TEDPIX Fell 0.4% While the Equal-Weight Index Set a Record Close; a Fourth Straight Session of Small-Cap Outperformance (Saturday, 1 August 2026)

Everyone saw the main index fall today; almost nobody saw the one million four hundred thirty nine thousand record. On Saturday the first of August, the main index fell four tenths of a percent while the equal weight index set a record. The equal weight index rose six thousand six hundred ninety four points to its highest close ever. Last week the market closed green after two weeks of correction and reclaimed five million points. The main index finished at five million fifty four thousand, and retail turnover passed twenty six trillion tomans. Since the Iranian year began, the equal weight index returned about fifty percent against about thirty seven. The heaviest drag came from Isfahan Oil Refining, Bandar Abbas Oil Refining and Parsan. On the very same day, seven industries from agriculture to ceramics hit all time highs. In the week to the twenty ninth of July, more than six thousand three hundred billion tomans of retail money came in. Most small investor portfolios are filled with small and mid sized companies, not the index giants. But note this: today more than one thousand three hundred billion tomans of retail money left the market. Watch three things: retail money flow, retail turnover, and whether the refiners come back. Today's message is clear: the number everyone saw mattered less than the number nobody saw. So the answer: the main index is one number, not the whole market. Which do you trust, the main index or equal weight?