Iran Market Pulse: Sunday Midday, July 26, 2026; TEDPIX Gapped 80,000 Units at the Open and Closed to Within 23,000 of 5 Million

At 11:05 on Sunday, 4 Mordad 1405 (26 July 2026), the Tehran Stock Exchange's TEDPIX index stands at 4,977,231 units, up 82,778 units (1.69 percent) from Saturday's close and less than 23,000 units below the psychological 5 million mark. But the more important number is the timing of that gain. The index's first print of the session, at 09:05, was 4,975,013 units: the market had already jumped 80,560 units before continuous trading began.

In the two hours since, only 2,218 units have been added. Put differently, roughly 97 percent of today's gain was priced in the pre opening auction rather than during trading. This is the shape of a news driven move, not a trading driven one: orders were stacked at higher prices before the bell, and the market has run almost flat since. The intraday high so far is 4,978,990 units at 10:25. (Figures from the Tehran Securities Exchange Technology Management Company's official system, read at 11:05:09.)

Today's Snapshot

Today's Headlines

• Qatar announced the full resumption of maritime navigation from today. Qatar's Ministry of Transport said navigation activities for all vessel types return to normal from Sunday (Qatar News Agency, 25 July 2026; carried by Bourse24, 4 Mordad at 10:41).
• The Securities and Exchange Organization moved PRX issuance online. Its director of financial institution supervision announced that electronic contracts between portfolio management firms and clients are now possible (Bourse24, 4 Mordad at 10:47).
• Myket posted net profit close to one thousand billion tomans. Its 1404 financial statements show consolidated net profit up 157 percent (Codal Negar Bourse24, 4 Mordad at 10:53).
• Pars Switch reported Tir month sales of 477 billion tomans. The Basvich symbol in the electrical equipment sector recorded a revenue jump (Codal Negar Bourse24, 4 Mordad at 10:47), while Tabriz Wire and Cable reported 67 percent growth in seven month sales (4 Mordad at 11:05).
• Netanyahu will discuss the Iran file with Trump on Tuesday. According to Israeli Army Radio, the prime minister travels to Washington tomorrow (carried by Bourse24, 4 Mordad at 10:43).

Stocks

Today belongs to equities, and the composition of the numbers makes the rally look broader than an index level jump. The equal weighted index is up 28,328 units (2.08 percent) at 1,392,249, ahead of TEDPIX itself. When the equal weighted measure outruns the main index, the gain is spread across small and mid caps rather than resting on a handful of heavyweights. The Iran Fara Bourse index confirms the picture, up 756 units (1.94 percent) at 39,772.

Turnover through 11:05 reached about 13,607 billion tomans (close to 13.6 thousand billion), across 233,068 trades and roughly 17.8 billion shares. The Tehran exchange's market capitalisation stands near 14,320 thousand billion tomans. For a week that opened with three thin positive sessions, this level of activity marks a change in character.

Why: two traceable drivers, both from outside the trading board. First, the continuing de escalation track, which today produced a concrete, citable signal: the return of Qatari maritime navigation to normal. Second, the rotation of money that began on Saturday, when 18 karat gold fell 3.29 percent and the free market dollar 1.8 percent while equities were the only green market. What we are seeing today is that same rotation, with more force. Live index levels are on the Sahmino prices page. This paragraph is interpretation, not confirmed news; no signed agreement has been announced.

Currency

The currency market is quiet today, and unlike equities there is no jump. The free market dollar closed Saturday at 189,700 tomans, and market reports in the early hours today still describe it inside the 189,000 channel. On the official side, the dollar remittance selling rate at the Iran Currency and Gold Exchange Center is 151,569 tomans (up 0.07 percent, 07:47 today). The gap between the two rates remains about 38,131 tomans, close to 25 percent. Live rates are tracked on the Sahmino currency prices page.

The notable feature is this mismatch in timing: the stock market has priced de escalation at full strength today, while the banknote market has barely moved. Equities react to expectations; the cash market usually waits for realisation.

Gold and Coin

After Saturday's heavy fall, the gold market is catching its breath today, closer to a pause than a correction. The selling rate for 18 karat traded gold was 19,765,100 tomans at 10:59, up just 0.01 percent. Saturday's closing basis was 18,255,000 tomans per gram for 18 karat gold and 184,480,000 tomans for the Emami coin, with a premium of about 3,473,000 tomans. The full table is on the Sahmino gold prices page.

Why: the global anchor is completely still today. Spot gold sits at $4,054.81, down 0.02 percent (10:58). With the ounce flat and the domestic dollar unmoved, domestic gold has no driver. That is exactly what the board shows: the money that left gold on Saturday has not come back today.

Crypto

Global crypto is subdued today. Bitcoin traded at $64,366 at 11:08, down 0.02 percent. Domestically, Tether, which stood at about 186,800 tomans this morning and nearly 2,900 tomans below the cash dollar, remains the sharpest thermometer of currency expectations. Tether's discount to banknotes and today's equity jump both say the same thing: the market is pricing lower risk.

Steel

The steel market shows no material change. Based on the latest 3 Mordad data, 10 mm Aryan Foulad A3 rebar is 70,450 tomans per kilogram ex works, 12 mm is 69,180 tomans and 14 mm is 69,090 tomans. Steel product pricing is tied to the exchange rate, and with the dollar unmoved today the steel board had no reason to move either. The effect of Saturday's 1.8 percent drop will be worth watching in upcoming Iran Mercantile Exchange offerings.

Cars

The car market is also calm. Based on 3 Mordad data, the Peugeot 207 automatic with panoramic roof (TU5P) is around 2.8 billion tomans, the Peugeot 207 automatic TU5P around 2.65 billion tomans, and the manual Peugeot 207 with the TU3 family ESP engine around 1.67 billion tomans. This market typically reacts to exchange rate moves with a lag of several days.

Building Materials

In building materials, a 50 kg bag of Tehran Cement Portland type 2 is 218,000 tomans and the bulk rate for the same product is 4,014,000 tomans per tonne (3 Mordad), unchanged from our previous report. On the corporate side, today's news was negative: Larestan Cement issued a clarification on the reasons for its profit decline (Codal Negar Bourse24, 4 Mordad at 11:09).

Regional and Global Backdrop

Today's most important regional news came from the Persian Gulf: Qatar's Ministry of Transport announced the full resumption of maritime navigation activities for all vessels from Sunday (Qatar News Agency, 25 July). The channel to Tehran is direct: normalised maritime traffic in the Persian Gulf means lower insurance and freight costs and a smaller risk premium on energy and currency than the one carried in recent weeks.

In energy, Brent crude is around $96.78 (09:27) and has settled in the mid 90s. Spot gold is unmoved at $4,054.81. In the neighbourhood, the dollar to Turkish lira rate is 47.35, up 0.23 percent, and the dollar to Chinese yuan rate is 6.7703, down 0.04 percent (2 Mordad). A stable yuan means import costs from Iran's largest trading partner face almost no shock, and the UAE dirham corridor, with a remittance rate of 41,243 tomans, remains the main trade settlement channel.

The Takeaway

Today's verdict is clear: the market made up its mind before the bell. TEDPIX is 82,778 units higher, but 80,560 of those units were created in the pre opening auction, and two hours of continuous trading added only 2,218 more. That makes today a news day, not a trading day. Remember one thing: when almost all of a market's gain is born at the open, its durability depends on the durability of the news that stacked those orders before the bell. Persian Gulf navigation reopened today; an agreement, however, has still not been signed.

What to Watch Today

• Whether TEDPIX holds its opening gain through the close at 12:30 or gives part of it back as it did on Saturday.
• The psychological 5 million unit level, now less than 23,000 units away, and whether the market approaches it in coming sessions.
• The equal weighted index's lead over TEDPIX; if it persists, the rally is genuinely broad based.
• How the free market dollar and Tether respond to today's equity jump after an almost motionless morning.
• Codal filings, arriving at a fast pace today, particularly in the electrical equipment, cement and petrochemical groups.
• Follow the week ahead on the Sahmino market calendar.

This report is a market news update and not buy or sell advice. The exchange figures refer to a session still in progress and will change by the close; every number is given with its time and source.