Tehran's Main Index Set a Seventh Consecutive Record at 7,431,450 Points; Iran Market Pulse, Monday, September 14, 2026 notes its last red close was on 13 Shahrivar

1. Lead

The most important number in Sunday's session, 22 Shahrivar 1405 / 13 September 2026, was not the main index record. It was an index that had never seen its own number before. The Tehran Stock Exchange equal weight index rose 30,074 points, or 1.52 percent, to close at 2,002,660: the first time in the history of Iran's equity market that this gauge has crossed the 2 million point line (Donya-e-Eqtesad, Sunday 22 Shahrivar, and our own board row). It cleared the line by a narrow margin, just 2,660 points above it.

In the same session the TSE main index (TEDPIX) gained 153,863 points, or 2.11 percent, closing at 7,431,450, a seventh consecutive record in our series. One date gives the measure of that run of records: the last session TEDPIX closed lower was 13 Shahrivar 1405 / 4 September 2026, and seven trading sessions have passed since, every one of them closing above the session before it. But a third reading stands beside these and describes the day more precisely: according to Donya-e-Eqtesad, the share of symbols that closed higher was 76 percent, against 89 percent in Saturday's session on 21 Shahrivar. The market opens at 9:00 today, and these readings belong to the 13:24 close of Sunday's session.

2. Today's snapshot

3. Today's important headlines

• TEDPIX rose 2.11 percent to 7,431,000 points, the equal weight index gained 1.52 percent to pass 2 million points for the first time, retail trading value reached around 50 trillion tomans, and individual investors brought about 5.47 trillion tomans into equity trading; at the close, 76 percent of symbols were higher and 24 percent lower (Donya-e-Eqtesad, Sunday 22 Shahrivar). Ecoiran covered the same session with the index passing 7.4 million points, 5.4 trillion tomans of retail inflow and 50 trillion tomans of trading value, and wrote that later in the session "signs of increased supply and a retreat by some buyers" appeared (Ecoiran, Sunday 22 Shahrivar).
• Iran's Council of Ministers required executive bodies, with employees' consent, to pay part of staff welfare benefits by topping up the "Iran Wallet" service, with a minimum of 1 million tomans a month; the same resolution also permits part of the cash subsidy paid to heads of households to be deposited there, and 90 million wallets have been created to date (Khabaronline and Ecoiran citing Hamshahri Online, Sunday 22 Shahrivar).
• The head of Iran's smart fuel card system said new plate vehicles worth more than 1 billion tomans, and vehicles with free trade zone plates, no longer have access to the subsidized 1,500 and 3,000 toman petrol tiers and instead receive 110 liters a month at 10,000 tomans, with a 180 liter storage cap on the card (Mehr, Sunday 22 Shahrivar).
• Turkey's Treasury and Finance Minister said Ankara does not pay Iran directly for imported gas and that the funds are held, under an understanding with the United States, in a tightly regulated account Iran may draw on only for permitted goods including food and medicine (Donya-e-Eqtesad, Sunday 22 Shahrivar).
• The US ten year Treasury yield reached 4.97 percent, its highest since 2007, as traders raised their expectations of another Federal Reserve rate increase (Donya-e-Eqtesad citing Bloomberg, Sunday 22 Shahrivar).

4. Currency

The free market dollar was recorded at 228,600 tomans in the last reading of Sunday 22 Shahrivar at 19:59, down 5,300 tomans or 2.32 percent from Saturday's reading. That is the largest single session fall in the dollar in our recent recorded window. The day's reporting matches the number: Donya-e-Eqtesad said the dollar, which closed Saturday in the 234,000 toman channel, opened Sunday in the 231,000 channel and retreated to the 230,000 channel (Sunday 22 Shahrivar).

On the official side, the remittance dollar sell rate at the Iran Exchange Center for Currency and Gold was recorded at 163,903 tomans on Sunday at 08:17, with the buy rate at 162,428 tomans, 0.3 percent above the previous day. This is where a new number comes from: when the free rate falls 2.32 percent and the remittance rate rises 0.3 percent, the two rates converge. The gap narrowed from 70,487 tomans to 64,697 tomans and the ratio came in from 43.1 percent to 39.5 percent, meaning the spread closed by 5,790 tomans and 3.7 points in a single session. For comparison, the same spread closed by 1.7 points in yesterday's report, so the pace of convergence more than doubled.

The mechanism behind this gap is definitional and needs no added assumption: the free rate comes from supply and demand in the banknote market, and the remittance rate from administrative allocation for imports and specified uses, and that difference in mechanism is what explains the gap's existence. Whether the gap widens or narrows, however, is news rather than definition. In global FX, the euro at $1.1569 and sterling at $1.3504 are slightly lower and the dollar is higher against the yen at 154.06 (Monday 23 Shahrivar, 07:39).

5. Gold and coin

Gold and coin retreated on Sunday, and their fall was deeper than the dollar's. 18 karat gold closed at 23,476,800 tomans, down 440,000 tomans or 1.87 percent; the gold mesghal at 101,698,000 tomans on the same 1.87 percent; and the Emami coin at 236,005,000 tomans, down 3,490,000 tomans or 1.48 percent. One divergence in readings should be stated plainly: the Tehran Gold and Jewellery Union put a gram of 18 karat gold at 23,500,000 tomans the same day and the Emami coin at around 234 million tomans (Donya-e-Eqtesad, Sunday 22 Shahrivar). For gold the range is 23.48 to 23.5 million tomans, a negligible difference; for the coin the gap is about 2 million tomans and comes from the hour and place of the reading.

In our own data, the Emami coin's intrinsic value was recorded at 229,124,500 tomans on Sunday, 1.87 percent lower. Subtracting the two rows we publish ourselves gives a gap of 6,880,500 tomans, meaning about 2.9 percent of the coin's price is something other than its metal and the cost of minting it. The important point is that the intrinsic value fell faster than the market price (1.87 against 1.48 percent), so this gap widened yesterday rather than narrowing. Our feed's separate premium row shows a smaller figure the same day that does not reconcile with this subtraction; until those two agree, we publish the subtraction of the two prices and not the third row.

The global driver explains little about Sunday: spot gold stands at $4,330.43 this morning, down $19.93 or 0.46 percent. A 1.87 percent fall in Tehran gold against a 0.46 percent fall in the ounce means three quarters of yesterday's move came from the rial side, not from the ounce. On the exchange board, the gold fund fell 2.23 percent to 162,700 tomans and Jam Tala 2.22 percent to 2,082.4 tomans, on a day the main index rose 2.11 percent. This morning, however, 18 karat trading gold has opened 0.26 percent higher at 23,279,100 tomans.

6. Bourse and Farabourse

The Tehran Stock Exchange and the Farabourse are two separate markets with two separate indices, and both rose on Sunday. TEDPIX gained 153,863 points, or 2.11 percent, closing at 7,431,450, a seventh consecutive record. The equal weight index, which weights every symbol equally and for that reason shows the picture of the average share rather than the picture of the heavyweights, rose 30,074 points or 1.52 percent to close at 2,002,660: a first historical crossing of 2 million points, 2,660 points clear of the line. The Farabourse main index, a separate index on a separate market, rose 973 points or 1.73 percent to 57,255.

The run of records can be measured with a date. The last session on which TEDPIX closed below the session before it was Wednesday 13 Shahrivar 1405 / 4 September 2026; Boursenews wrote that same day that the index had turned negative after 20 consecutive trading days of gains (Boursenews, Wednesday 13 Shahrivar). From that session to Sunday 22 Shahrivar's close, seven trading sessions have been held (14, 15, 16, 17, 18, 21 and 22 Shahrivar) and in our own data the index's daily change was positive in all seven: 97,276 and 122,277 and 184,042 and 167,328 and 47,326 and 155,269 and 153,863 points. Those seven numbers sum to 927,381 points, which puts the 13 Shahrivar close at about 6,504,010 points, meaning the index has risen 14.3 percent over the run. We state both ends of this calculation plainly: today's end is the 7,431,450 close confirmed by three independent sources (our own board row, Donya-e-Eqtesad and Ecoiran), and the other end is the date 13 Shahrivar, which comes from our own row and from Boursenews' report that same day.

A third reading describes the day more precisely. There are two honest gauges of "how the market did": the index, which measures price weighted by market capitalisation, and the count of advancing symbols, which counts every symbol once. On Sunday the first gauge set a record and the second went backwards: according to Donya-e-Eqtesad, 76 percent of symbols closed higher and 24 percent lower, against 89 percent higher in Saturday's session on 21 Shahrivar (Donya-e-Eqtesad, 21 and 22 Shahrivar). The distance between those two readings is 13 points. Only that one outlet has published these two figures numerically and we attribute them to it by name; Ecoiran covered the same session separately and, without giving a percentage, wrote that "signs of increased supply and a retreat by some buyers" appeared, which agrees with the direction of the same reading.

We put two facts side by side and build no added claim of causation. First, the heavyweights were setting ceilings on Sunday: Fameli rose 2.45 percent, reached its highest level in a year at 2,678 tomans and recorded its fourteenth consecutive higher close, on volume 2.31 times its twenty session average. Foulad rose 3 percent, posted its highest close since 29 Dey 1404 / 19 January 2026, traded 2.02 times its twenty session average volume, and opens this morning with a buy queue of 784,088,559 shares at 305.6 tomans. Shapna, Khodro, Dara Yekom and Palayesh all four reached their highest levels in a year, and Dara Yekom traded at the day's price cap at 58,973 tomans. Vabmellat rose 2.97 percent and has a buy queue of 165,767,731 shares at 156 tomans this morning. Second, the board narrowed in that same session. For somebody holding a portfolio, this means an index record does not necessarily mean a record for their portfolio, because TEDPIX is made by a few large symbols and an ordinary portfolio by mid sized ones.

The other side of the trade moved with the index. Donya-e-Eqtesad reported that retail trading value reached around 50 trillion tomans on Sunday and that individual investors brought about 5.47 trillion tomans into equity trading; Ecoiran reported the same two figures separately and independently as 50 trillion and 5.4 trillion tomans. In our own data, and for the session before that, individuals were net buyers of 5,142,778,973 shares market wide on Saturday 21 Shahrivar, 4,355,409,504 shares on the Tehran Stock Exchange and 667,102,664 on the Farabourse; these figures count share numbers rather than rial value, and say nothing about any group's intent.

The Farabourse half. Yesterday's reading on government debt held. In Sunday's session, the two heaviest symbols in the whole capital market were both government debt papers: Arad1604 with 20.45 trillion tomans of turnover and Akhza2104 with 16.42 trillion tomans. Of the Farabourse's ten heaviest symbols, seven were government paper (Arad1604, Akhza2104, Arad1754, Arad2694, Akhza2022, Arad2034 and Arad1874), totalling about 49.5 trillion tomans. For scale, the three heaviest equity symbols on the Tehran Stock Exchange turned over 7.06 trillion tomans combined in the same session (Fameli 3.41, Foulad 2.01 and Shapna 1.64). One methodological caveat must be stated: the exact share of government paper in Farabourse turnover for this session is not re derivable from our own market row, because the sum of symbol turnovers does not reconcile with that session's recorded total; this settlement therefore rests on the absolute figures and not on a percentage. The Base Market, the shallower and more volatile board inside the Farabourse with wider bands and more halts, recorded no notable event in our data.

7. Crypto

Bitcoin stands at $77,559 on Monday morning 23 Shahrivar at 07:49, up $239 or 0.31 percent. In the domestic market, Tether is at 232,442 tomans, down 964 tomans or 0.41 percent. Tether Gold is at $4,330.43, exactly the global ounce.

Tether's premium over the free market dollar has come back. Tether this morning is 3,842 tomans above the last free market dollar reading of 228,600 tomans, that is 1.68 percent higher; in yesterday's report the same Tether stood 294 tomans below the free dollar. One caveat is needed: these two readings are not simultaneous, since the Tether reading is from this morning and the free dollar reading from last night, and this ratio should be measured again once the banknote market opens today. When the banknote market is closed Tether usually trades at a premium, and that explanation is definitional.

8. Iron and steel

The rebar family has had no fresh settlement on the Iran Mercantile Exchange since Wednesday 18 Shahrivar, and that is a real gap in trading rather than a feed delay. The last settlements: A3 deformed rebar sizes 14 to 20 at 858,102 rials per kilogram, equal to 85,810 tomans, and sizes 22 to 32 at 872,721 rials, equal to 87,272 tomans.

Within that same gap, the mill side moved. Arian Foulad's recorded rates on Sunday 22 Shahrivar: 14 A3 rebar at 89,550 tomans, 12 A3 at 90,360 tomans, 10 A3 at 90,910 tomans, 12 A2 at 89,640 tomans and 10 A2 at 90,820 tomans. The distance between two pricing mechanisms for one and the same product has now become meaningful: the mill rate for 14 rebar is 89,550 tomans against the last IME settlement for the same size at 85,810 tomans, that is 3,740 tomans or 4.36 percent higher. In yesterday's report the same gap was 100 tomans and 0.12 percent. Two independent sources produce these two numbers, the IME board and the mill's recorded rate, and the distance between them is what a rebar buyer pays in the open market. Globally, Shanghai rebar is at 3,065 yuan per tonne, down 6 yuan or 0.2 percent (Monday 23 Shahrivar, 06:01).

9. Cars

In Sunday's 22 Shahrivar recording, car price movement was limited and selective. The Dena Plus Turbo Automatic Optional, model year 1405, was recorded at 3,380,000,000 tomans, up 130 million tomans or 4 percent from Saturday's recording; the 1404 model of the same car at 3,250,000,000 tomans, up 150 million tomans or 4.8 percent. By contrast, the Dena Plus 6 speed held steady in both model years: 1405 at 2,470,000,000 and 1404 at 2,370,000,000 tomans, and the Dena Plus Low Option 1404 at 2,270,000,000 tomans. The increase hit the automatic version and not the manual one, on a day the dollar fell 2.32 percent.

One published, dated decision also attached itself to this market yesterday: the head of Iran's smart fuel card system said new plate vehicles worth more than 1 billion tomans, and vehicles with free trade zone plates, have been removed from the 1,500 and 3,000 toman petrol tiers and receive 110 liters a month at 10,000 tomans, with a 180 liter storage cap (Mehr, Sunday 22 Shahrivar). That decision raises the cost of running an expensive new plate car, and that is its channel to market prices, though its effect has to be read in the coming days' recordings rather than in yesterday's. On the board, the Khodro symbol reached its highest level in a year at 76.6 tomans.

10. Building materials

Cement took a fresh settlement on Sunday 22 Shahrivar and the jump was notable. Type 2 (42.5) bulk cement settled at a volume weighted average of 29,315 rials per kilogram, equal to 2,932 tomans, up 296 tomans or 11.2 percent from the 2,636 toman settlement of 21 Shahrivar. Type 1 (42.5) bulk settled at 2,932 tomans and type 2 (32.5) bulk at 3,048 tomans. An important caveat: an IME settlement is that day's volume weighted average across whichever producers actually sold, so a change in the mix of sellers can move this number on its own; a trend needs several consecutive sessions.

The distance between the official board and the retail shelf narrowed this time. Type 2 bulk cement from the Tehran plant was recorded at 3,217 tomans per kilogram on Sunday and from the Abyek plant at 3,230 tomans, about 9.7 percent above the IME settlement of 2,932 tomans; yesterday the same gap was around 22 percent. A 50 kilogram bag of Tehran cement is 240,000 tomans, which works out at 4,800 tomans per kilogram, and the difference between bulk and bagged definitionally contains the cost of the bag, packaging and distribution and should not be read as a profit margin. On the board, the cement funds were not uniform: Simana 1.01 percent higher at 4,165 tomans, Simano 0.27 percent higher at 4,304 tomans, Simania 0.03 percent higher at 4,019.3 tomans, and the Ciman fund 2.89 percent lower at 1,101 tomans.

11. Regional and global view

Brent crude stands at $107.77 this morning, up $3.16 or 3.02 percent (Monday 23 Shahrivar, 07:48). The news behind it is an escalation in southern Saudi Arabia: Saudi Civil Defence said a projectile fired by Yemen's Houthi forces struck the al Tuwal area of Jazan province, wounding two people and damaging a mosque and several buildings and vehicles, and the Houthi military spokesperson said a base in Sharurah, Najran province, had been targeted (Al Jazeera, Saturday 21 Shahrivar). This price has a two way channel to Tehran: export revenue on one side, and the cost of freight and import insurance on the other.

In the United States, the ten year Treasury yield reached 4.97 percent, its highest since 2007, and Bloomberg Economics estimates the real natural rate of interest at about 2.6 percent in the second quarter of 2026 against 1.6 percent over the 2010 to 2015 window (Donya-e-Eqtesad citing Bloomberg, Sunday 22 Shahrivar). Its channel to Tehran runs through the global price of gold and oil.

In the region's currency corridors, the reading for Sunday 22 Shahrivar at 19:59 is as follows: the UAE dirham at 62,840 tomans, down 1.97 percent, which is the effective rate for a large part of Iran's imports via Dubai; the Chinese yuan at 34,430 tomans, down 2.27 percent, the settlement rate of the main buyer of Iranian oil; the Turkish lira at 4,825 tomans, down 2.38 percent, which sets the cost of trade and travel via Turkey; and the Russian rouble at 2,728 tomans, down 2.31 percent. This simultaneous fall comes definitionally from the rial strengthening against the dollar rather than from separate developments in each currency: when the dollar falls 2.32 percent, the whole basket of rial quoted currencies comes down with it. In global markets these same currencies moved separately this morning: the dollar against the lira at 48.61, up 0.48 percent, and the dollar against the yuan at 6.71, almost flat (Monday 23 Shahrivar, 07:39). In regional diplomacy, Iran's president met the Crown Prince of Abu Dhabi on the sidelines of the BRICS summit in New Delhi, and the UAE president's adviser described the meeting within a framework of "deterrence and diplomacy" (Donya-e-Eqtesad citing Mehr, Sunday 22 Shahrivar).

12. Conclusion

Today's verdict is this: Sunday belonged to the average share, not to the index. The main index's seventh record is real and its last red close goes back to 13 Shahrivar, but the historic number of that session was the equal weight index crossing 2 million points, and according to Donya-e-Eqtesad the share of advancing symbols in that very same session fell from 89 to 76 percent. The one thing to remember is this: TEDPIX and your own portfolio are two different gauges, and when you hear of a fresh record, first ask what percentage of symbols took part in it. Sahmino's reading from yesterday also held: it said government paper would remain the heaviest cash flow on the Farabourse, and on Sunday the two heaviest symbols in the whole capital market were both government paper, while seven of the Farabourse's ten heaviest symbols were the same paper, totalling about 49.5 trillion tomans. Sahmino's new reading: the equal weight index stays above 2 million points, as long as the share of advancing Tehran Stock Exchange symbols does not fall below 60 percent; the level of this reading is 2,000,000 points, its horizon is to the end of the week, and an equal weight close below 1,950,000 points in two consecutive sessions invalidates it (reading dated 23 Shahrivar 1405 / 14 September 2026).

13. What to watch today

• The 9:00 open of the Tehran Stock Exchange and the fate of the pre opening buy queues on Foulad (784 million shares), Vabmellat (166 million shares) and Palayesh; and whether the equal weight index holds above 2 million points or loses the line.
• Whether today's session becomes an eighth consecutive advance, or the run of records that has been unbroken since 13 Shahrivar ends.
• The share of advancing symbols in today's session, to establish whether the 13 point drop in participation was one session or the start of a trend.
• The banknote market's first pricing today and which way the gap between the free dollar and the Exchange Center remittance rate goes, after closing 3.7 points yesterday to stand at 39.5 percent; and whether Tether's 1.68 percent premium over the free dollar is confirmed once the banknote market opens.
• The fresh government Islamic bond auction scheduled on the calendar for Tuesday 24 Shahrivar, and the banking network's share of it.
• A fresh settlement for the rebar family on the Iran Mercantile Exchange, last recorded on 18 Shahrivar, with the mill rate now 4.36 percent above it.
• The Federal Reserve meeting on 24 and 25 Shahrivar and its effect on spot gold and Brent crude. Sahmino's market calendar shows the events ahead at a glance.