Iran Market Pulse: Saturday Midday, 25 July 2026; the Bourse Extends a Third Green Session, TEDPIX Near 4,894,000

Everyone watches the dollar and gold, but the number that actually moved today was in stocks. By eleven a.m., Tehran's main index rose about zero point two percent, near four point nine million points. In those same hours the parallel market was asleep; the dollar and gold were almost flat and bitcoin slipped a little. It's a third straight green session; when the dollar calms, cautious money returns from gold and FX into shares. To judge how real the gain is, watch the main-versus-equal-weight divergence and the net inflow of retail money. The key is the exchange rate: the free dollar sat near one hundred ninety-three thousand toman today. The gap is about forty-two thousand toman, nearly twenty-eight percent above the official rate. The fate of that gap hinges on talks; de-escalation eases the pressure, and renewed tension lifts the free rate again. Globally, spot gold stood near four thousand fifty-three dollars and Brent crude near ninety-six point eight dollars. Per Reuters, a Pakistan-and-China effort to revive US-Iran talks has trimmed the Strait of Hormuz risk premium. Through the close, watch for continued retail inflow, the talks headlines, and a reopening of the steel symbol. Today's verdict is clear; today belonged to stocks, not the dollar. So the answer: the number that moved was stocks, not the dollar. Full analysis on Sahmino.com.