Iran Market Pulse, Monday, 16 Shahrivar 1405 (7 September 2026): over the past month the coin returned 25.4 percent, bitcoin 22.7, the bourse 21.8 and the free dollar 20; TEDPIX set a fresh record on Sunday at 6,723,576

1. Lead

The past month was a month of records for the Tehran Stock Exchange, and at the end of it the bourse was still not the second best market but the third. In Sahmino's recorded series, from 17 Mordad 1405 (8 August 2026) to the close of 15 Shahrivar 1405 (6 September 2026), TEDPIX, the Tehran Stock Exchange's main index, rose from 5,520,341 to 6,723,576: 1,203,235 points and 21.8 percent higher. Over exactly the same one month window, the Emami gold coin rose 25.4 percent and bitcoin 22.7 percent, while the free market dollar rose 20.0 percent. Sunday, 15 Shahrivar, was the session that set the record itself: TEDPIX gained 122,277 points, or 1.85 percent, to reach 6,723,576, and the same day the free dollar fell 1.85 percent to close at 223,000 tomans.

2. Today's snapshot

3. Today's headlines

• TEDPIX rose 122,277 points, or 1.85 percent, on Sunday, 15 Shahrivar, to 6,723,576; total equity trading value was reported at 38 trillion tomans with a net 3.6 trillion tomans of retail money entering, and 89 percent of listed symbols closed higher (Donya-e-Eqtesad, citing Ecoiran, Sunday 15 Shahrivar).
• The dollar retreated from the 230,000 toman channel and coin and melted gold prices fell alongside it (Ecoiran, Sunday 15 Shahrivar).
• The Yas silver fund reopens today, Monday 16 Shahrivar, from 12:00 to 18:00 on the Tehran exchange; the fund raised 1,000 billion tomans in a single subscription round on 28 Mordad (Ecoiran, Sunday 15 Shahrivar).
• War risk insurance on a 100 million dollar tanker has reached about 10 million dollars at the peak of the tension, or 10 percent of the vessel's value, against roughly 250,000 dollars before the war (Ecoiran, Monday 16 Shahrivar).
• Turkey's government raised its end 2027 inflation target to 21 percent in its medium term programme and cut this year's growth forecast from 3.8 to 3.3 percent; the central bank governor named the war in West Asia and the resulting jump in energy prices as the main reason (Donya-e-Eqtesad, citing Bloomberg, Sunday 15 Shahrivar).
• Iran's Targeted Subsidies Organization invited companies to take part in a credit based goods purchase scheme, offering interest free credit equal to twice a household's monthly cash subsidy, with a 24 Shahrivar deadline to register (Ecoiran, citing IRNA, Sunday 15 Shahrivar).

4. Currency

On Sunday, 15 Shahrivar, the free dollar posted its first fully negative session of this run. In Sahmino's daily free dollar series, the Saturday 14 Shahrivar close was 227,205 tomans and the 19:59 Sunday reading was 223,000 tomans: 4,205 tomans and 1.85 percent lower. TGJU reports the same 2,230,000 rial rate and the same 1.85 percent fall, and at 07:50 this Monday morning Alanchand shows a bid of 222,050 and an ask of 224,300 tomans, so the market opens today close to yesterday's closing range.

Over a one month frame the direction does not change. The free dollar closed at 185,900 tomans on 17 Mordad 1405 and stands at 223,000 tomans now: 37,100 tomans and 20.0 percent higher in a month. TGJU computes the same window at 19.95 percent. Over a weekly frame, the Tuesday 10 Shahrivar close was 214,000 tomans, so the dollar is 4.2 percent higher in seven days; TGJU reports the same figure independently.

On the official side, the ask price for the remittance dollar at Iran's Currency and Gold Exchange Centre was recorded at 160,984 tomans at 08:16 on Sunday, up 0.30 percent (bid 159,535 tomans). These two rates are set by two different mechanisms, free market supply and demand against administrative allocation for imports and specified uses, and the gap between them is nothing new. Other currencies at 07:50 this morning, per Alanchand (ask): euro 260,400 tomans, UAE dirham 61,070 tomans, Turkish lira 4,700 tomans, Chinese yuan 33,520 tomans, 100 Iraqi dinars 14,430 tomans and Russian rouble 2,595 tomans.

5. Gold and coin

The Emami coin was recorded at 233,990,000 tomans at 19:59 on Sunday, 15 Shahrivar, down 3,505,000 tomans or 1.50 percent from Saturday's close. Eighteen karat gold was at 23,353,600 tomans per gram at the same moment (down 1.37 percent), a mesghal of gold at 101,156,000 tomans, a half coin at 119,000,000 tomans and a quarter coin at 64,500,000 tomans. At 07:44 this Monday morning, the ask on 18 karat traded gold is 23,378,100 tomans, 0.15 percent above the previous reading in the same series.

Despite yesterday's fall, the coin is the month's winner. In Sahmino's series, the Emami coin closed at 186,525,000 tomans on 17 Mordad 1405 and at 233,990,000 tomans on 15 Shahrivar: 47,465,000 tomans and 25.4 percent higher in a month; TGJU puts the same window at 25.44 percent. The coin now sits 1.5 percent below its 52 week high of 237,495,000 tomans, set at the 14 Shahrivar close.

The global driver ran the other way yesterday. Spot gold is at 4,403.84 dollars this morning, 0.65 percent lower. Tony Kim, Goldman Sachs' global head of metals trading, said on the bank's podcast that gold's 2026 rally has hit an extended pause rather than the end of its bull market; he said annual central bank purchases have risen from about 400 to 500 tonnes to 1,000 to 1,100 tonnes, against annual mine output of roughly 3,500 tonnes (Ecoiran, Sunday 15 Shahrivar). Stated cautiously: most of the coin's one month return in the domestic market has come from the exchange rate rather than from spot gold, and proving a precise causal relationship beyond this coincidence in timing is not possible in today's data.

6. Bourse and Farabourse

The Tehran Stock Exchange and the Farabourse are two separate markets with two separate indices, and on Sunday both moved their own closing records. TEDPIX rose 122,277 points, or 1.85 percent, to 6,723,576; the previous record was 6,601,286 on 14 Shahrivar. The equal weight index gained 32,559 points, or 1.79 percent, to 1,854,450, and the Farabourse main index rose 894 points, or 1.74 percent, to close at 52,304, above its own previous high of 51,410 on 14 Shahrivar. That the equal weight index rose almost in step with TEDPIX means Sunday's gain was not confined to the large caps; per Ecoiran, carried by Donya-e-Eqtesad, 89 percent of symbols closed higher and total equity trading value was 38 trillion tomans.

Now the month's arithmetic. From 17 Mordad 1405 (5,520,341 points) to 15 Shahrivar 1405 (6,723,576 points), TEDPIX has risen 1,203,235 points, or 21.8 percent; TGJU reports the same calculation independently, using the same two figures, at 21.79 percent. Over that same month the Emami coin returned 25.4 percent, bitcoin 22.7 percent and the free dollar 20.0 percent. The month's order is therefore: coin, bitcoin, bourse, dollar. These four figures are computed in one unit over one identical window, and all of them are nominal rial returns. The weekly frame points the same way: from 10 to 15 Shahrivar, TEDPIX rose 139,644 points, or 2.12 percent, while the free dollar rose 4.2 percent over the same seven days.

The day's mechanism, though, is visible on the board rather than in the index. In Sahmino's board events, the pre open reading at 07:49 this Monday shows Khouzestan Steel (FKHZ) standing on a buy queue of 2,406,442,961 shares at 2,417 rials, with volume running 3.46 times its twenty session average; SAIPA (KHSAPA) on a buy queue of 1,904,055,443 shares at 740 rials, Mines and Metals Development (VMADAN) on 434,346,725 shares at 2,908 rials, Iran Khodro (KHODRO) on 82,791,174 shares at 727 rials and Isfahan Oil Refining (SHPNA) on 904,570 shares at 13,280 rials. Four symbols, FKHZ, KHSAPA, SHPNA and SHBRIZ, reached their highest price in a year at the 15 Shahrivar close, and SHBRIZ traded at the day's price cap of 54,590 rials in its fourth consecutive higher close. Queues are a live reading of the pre open board and change within the session.

The other side of the trade has to be read in its own unit. The most recent session whose share counts are recorded in our data is Saturday, 14 Shahrivar: retail investors were net sellers of 1,206,351,767 shares market wide, 711 million shares on the Tehran Stock Exchange and 433 million on the Farabourse, with total buying of 96.7 billion shares against total selling of 97.9 billion. For Sunday's session, Ecoiran reported a net inflow of 3.6 trillion tomans of retail money. These two figures do not contradict each other, because one counts shares and the other counts rial value, and neither says anything about the intent or future behaviour of either group. Sahmino's screener identified 215 symbols with trading value above 500 billion rials across the whole market (1,649 symbols); MOJ led that list at 4.00 percent, followed by SHBRIZ, SHRAZ, ARVAND, VSAPA, SIMANO and DAROONO, each at 3.00 percent. The Base Market, the shallower and more volatile board inside the Farabourse with wider price bands, thinner liquidity and more frequent halts, had no notable event recorded in our data.

On the corporate side, codal carried several group alef material disclosures yesterday: GHADESHT raised the price of some of its products from an average of 2,557,521 rials to 3,875,611 rials, and ZOMORGH raised the price of bulk eggs from 2,000,000 to 2,250,000 rials, both with an event date of 15 Shahrivar and both citing higher input costs. Kashi Pars (KAPARS) also said its domestic product prices would rise by an average of 8 to 20 percent from 15 Shahrivar.

7. Crypto

Bitcoin traded at 79,830 dollars at 16:53 on Sunday, 15 Shahrivar, little changed over 24 hours. Over a one month frame, though, bitcoin is up 22.7 percent and sits above both TEDPIX and the dollar in the month's return table. Tether Gold traded at 4,421.11 dollars. In the domestic market, tether is at 227,699 tomans at 07:44 this Monday morning, up 0.58 percent, which puts it above the free dollar ask on Alanchand (224,300 tomans). Two global items are worth recording: net inflows into US Solana exchange traded funds fell 97 percent to 4.9 million dollars in the week to 4 September, while bitcoin funds attracted 986.7 million dollars (Arzdigital, citing Farside Investors, Sunday 15 Shahrivar); and Federal Reserve researchers published a paper examining a framework for bringing stablecoins into the M1 and M2 money supply measures, stressing that it reflects their personal views and not official policy (Arzdigital, Sunday 15 Shahrivar).

8. Iron and steel

On the Iran Mercantile Exchange, ribbed rebar A3 in sizes 14 to 20 settled on Sunday, 15 Shahrivar, at a volume weighted average of 827,933 rials per kilogram, or 82,793 tomans; sizes 22 to 32 last settled on 11 Shahrivar at 808,940 rials, or 80,894 tomans. What stands out today is the direction of the gap between the two sides of the market: the factory price for Arian Foulad 14 mm A3 rebar on the same date was 82,270 tomans per kilogram, which is 523 tomans and 0.6 percent below the price discovered on the exchange. This is the same pair and the same two sources Market Pulse reported yesterday, when the factory price stood 1.4 percent above the exchange settlement; in one session, the exchange settlement has moved ahead of the market. Arian Foulad 10 mm A3 rebar was quoted at 83,640 tomans and 12 mm A3 at 83,090 tomans on the same date. Globally, Shanghai rebar is at 3,103 yuan per tonne this morning, 0.9 percent lower.

9. Cars

In the latest prices recorded on 15 Shahrivar, the Saipa Pride 151 GX model year 1405 stands at 1,270,000,000 tomans, the same car in model year 1404 at 1,220,000,000 tomans and the Pride 151 SE model year 1404 at 1,170,000,000 tomans; the vehicle feed updates once a day and publishes no daily percentage change, so these figures should be read as the last recorded prices. The day's policy news concerns imports: according to ISNA, carried by Donya-e-Eqtesad, a new circular under Article 92 of the executive rules of the 1405 budget law provides that import registrations for cars brought in by Iranians living abroad after 1 Mehr 1405 will remain valid only until the end of the current Iranian year, with registration, declaration and final clearance all to be completed by then (Sunday 15 Shahrivar). On the exchange board, both KHSAPA and KHODRO are on buy queues this morning.

10. Building materials

On the Iran Mercantile Exchange, cement type 2 (42.5) in bulk settled on Sunday, 15 Shahrivar, at a volume weighted average of 286,981 rials per kilogram, or 2,870 tomans, and cement type 2 (42.5) in 50 kilogram bags settled the same day at 402,662 rials, or 4,027 tomans per kilogram. The gap between the two, both from one source and one date, is 40.3 percent; by definition that gap contains the cost of the bag, packaging and distribution, and it should be read as exactly that rather than as the factory to retail spread. Cement type 1 (42.5) bulk settled at 2,837 tomans and cement type 2 (32.5) bulk at 3,002 tomans per kilogram. On the exchange board, cement funds closed green in line with the market on Sunday: SIMANO 3.00 percent, SIMANA 3.00 percent, SIMANIA 3.00 percent and SIMAN 3.00 percent (15 Shahrivar close, 13:25).

11. Regional and global view

Brent crude is at 97.14 dollars at 07:39 this Monday, 16 Shahrivar, 0.89 percent higher; Brent closed at 96.28 dollars on Friday, 13 Shahrivar, its highest level since 24 July, against roughly 70 dollars before the Iran-US war began (Al Jazeera, Sunday 15 Shahrivar). Today that price reaches Tehran through insurance: war risk cover on a 100 million dollar tanker has reached about 10 million dollars, against roughly 250,000 dollars before the war (Ecoiran, Monday 16 Shahrivar), and that cost sits directly in the delivered cost of shipping and therefore in the price of imported goods. In West Asia, Turkey's government raised its end 2027 inflation target to 21 percent, cut its 2027 growth forecast to 4.2 percent and this year's to 3.3 percent; Turkish annual consumer inflation was 31.5 percent in August and the central bank raised its policy rate back to 37 percent in August (Donya-e-Eqtesad, citing Bloomberg, Sunday 15 Shahrivar). The Turkish lira sells for 4,700 tomans in Tehran this morning, and its channel to Tehran is the delivered cost of imports through the Turkish corridor. The Chinese yuan is at 33,520 tomans, the UAE dirham at 61,070 tomans and 100 Iraqi dinars at 14,430 tomans (Alanchand, Monday 16 Shahrivar, 07:50). In global currency markets, the euro is at 1.1609 against the dollar and the dollar at 156.06 against the yen (Monday 16 Shahrivar, 07:38).

12. Bottom line

Today's verdict is plain: last month belonged to the coin, not to the bourse. The Tehran Stock Exchange returned 21.8 percent over one month and set record after record, and over that same month the coin rose 25.4 percent and bitcoin 22.7 percent; the only market the bourse beat was the free dollar at 20.0 percent. The one thing to remember is that a record is one number and a return is another, and the day TEDPIX rose 1.85 percent was precisely the day the dollar fell 1.85 percent, which means part of what showed up green on the board yesterday was money coming back from the currency market rather than necessarily new money. Sahmino's previous reading has also been settled: the 14 Shahrivar reading said TEDPIX would stay above 6,500,000 points through the end of the week, and with Sunday's close of 6,723,576 that reading held. Sahmino's new reading for what comes next: TEDPIX stays above 6,600,000 points through the end of the week, as long as the equal weight index closes in the same direction as TEDPIX; the horizon for this reading is the end of the week, and two consecutive closes below 6,600,000 points invalidate it (reading dated 15 Shahrivar 1405).

13. What to watch today

• The reopening of the Yas silver fund today, Monday 16 Shahrivar, from 12:00 to 18:00 on the Tehran exchange, and what price its 1,000 billion toman subscription finds in the secondary market.
• What happens to the pre open buy queues in FKHZ, KHSAPA, KHODRO and VMADAN after the 09:00 open, and whether the equal weight index again closes in the same direction as TEDPIX.
• The free dollar rate in the first hours of trading, after the first down session of this run and a morning open around 224,300 tomans.
• A coin auction and a bond auction, both recorded in Sahmino's events calendar for Wednesday, 18 Shahrivar. The Sahmino market calendar shows upcoming events at a glance.
• The next settlement in the rebar family on the Iran Mercantile Exchange, after the 15 Shahrivar settlement moved above the factory price for the first time this week.
• The 24 Shahrivar deadline for companies to register for the Targeted Subsidies Organization's credit based goods purchase scheme.