Market analyst says the Tehran index has returned almost nothing since 15 June and has lagged the currency market

Mehdi Souri, a senior capital market analyst, told the Codalnama conference, in remarks reported by Mehr News Agency on Saturday, 1 August 2026 (10 Mordad 1405), that the Tehran Stock Exchange's main index has returned almost nothing since 15 June 2026 (25 Khordad 1405), when it reached the five million point area, and remains around that level.

He said that over the same period the dollar rate rose from about 150,000 tomans to about 190,000 tomans, so the equity market cannot be said to have outperformed the currency market over the past month and a half. Souri added that a higher exchange rate only reaches company earnings if it is reflected in the Nima rate.

Souri also said the effect of war news on the bourse has diminished, and that the experience of the past four years shows that filings on the Codal disclosure system and companies' price to earnings ratios have determined the market's direction more than political factors. He said a significant share of market funds now sits with asset managers who must document their trades with fundamental analysis, which has strengthened the role of Codal data. This is the speaker's own assessment and not an official position of capital market institutions.