hitting their highest closes since May or June, while global gold held near $4,607 an ounce and silver near $69 an ounce, both essentially flat. Tehran's Emami gold coin rose 4.76% and 18-karat gold 5.7%, both far outpacing the 1.74% rise in the free-market dollar.
Saipa Opens Non-Lottery Registration for Quick, Aria and Pars Nova from Sunday, August 23; Its Stock Hits a One-Year High on a Seventh Straight Up Session
From 10am Sunday, August 23, 2026 (1 Shahrivar 1405), Saipa opens non-lottery registration for regular applicants to buy the Quick GX-L, Quick S, Aria and Pars Nova, drawing on leftover capacity from the youth-population quota; prices are non-final and delivery runs from September 2026 into around October-November 2027. The same week, Saipa's Tehran Stock Exchange ticker (SIPA/Khesapa) closed at a one-year high after a seventh straight higher session.
Bahman Motor Opens a Five-Model Auction on Saturday, August 22; Mazda3 Below Market Price as Its Stock Is Up 90 Percent Over the Past Year
Per its official notice, Bahman Motor is auctioning five passenger cars (Mazda3, Shuval 6, Respect Prime, Fidelity Elite and Fidelity Prestige) from Saturday, August 22 through Wednesday, August 26, 2026 (31 Mordad to 4 Shahrivar 1405) via auction.bahman.ir, per Donya-e-Eqtesad and Ecoiran, citing Mehr News; base prices are typically below the open market. Its own listed stock (BHMN, نماد خبهمن) is up nearly 90 percent over the past year and fell 2.02 percent on Wednesday, August 19.
Sahmino's Screen Finds 4 High-Momentum Tehran Stock Exchange Sectors for the Week Ahead; Data Through Friday, August 21, 2026
Screening Sahmino's own trading, money-flow and fundamentals data through Friday, August 21, 2026 (30 Mordad 1405), four Tehran Stock Exchange sectors, oil refining, basic metals, banks and automotive, show the most momentum for the coming trading week. Brent stood at $93.70 at 18:17 today; Tehran's free-market dollar closed Thursday evening at 1,894,050 rials. No individual stock is named; only the sectors themselves are examined.
Razak Pharmaceutical (DRZK) Has Risen About 176% Since Its June 15 Reopening, Closing Each Session Bid-Locked; Behind the Run, a Jump in Quarterly Profit and a P/E Below the Sector Average
Razak Pharmaceutical (DRZK), halted for roughly four months, has climbed nearly 176% from its June 15, 2026 reopening to August 19, closing that last session at 3,980 rials on a buy queue, with volume about five times the one-month average. Behind the run sits the interim statement for the three months to June 21, 2026, in which net profit rose more than 15-fold year over year and revenue grew 92%. Even so, the stock's P/E of about 8.8 is still below the pharmaceutical sector average.
Bitcoin Tops $72,000 to Its Highest Since Early June as the US Treasury Doubles Long-Term Bond Buybacks (Thursday, 20 August 2026)
Bitcoin climbed about 5.3% on Thursday, 20 August 2026, pushing past $72,000 to $72,415, its highest level since early June, according to CoinGecko and Sahmino data. The jump accelerated after the US Treasury said it would double buybacks of old long-term government bonds, a move markets read as indirect quantitative easing that weakens the dollar and lifts scarce assets like bitcoin. Around $1.5 billion of short positions were forced to cover.
Global Gold Jumps Nearly 4% to a Two-and-a-Half-Month High; Tehran's Coin and Free-Market Dollar Rise Together (Wednesday, August 19, 2026)
On Wednesday, August 19, 2026 (28 Mordad 1405), global spot gold jumped nearly 4% to $4,511.04 an ounce, its highest since early June, according to Trading Economics and tgju.org. The main driver was a US Treasury move to boost long-bond buybacks; regional tension, including the UAE's suspension of ties with Iran, added to the rally, per Ecoiran. Tehran's Emami coin rose to about 198 million tomans and the free-market dollar to 188,600 tomans the same day.
The Money Behind Iran's Brokerages: Mofid Tops the Registered-Capital Ranking of the 10 Largest Tehran Brokerages With 1,000 Billion Tomans (Wednesday, August 19, 2026)
The registered capital of Iran's 10 largest Tehran Stock Exchange brokerages totals 5,735.1 billion tomans. Mofid leads with 1,000 billion tomans, followed by Pasargad Bank Brokerage (950) and Bank Mellat Brokerage (721.1). The gap from first to tenth place is 630 billion tomans, a 2.7x ratio, but registered capital alone does not measure a brokerage's real strength (August 19, 2026, 28 Mordad 1405).
Howard Marks' Lesson for Wartime Markets: Brent Above $91 and the UAE's Break With Iran, Explained for Tehran's Bourse (Wednesday, August 19, 2026)
On Wednesday, August 19, 2026, with Brent above $91 and world gold at a fresh record of $4,355, the UAE suspended all trade and financial ties with Iran. Howard Marks' advice for days like this is clear: you cannot predict a war, but you can prepare for what it does to Tehran's bourse. This Sahmino report maps the channels and three scenarios ahead.
Persian Gulf-to-Asia Supertanker Rates Hit $510,000 a Day, Highest Since Late June, Right as the Iran-US 60-Day Ceasefire Lapses (Tuesday, August 18, 2026)
Daily charter rates for very large crude carriers (VLCCs) on the Persian Gulf-to-Asia route jumped to as high as $510,000 a day this week, the highest since late June. Per Bloomberg, one VLCC was chartered this week for $31 million to haul crude from the Gulf to East Asia, while only about 25 of the world's 486 VLCCs are willing to load in the Gulf. The surge coincides with the unextended lapse of the Iran-US 60-day ceasefire on Monday, August 17.
Mobarakeh Steel Hits Buy-Queue Lock Monday, Gains 2.99%; Still 8.1% Below Its Pre-Halt Price
Mobarakeh Steel (نماد فولاد) closed at its daily price-band ceiling on Monday, August 17, 2026, up 2.99% with buy orders at every price level and zero sellers, one day after touching its lowest price since reopening. The stock, which resumed trading August 8 after a five-month halt, is still 8.1% below its last real pre-halt trade.
Ako Battery to List on Tehran Stock Exchange Wednesday, August 19, in a 29,206 to 32,934 Rial Price Range; Underwriter Values the Company at About 37,000 Billion Tomans
Ako Battery Iranian, the 11th new company to join the Tehran Stock Exchange in the Iranian year 1405, goes public Wednesday, August 19, 2026 (28 Mordad 1405), offering 4 percent of its shares (400.8 million shares) in a price range of 29,206 to 32,934 rials. Each trading code's allotment is 1,500 shares, and the offering's underwriter, Tamdon Capital, has valued the whole company at about 37,000 billion tomans.
US Producer Inflation Cooled to 4.7% in July, Down From 5.5% in June, But the 10-Year Treasury Yield Stayed High (Sunday, August 16, 2026)
US producer prices (PPI) rose 4.7% year over year in July, down from 5.5% in June and softer than economists expected; a day earlier, consumer inflation had already come in calmer than feared. Yet the 10-year Treasury yield stayed elevated through Friday, August 14, a gap that keeps the path of the dollar and global gold, and from there Tehran's coin and gold prices, unsettled.
Noosh Mazandaran and Silva, One Day, Two Different Paths Into Iran's Capital Market: A 16.34 Percent Block Sale on the Tehran Stock Exchange and a Three-Day Silver Fund Subscription (Sunday, August 16, 2026)
On Sunday, August 16, 2026 (25 Mordad 1405), the Tehran Stock Exchange is offering a 16.34 percent non-controlling management block of Noosh Mazandaran (symbol Ghanoosh, "غنوش"), a stock trading at a P/E of 33 against a 6.48 sector average. At the same time, the Iran Mercantile Exchange opens a three-day subscription for Silva, Iran's 12th silver-backed fund, worth 200 million units. Noosh Mazandaran's sale is not an IPO; only Silva's is, and that distinction is the point of this report.
Trump to Host Coinbase, Ripple and Kraken CEOs at the White House on Wednesday, August 19; CFTC's New Crypto Innovation Committee Holds Its First Meeting the Next Day
President Trump is expected to meet the CEOs of Coinbase, Ripple, Gemini, Robinhood, Polymarket and Kraken at the Eisenhower Executive Office Building next to the White House on Wednesday, August 19, 2026, according to CoinDesk and Bitcoin.com News; the SEC and CFTC chairs are also on the guest list. The meeting precedes the CFTC's new crypto Innovation Advisory Committee's first session on Thursday, while the CLARITY Act remains stalled in the Senate until Congress returns in September.
Iran to Roll Out a 400 Million Toman Loan for Replacing Worn-Out Cars Next Week; Gap to the Cheapest New Car Still Tops 500 Million Tomans (Friday, 23 Mordad 1405)
Farshad Moghimi, deputy industry minister and head of Iran's IDRO, said Friday, 23 Mordad 1405 (August 14, 2026) that a revised bylaw on replacing worn-out ("frasudeh") cars takes effect next week, offering up to 400 million tomans in bank financing per vehicle. That sum, plus up to 180 million tomans in scrappage certificates, still falls more than 500 million tomans short of the cheapest new car Sahmino tracks, the Saipa Pride 151 GX at roughly 1.15 billion tomans.
Iran's Rent Inflation Hit a Cooling Point in Tir 1405, But Real Tehran Leases Jumped Up to 100% the Same Season (Friday, August 14, 2026)
Iran's Statistical Center says rent posted the slowest point-to-point inflation, 31.7%, of any major household spending category in Tir 1405 (roughly June 22 to July 22, 2026), against 87.9% headline inflation. But a Majlis Research Center review reported by Khabaronline on August 8 found real Tehran leases signed this moving season jumped 70 to 100%. The calm official number and the real market tell different stories.
BBC Persian Calls Tehran's Bourse Iran's Best-Performing Market; TEDPIX's 52% Gain Against 87.9% Point-to-Point Inflation (Aug 14, 2026)
A recent BBC Persian report cited roughly 52% growth in Tehran's TEDPIX index since the war began and called the bourse Iran's "best-performing market" against inflation, the dollar and gold. But TEDPIX closed Tuesday, August 11, 2026 at 5,736,485 points while Iran's Statistical Center's latest annual inflation reading (Tir 1405) is 66%, with point-to-point inflation at 87.9%, a gap that undercuts the "best-performing market" conclusion on methodological grounds.
Vabmellat's P/E Is 2.84, Versus a 4.95 Banking Sector Average; Here Is How Your Deposit Becomes Bank Mellat's Profit (Friday, August 14, 2026)
Vabmellat's price to earnings (P/E) ratio stood at 2.84 on Friday, August 14, 2026, nearly 43 percent below the 4.95 average for Tehran's banking and credit institution sector; Bank Mellat's net profit alone, in the first half of fiscal 1404, equaled nearly 18 percent of its market capitalization today. This report traces how customer deposits become bank profit, using the same official figures.
The List of Iran-Linked Crypto Exchanges Sanctioned by the US Has Reached Six; Aban Tether and Shelbit Added on Mordad 16
The US Treasury (OFAC) sanctioned two more Iran-linked crypto exchanges, Aban Tether and Shelbit, on Friday, Mordad 16, 1405 (August 7, 2026). The count of Iran-linked crypto exchanges under US sanctions since Khordad 12, 1405 has now reached six, up from four.
Mobarakeh Steel Reopens After Five Months and Sits 10.6% Below Its Pre-War Price; Its P/E Is Half the Sector's (Wednesday, August 12, 2026)
Mobarakeh Steel's ticker (FOLD) reopened on August 8, 2026 after roughly five months of suspension, trading 10.6% below its last pre-war price, in a year the company posted a 33-year production record and net profit near 100,300 billion tomans. Its P/E is 4.4x, half the sector average, and the company still has not disclosed a precise war-damage figure.
Tehran Cement Bag Price Holds at 291,000 Tomans for a Week; Mordad's Surge Has Stopped (Thursday, August 13, 2026)
Tehran's 50kg cement bag price, which jumped from 218,000 to 291,000 tomans between August 2 and 7, 2026, has held at 291,000 through August 13. Iran's Statistics Center says Tehran's construction input price index grew 20.7 percent quarter-on-quarter in spring 1405, nearly half the prior quarter's 36 percent, even as annual growth reached 80 percent.
UAE Oil Output Hit a Record 4.1 Million Barrels a Day in June; ADNOC Has Sold Over 90 Million Barrels by Routing Around Hormuz (Wednesday, August 12, 2026)
Citing International Energy Agency estimates, Oilprice.com reports UAE crude output jumped from 3.3 million barrels a day in May to a record 4.1 million bpd in June. Since June, ADNOC has sold more than 90 million barrels via eight spot tenders that route around the Strait of Hormuz, even as Bank of America says only 5 to 10 ships a day now transit the Strait, versus about 140 before the war.
Turkish Lira Hits Fresh Record Low of 47.76 Against the Dollar on Wednesday; Turkey's Central Bank Releases Its Quarterly Inflation Report Tomorrow
The Turkish lira touched a fresh all-time low against the US dollar on Wednesday evening, August 12, 2026, crossing 47.75, even as annual inflation eased for a fourth straight month. The Central Bank of the Republic of Turkey (TCMB) releases its quarterly Inflation Report tomorrow, Thursday, August 13, a release that has historically moved the lira. The move matters for Iran's market too, since much of Iran's overland import trade and outbound travel runs through Turkey.
65 Percent Controlling Stake in Bemovalled Goes on Sale Saturday, August 15; Base Price Is 2.5 Times the Board
Iran Fara Bourse will sell a 65.05 percent controlling stake in Movalled Niroogahi Tejarat Fars (symbol Bemovalled) on Saturday, August 15, 2026. Under Farabourse's official notice from August 2, the base price equals the stock's closing price plus 150 percent, meaning the buyer must pay at least 2.5 times the board. Bemovalled, which is in a buy queue and at a one year high on Wednesday, August 12, has become the talk of Iran's capital market this week.
A 500 Million Toman Portfolio With a Six-Month Horizon: Tehran's Index Hit 5.736 Million Points on August 11, Screening Beats Guessing at a Correction
A Sahmino reader asked what to buy for a roughly 500 million toman, six-month stock portfolio next week, or whether to wait for a correction in Mehr (late September). Sahmino does not give buy or sell advice. Tehran's TEDPIX hit 5,736,512 points on Tuesday, August 11, 2026 (20 Mordad 1405), up about 11.3 percent over seven sessions. This report explains a screening framework instead: P/E versus sector, free float, liquidity and diversification.
Tehran Dollar Jumps 1.19 Percent Tuesday, Ending a Five-Day Slide, to Reach 187,800 Tomans (20 Mordad 1405)
Tehran's free-market dollar, which fell for five straight sessions from Wednesday, August 5 to Monday, August 10, 2026, its longest losing streak of the year, to a one-month low, jumped about 1.19 percent (2,200 tomans) on Tuesday, August 11 to reach 187,800 tomans. Gold and the Emami coin rose in tandem, while Brent crude jumped nearly 5 percent above $87 as a Strait of Hormuz risk premium returned to markets.
Ehya Locks Limit Up for a Second Session; New Fara Bourse Listing Trades 36 Percent Above Its IPO Price (Tuesday, 20 Mordad 1405)
Ehya (FLBZ), the newest Fara Bourse listing, rose 2.98 percent to its price ceiling of 3,520 rials on Tuesday, 20 Mordad 1405 (August 11, 2026) and stayed locked in a buy queue, meaning the stock is now about 36 percent above its 2,582 rial IPO discovery price after just two sessions. Only 4 percent of the sponge iron producer's shares are freely traded, and institutions were today's net sellers.
Kama (Bama Mining) Hits Buy Queue on Tuesday, Mordad 20; Order Book Shows Only Buyers on All Five Levels as Volume Passes Its Monthly Average
Midday Tuesday, Mordad 20, 1405 (August 11, 2026), Tehran-listed Kama (Bama Mining and Industrial Co.) rose 2.83 percent to 4,000 rials and hit its buy queue. The order book shows buyers only on all five price levels, with no sell orders at all; trading volume passed a full month's daily average within the session's first minutes. Retail traders were net buyers today while institutions were net sellers.
Brent Crude Jumps Nearly 5% in a Day to Top $87 as Iran Ties Hormuz Reopening to Six Conditions and Houthis Claim Drone Strike on Saudi Jazan Refinery (Monday, August 10, 2026)
By Monday evening, August 10, 2026 (19 Mordad 1405), Brent crude had jumped nearly 5% to top $87 a barrel. Sahmino's own feed put it at $87.25 at 20:37 Tehran time, in line with TGJU ($87.48) and Oilprice.com ($87.37). The trigger: Iran's Supreme National Security Council tied any Hormuz reopening to six conditions, while Yemen's Houthis claimed a drone strike on Saudi Aramco's Jazan refinery.
Iran's Emami Coin and Melted-Gold Premiums Turn Negative on Monday, August 10, 2026; Quarter-Coin Premium Still Around 10 Percent
At midday Monday, August 10, 2026, Iran's Emami coin and melted-gold premiums fell below zero for a second straight session. Per Alanchand at 12:35 Tehran time, the Emami coin traded 1.43% and melted gold 3.67% below intrinsic value. A day earlier Ecoiran reported the half-coin premium briefly went negative for the first time in months. The quarter coin's premium held near 10%.
Tehran's Dollar Slipped to the 186,000 Toman Channel on Sunday; Iran's Car Market Did Not Follow, and Some Models Got Pricier (18 Mordad 1405)
On Sunday, 18 Mordad 1405 (August 9, 2026), Iran's free-market dollar slipped to around 186,000 tomans in Tehran, its lowest level in weeks and well off its Tir-month (June/July) record. Iran's car market did not track the move: the Tara Automatic V4 and the manual Peugeot 207 both got pricier the same day, even as most assembled and imported models eased. Analysts point to sellers' price floors and weak demand as the reasons for the resistance.
Tehran Bourse Retail Turnover Hit a Record 65 Trillion Tomans on Sunday; the Same Day Saw a 6.9 Trillion Toman Retail Outflow
Retail trading value on the Tehran Stock Exchange topped 65 trillion tomans on Sunday, 18 Mordad 1405 (August 9, 2026), an all-time record. The same day, about 6.9 trillion tomans of retail money left the market net, reversing a five-session run of retail buying. TEDPIX still closed up 0.72 percent at 5,559,964 points.
Ehya IPO Goes Ahead Monday, 19 Mordad on Iran Fara Bourse; 2,582 Rial Valuation for a Sponge Iron Producer With Over 17 Trillion Toman in Assets
A 4 percent stake in Ehya, a sponge iron producer in Baft, Kerman province, lists via a combined method IPO on Iran Fara Bourse on Monday, 10 August 2026 (19 Mordad 1405). The discovered price of 2,582 rials per share puts the company's total value at about 16.6 trillion toman, below the more than 17 trillion toman in assets it reported for the unaudited first half of fiscal 1405.
Tehran's TEDPIX Hit 5.56 Million on August 9 After Five Sessions of Retail Buying Against Institutional Selling, While Iran's PMI Stayed Below 50
Tehran's TEDPIX hit 5,560,234 points on Sunday, August 9, 2026, up almost 8 percent from August 2. Sahmino's own trading data shows institutions were net sellers every single one of those five sessions while retail investors were net buyers. At the same time, Iran's economy wide PMI came in at 47.3 for the month ending mid July, the 16th straight month below the 50 point growth line (Iran Chamber of Commerce).
Tehran Rents Jump 70 to 100 Percent This Moving Season; Parliament Research Center Lists 4 Fundamental Flaws in the Rent Cap Law (Saturday, August 8, 2026)
Tehran rents have risen 70 to 100 percent this moving season despite a legal rent cap, automatic lease renewal and housing deposit loans. A fresh Parliament Research Center review of Article 7 of Iran's 2024 land, housing and rent market law says the cap has no renewal mandate behind it and covers only 98 of the country's 933 cities (Khabar Online, Saturday, August 8, 2026).
Emami Coin Hits 190 Million Tomans on Saturday, August 8; Dollar's Pullback Didn't Offset Global Gold's Pressure
On Saturday, August 8, 2026 (17 Mordad 1405), Iran's Emami gold coin reached about 190 million tomans in Tehran, less than two hours after Sahmino's own midday Market Pulse had logged it flat at 185,020,000 tomans. 18-karat gold rose nearly 2.1 percent too, while the free-market dollar eased slightly and global gold held near its seven-week high at 4,343 dollars.
US Economy Shed 23,000 Jobs in July; Gold Jumps 2.7% to $4,355, Silver Up 4.25% (Friday, August 7, 2026)
The US jobs report for July showed the economy lost 23,000 jobs, against forecasts of roughly 80,000 to 83,000 new jobs; the unemployment rate unexpectedly fell from 4.2% to 4.1%, but only as labor force participation dropped to its lowest since 2021. In reaction, spot gold jumped about 2.7% to $4,355.04 on Friday, August 7, 2026, and silver rose 4.25% to the $64.20 area.
Tehran Cement Jumped 33.5% in Two Weeks, Passing Its Early-Summer Level; the Bag-to-Bulk Premium Nearly Doubled at Most Makers (Friday, August 7, 2026)
Tehran's 50 kilogram cement bag rose from about 218,000 tomans on July 24, 2026 to 291,000 tomans on August 7, a jump of about 33.5% in two weeks that puts it roughly 15% above its late-June level. Saveh cement rose just 4% and Abyek about 12% over the same span. At the same time the bag-to-bulk premium roughly doubled at most makers. This analysis is not a buy or sell recommendation.
Bitcoin Stalls Near $64,500; Friday's US Jobs Report Set to Decide the Next Move
Bitcoin traded near $64,469 on the evening of Thursday, August 6, 2026, after two days of failed attempts to clear $65,000. The market is watching Friday's US jobs report, which could shift the odds of a September Fed rate hike and decide Bitcoin's next move. Iran's domestic Tether rate is trading at a similarly elevated level.
Mobarakeh Steel Made Close to 100,300 Billion Tomans, Yet Kept Shareholders' Dividend Capped Over War Damage (AGM, Sunday, 2 August 2026)
Mobarakeh Steel's 2 August 2026 AGM, for a year in which parent-company net profit reached about 100,300 billion tomans, kept the cash dividend to shareholders capped. Management tied the decision directly to damage from enemy attacks, saying a larger payout would normally have been made. The Foolad symbol has also been halted for most sessions since 28 February 2026.
Samga Earned 1,002 Rials Per Share and Paid Out 300; A 10.2 Percent Cash Yield Against a 34 Percent Earnings Yield (Wednesday, 5 August 2026)
Samga's AGM on 22 July 2026 approved a 300-rial cash dividend per share, while earnings per share stand at 1,002 rials. At 2,947 rials on 5 August 2026 that is a 10.2 percent cash yield against a 34 percent earnings yield, a payout ratio near 30 percent. A dividend is not extra money: it leaves the company's own assets, and under staged payment schedules (Bank Mellat 77 days, Bank Eqtesad Novin 63 days) Iran's 87.9 percent inflation erodes it before it arrives.
Iran's Securities Regulator Enacts a Single Directive on Capital Increases From Asset Revaluation; the Article 141 Threshold Remains 50 Percent of Registered Capital (Wednesday, 5 August 2026)
Article 141 of Iran's Commercial Code states that if losses wipe out at least half of a company's capital, the board must immediately convene an extraordinary general meeting to decide on dissolution or continuation. Iran's Securities and Exchange Organization approved a single directive on capital increases from asset revaluation on 22 June 2026, announced on 1 August 2026: the very route companies use to exit Article 141, without a rial of new money entering the business.
Operating Cash Flow to Net Profit: Why Only 23 of Every 100 Units of Shatran's FY1404 Profit Turned Into Cash (Wednesday, 5 August 2026)
A company can report a spectacular profit jump and have converted almost none of it into cash. The test is the ratio of operating cash flow to net profit. In the Tehran Oil Refining (Shatran) case Sahmino published on 14 July 2026, FY1404 gross profit rose 335% to 818 trillion tomans, yet operating cash flow came in at 187 trillion tomans against net profit of 799 trillion: a cash conversion ratio of 23%. This report turns that one case study into a repeatable tool for any ticker.
The Multi-Industry Group's P/E Sits at 7.61, While Three of Its Largest Members Trade Between 5.08 and 12.42 (Wednesday, 5 August 2026)
At 09:42 on Wednesday 5 August 2026 (14 Mordad 1405), the price to earnings ratio of the Tehran exchange's multi-industry group stood at 7.61, yet three of its largest members traded at 5.08, 7.81 and 12.42; the priciest member was 2.45 times the cheapest. The sentence "it is cheaper than its group" rests on three unwritten assumptions: that members share a business model, that the average is built from like figures, and that fiscal years line up. This report opens all three.
Trailing P/E Under 87.9 Percent Inflation: Isfahan Oil Refining's 6.0 Is Closer to 11.3 in Today's Money (Tuesday, 4 August 2026)
The P/E ratio divides today's price by profit earned over the past twelve months in yesterday's rial. With year-on-year inflation at 87.9 percent in Tir 1405 (July 2026), numerator and denominator are two different currencies. Restated into today's purchasing power, Isfahan Oil Refining's P/E moves from 6.0 to about 11.3, National Iranian Copper's from 11.2 to about 21.0 and Bank Mellat's from 2.6 to about 5.0. Board figures: close of Monday, 3 August 2026.
The Hormuz Deal Is at the Door; the Market Paid 4.4 Percent Just for the News That Talks Had Started, and Signing Is a Far Bigger Event (Tuesday, 4 August 2026)
On 4 August 2026 Trump reposted an item saying the agreement is on the verge of being finalized, the US Treasury Secretary said a deal could come today or tomorrow, and Al-Hadath reported a joint Iran and Oman statement within hours. Tehran's bourse rose 4.4 percent in two sessions on news that talks had merely begun, and the Emami coin premium deflated 29 percent in a day. This report sets out the three channels through which a signed deal reaches equities, currency and gold.
Three Block Offerings in One Week: 6.97, 16.34 and 65.05 Percent, and a Parcel Priced 150 Percent Above the Board (Tuesday, 4 August 2026)
Between 2 and 4 August 2026, three block offering notices were published: 6.97 percent of Pars Paper Industries Group (non-managerial), 16.34 percent of Noosh Mazandaran (managerial, non-controlling) and 65.05 percent of Fars Trade Power Generation (controlling). None of them appears on the retail board. Under the notice's own formula, the base price of the controlling parcel is the board's closing value plus 150 percent of it, or roughly 2.5 times board value.
62 Market-Making Fund Assemblies in 22 Days: What an Iranian Market Maker Guarantees, and What It Never Did (Tuesday, 4 August 2026)
Between 13 July and 3 August 2026 (22 Tir to 12 Mordad 1405), 62 assemblies of dedicated market-making funds were logged in Sahmino's calendar from Codal filings, an institution named every week and explained almost never. A market maker commits to posting orders on both sides of the board, but that commitment has a ceiling. In the session of Monday, 3 August 2026, Bank Mellat sat all day at 1,199 rials, the top of its permitted band, with all five rows of the sell side of the order book empty.
One Day, Three Indices, Three Numbers: Tehran's Bourse Rose 2.27, 2.39 and 2.50 Percent at the Same Time on Monday, 3 August 2026
On Monday, 12 Mordad 1405 (3 August 2026), the Tehran Stock Exchange booked three different gains, and all three are correct: the free-float index rose 2.27 percent, TEDPIX 2.39 percent and the equal-weight index 2.50 percent. The gap comes from a variable the daily board rarely shows: the free-float percentage. Among index heavyweights it runs from 11 to 42 percent, and that spread sets a stock's index weight, the money needed to move its price, and how fast a queue forms.
Bank Mellat Traded All Session at a Single Price of 1,199 Rials as 1.14 Billion Shares Sat Unfilled in the Buy Queue (Monday, 3 August 2026)
Bank Mellat locked at the top of its permitted price band on Monday, 3 August 2026: its first trade, session low, session high, last trade and closing price were all 1,199 rials. Behind that number, 1,138,716,770 shares of demand remained in 2,107 orders, with zero supply at all five best levels. The stock's base volume is 1 share, so the lock was not a base-volume artefact. The board price was a quoted price, not one every buyer could transact at.
Buyer Power Gave Two Opposite Answers in One Session: 1.6 for Iran Khodro and 0.78 for Khiman, and Both Stocks Closed Green (Monday, 3 August 2026)
On the Tehran board of Monday, 12 Mordad 1405 (3 August 2026), buyer power read 1.6 for Iran Khodro and 0.78 for Khiman. Yet both closed higher and both saw positive net retail volume. The apparent contradiction shows what the ratio actually is: a measure of concentration, not direction. Per-capita retail buying over per-capita retail selling tells you how few hands the money sat in, not whether money came in or went out.
Khimen closed both green and red on Monday: the 40 rial gap between closing price and last trade, and which one the index counted
On Monday 3 August 2026 (12 Mordad 1405), the Khimen board at Iran Khodro's Iman Khodro Shargh carried two numbers with opposite signs: a last trade of 4,440 rials (up 0.23 percent) and a closing price of 4,400 rials (down 0.68 percent). The gap was 40 rials, and only the second number entered the main index. Same-day data shows base volume for Tehran-listed symbols is set to 1 share, so today's closing price is simply the volume-weighted average of the session.
Six Saudi Tankers Take the 56 Day Route Around Africa; Cost Per Voyage Rises by 2 to 2.5 Million Dollars (Monday, 3 August 2026)
Maritime intelligence firm Windward reported on Monday, 3 August 2026 that a Saudi tanker sailing via the Cape of Good Hope will take 56 days, against 24 days through Bab el-Mandeb; cost per voyage is up by 2 to 2.5 million dollars and at least six tankers have rerouted. The same day Brent fell 5.34 percent to 83.47 dollars. The paper market priced de-escalation while the physical map of oil transport moved the other way.
861,285 Applicants for 53,900 Cars: Odds in Iran Khodro's Ordinary Lottery Scheme Fall to 2.22 Percent (Monday, 3 August 2026)
In Iran Khodro's fourteenth sales round, whose lottery was drawn on Saturday 10 Mordad 1405 (1 August 2026), 861,285 people registered for 53,900 vehicles. In the ordinary scheme, 729,101 applicants competed for 16,170 units, a win rate of 2.22 percent, or one person in 45. But the prize has shrunk too: the gap between market and factory price on base models has fallen into single digits, and the rent has retreated into a handful of specific models.
Iran's Quarter Coin Premium Hits 7,391,000 Tomans; Four Quarter Coins Cost 23 Million Tomans More Than One Emami Coin of the Same Gold Weight (Sunday, 2 August 2026)
On Sunday, 2 August 2026 (11 Mordad 1405), the premium on Iran's quarter gold coin reached 7,391,000 tomans, more than double the 3,522,000 toman premium on the full Emami coin, even though the quarter coin holds one fourth of the gold. As a share of price, the premium is about 14 percent on the quarter coin and under 2 percent on the Emami. Four quarter coins cost 210,400,000 tomans, while a single Emami coin holding the same gold traded at 187,000,000 tomans.
Iran raises the National Housing Movement loan ceiling from 650 to 850 million tomans; a parliamentary committee says it still falls short (Sunday, 2 August 2026)
Iran's Central Bank High Council raised the National Housing Movement individual loan ceiling from 6.5 to 8.5 billion rials, that is from 650 to 850 million tomans. The increase covers only supported projects whose land the Roads and Urban Development Ministry supplies, and was extended to projects more than 65 percent complete. On Sunday, 2 August 2026, a member of parliament's Construction Committee called the figure insufficient. This report measures the loan against what building costs.
TEDPIX Fell 0.4% While the Equal-Weight Index Set a Record Close; a Fourth Straight Session of Small-Cap Outperformance (Saturday, 1 August 2026)
On Saturday 1 August 2026 (10 Mordad 1405), Tehran's board carried two contradictory headlines: TEDPIX closed down 20,437 points (0.40%) at 5,054,000, while the equal-weight index rose more than 6,694 points to 1,439,000, its highest close on record and a fourth consecutive session of small-cap outperformance. The less-noticed detail: that record was set on a day when more than 1,300 billion tomans of retail money left the market.
$160 Million a Day: ExxonMobil and Chevron Booked a Combined $26.6 Billion Quarter; Anatomy of a Geopolitical Risk Premium (Saturday, August 1, 2026)
On Friday, July 31, 2026 (9 Mordad 1405), ExxonMobil and Chevron reported second-quarter 2026 results: $14.5 billion and $12.1 billion, a combined $26.6 billion. Divide Exxon's profit by the quarter's 91 days and you get close to $160 million a day. The bigger point is not the size of the numbers: Exxon produced less oil than in the previous quarter and still more than tripled its earnings. This piece unpacks the geopolitical risk premium and where Iran sits in it.
Bank Mellat, Saman and Saderat Enter Final Stages of Connection to the Gold Platform Supervisory System; Iran Starts Breaking the Online Gold Vault Monopoly (Saturday, 1 August 2026)
On Saturday, 1 August 2026 (10 Mordad 1405) it was announced that connecting three banks, Mellat, Saman and Saderat, to Iran's gold platform supervisory system has entered its final stages, after which they will begin contracting with online gold and silver platforms. The step starts the removal of the monopoly over gold platform vaulting. The framework is the bullion vaulting rules the central bank issued on 15 June 2026. This piece opens up the chain of platform, vault and supervisory system.
2,582 MW of New Thermal Power Capacity Came Online for 1.4 Billion Euros; Parliament Estimates Illegal Crypto Miners Draw About 2,000 MW (Saturday, 1 August 2026)
Iran's Thermal Power Plant Holding Company said on Saturday, 10 Mordad 1405 (1 August 2026) that 2,582 MW of new capacity has come online since last August on investment of more than 1.4 billion euros, with about 2,000 MW of it going directly to industry. The same day, the head of parliament's power committee said estimates put illegal crypto mining at roughly 2,000 MW of national capacity. Two numbers of the same size, on one day.
Inflation at 83.9 Percent Has Outrun Money Growth of 53.3 Percent; the 30.6 Point Gap the Printing Press Did Not Create (Friday, 31 July 2026)
Iran's broad money reached about 15,581 thousand billion tomans at the end of 1404 (March 2026), growing about 53.3 percent. Yet year-on-year inflation in Tir 1405 (July 2026) stood near 83.9 percent, roughly 30.6 points ahead of money growth. The printing press did not create that gap: velocity, inflation expectations and the nearly 39,600 toman dollar spread on 30 July 2026 did. New money also travels through markets in sequence, not all at once.
Iran's 1404 transit reached 20.516 million tonnes: the asset that never runs out but can be blocked (Friday, 31 July 2026)
In the Iranian year 1404 (ending March 2026), about 20.516 million tonnes of goods transited Iranian territory. Iran sold none of it and was paid only for the passage. Transit is the one part of foreign trade where Iran sells its geography rather than its resources. Yet the 10 month data for the same year show the figure was 4.63 percent smaller than a year earlier, and by Mordad 1405 (July 2026), with the Strait of Hormuz locked and fewer than 10 ships a day, that asset is under fresh pressure.
Why We Sell at the Bottom and Buy at the Top: Five Cognitive Errors Tehran's 1399 Bull Market Taught by the Book (Friday, 31 July 2026)
Nobody queues at a shop because prices went up, or flees because there is a sale. In equities, that is exactly what happens. Kahneman and Tversky showed the pain of losing an amount is roughly twice the pleasure of gaining the same amount, and that asymmetry explains why portfolios fill up with losers and empty of winners. TEDPIX closed at 5,075,098 points on Wednesday, 29 July 2026; a level many who entered in 1399 (2020) never saw, because they sold at the bottom.
A Low P/E Does Not Always Mean Cheap: Four Traps the Ratio Hides on the Tehran Exchange
The price to earnings ratio is the stock market's most used number and its most misunderstood. Karbon traded at a P/E of roughly 5.1 against its coal group average of 21.8 on 13 July 2026 (22 Tir 1405), a figure that screams "cheap" at first glance. This guide sets out what P/E actually measures, the four situations in which it misleads, why high inflation bends the number on the Tehran exchange, and the four questions to ask before drawing any conclusion.
How to Read a Financial Statement in 5 Minutes: A Practical Guide to Codal Reports
Codal is full of numbers, but only six of them are decisive: operating revenue, gross profit, operating profit, net profit and EPS, accumulated losses, and operating cash flow. A step by step guide to reading a listed company's income statement, with real examples from Saipa and Iran Khodro, and measured against the 61% annual inflation rate for the year to Tir 1405 (June/July 2026).
150 million tons crossed Iran's borders, but the value of each exported ton fell to $343 (Thursday, 30 July 2026)
Iran's customs administration reports that in the year 1404 (March 2025 to March 2026) the country exported 150,508,000 tons of non-oil goods worth $51,657 million, with total non-oil trade passing $109,673 million: the heaviest tonnage on record. Yet in 1403 a similar weight (about 152 million tons) earned about $57.8 billion. The value of each exported ton has fallen from roughly $380 to roughly $343.
Iran's Gold Funds Went From 400 to 670 Trillion Tomans: The Day the Coin Premium Grew 65% and a Fund Unit Grew 1.4% (Wednesday, 29 July 2026)
The net asset value of Iran's exchange traded gold funds passed 670 trillion tomans in the week ending 26 Tir 1405 (17 July 2026), rising 4.4% week on week to 670,418 billion tomans. In Azar 1404 (late 2025) the figure was about 400 trillion. On Wednesday, 29 July 2026, the difference showed up in practice: the Emami coin premium grew 65.56% to 4,990,000 tomans, while a Lotus gold fund unit rose 1.44%. This report tracks where the money moved and which risks the move does not remove.
Compound Interest in an Inflationary Economy: Why a 23% Deposit Against 61.4% Inflation Returns Minus 24%
Compound interest is not a financial trick but a mathematical property that works in both directions. At 20 percent, 100 million tomans becomes about 3,834 million over 20 years, while simple interest yields only 600 million. But inflation compounds too: at the 61.4 percent annual inflation of Tir 1405 (July 2026), the purchasing power of cash halves roughly every 14 months, and a 23 percent deposit delivers a real return near minus 24 percent.
Iran's knowledge-based exports grew ninefold in four years to $2,690 million, but 84 percent of it comes from just 36 companies (Wednesday, 29 July 2026)
Exports by Iran's knowledge-based companies rose from about $296 million to about $2,690 million in four years, a more than ninefold increase. But according to the knowledge-based ecosystem report covering data through the end of 1403 (March 2025), roughly 84 percent of that figure comes from just 36 companies, while more than 12,000 others account for the remaining 16 percent combined. The story of real growth, and of a fragility that is even more real.
20 Years, 6 Markets: Tehran's Main Index Rose About 382 Times While Money Supply Rose 119; Deposits and the Dollar Fell Behind (Wednesday, 29 July 2026)
If six Iranians each held 100,000 toman in 1380 (2001) and each put it into a different market, by the end of 1400 (2022) the gap between them was striking: the Tehran Stock Exchange main index about 382 times, gold coins about 190 times, Tehran housing about 96 times, bank deposits about 38 times, the free market dollar about 35 times and a Pride car about 28 times. But the real yardstick is another number: money supply grew about 119 times over the same span, and only two markets beat it.
Iran's 57 Point Rent Inflation Gap: Three Reasons the Official Index Misses What Tenants Actually Pay (Tuesday, July 28, 2026)
The Statistical Center of Iran put year on year rent inflation at 31.2 percent for Khordad 1405 (June 2026), against 88.6 percent general inflation, a gap of nearly 57 percentage points. Yet registered new leases in Tehran rose close to 40 percent, and the deposit (rahn) share of total rent reached about 65 percent. This report explains why the official figure and the tenant's experience are not contradictory, and which three mechanisms keep much of the real pressure outside the index.
Iran grows 85 to 90 percent of the world's saffron but sells it for $862 a kilo: anatomy of the red gold paradox (Sunday, 26 July 2026)
The FAO stated officially on 26 November 2025 that Iran produces 85 to 90 percent of the world's saffron. Yet Iranian customs data for 1403 (2024/25) puts the average export price at roughly $862 per kilo, less than half the world average of about $2,000. Sahmino examines Iran's three different shares of this market, the re-export role of the UAE and Spain, and the counterintuitive finding that "red gold" has lagged both gold and the dollar over the long run.
The Ceasefire Nobody Signed: Gold Fell 3.3% and the Dollar 1.8% on a Day the Global Ounce Did Not Move at All (Saturday, 25 July 2026)
On Saturday, 25 July 2026 (3 Mordad 1405), 18 karat gold fell 3.29%, the Emami coin 2.18% and the free market dollar 1.80% in Iran. Yet the global gold ounce did not move at all, because world markets were closed for the weekend. That makes the entire decline a domestic bet on a story no side has officially confirmed: a reported 10 day ceasefire proposal. Sahmino measures the gap between what the market priced and what is actually verified. This analysis is not buy or sell advice.
The Lowest Risk Starting Point for a Beginner Investor in Iran: Why a 40 Percent "Risk Free" Return Is Still a Loss Against 88.6 Percent Inflation (Saturday, 25 July 2026)
With little money and no financial background, where does a newcomer start? The honest answer in July 2026 is not a single stock, not crypto and not coins: a fixed-income fund as the low-risk core, a bullion-based gold fund as the inflation hedge, and IPOs as a supplement. But the central figure is this: the best advertised return of about 40 percent, against 88.6 percent inflation in Khordad 1405, is roughly a 26 percent real loss. (Saturday, 25 July 2026)
Tasico Under the Lens: Subsidiary Profit Jumped From About 1.2 to Nearly 4 Trillion Tomans, and the Pars Tamin Gold Line Opened (Saturday, 25 July 2026)
Sadr Tamin Investment (ticker: Tasico) has posted a marked operational leap in its subsidiaries this year: estimates say the units' combined net profit rose from about 1.2 to nearly 4 trillion tomans, from Iran Salts Mining and China Clay to Parvadeh Tabas Coal. At the same time, gold sales at Pars Tamin Mines Development have begun, targeting roughly 100 kilograms this year. But how much of this growth is real value creation, and how much is a reflection of inflation? (Saturday, 25 July 2026)
Starting From Zero on the Tehran Stock Exchange: Five First Moves for a New Investor
If you wanted to enter the stock market from zero today, where would you start? This beginner's guide walks through five basic, evergreen investing steps: separating your risk capital and getting a trading code, understanding the business behind each ticker, starting with funds, keeping a long horizon, and managing your emotions. Principles that do not depend on today's market conditions.
