Iran’s Stock Market Reopens After Three‑Month Shutdown, Yet Over a Third of Listings Stay Offline

TL;DR: Iran’s Tehran Stock Exchange resumed limited trading after a nearly three‑month closure, but 42 ticker symbols representing about 36% of the market remained offline. The main index rose roughly 1.2% each day while remaining stocks are capped at a 3% daily move.

The shutdown began after US and Israeli strikes on Iranian energy and steel facilities raised fears of widespread market turmoil. Authorities halted trade to prevent panic selling and to give firms time to assess damage. The exchange reopened for two days with trading windows extended by one hour each session to ease the transition.

Forty‑two ticker symbols, including major petrochemical and steel firms such as Fajr Petrochemical (FAJR), Mobin Petrochemical (MOBIN), Khuzestan Steel (KHZST) and Mobarakeh Steel (MOBAR), stayed off the board. These names account for roughly 36% of the exchange’s total market capitalization.

The TEDPIX index climbed about 44,000 points on Wednesday, reaching over 3,758,000, a gain of roughly 1.2% from Tuesday’s close. The equal‑weight index, which gives each listed company the same influence, also edged upward, indicating broader buying interest beyond the largest caps.

The Tehran Stock Exchange’s total market capitalization hovers around $150 billion, placing the offline segment at roughly $54 billion. Despite its role as a barometer of investor confidence, the exchange remains relatively underdeveloped because US sanctions limit access to global capital and trading volumes are thin compared with regional peers.

TEDPIX peaked near 4,500,000 points at the start of 2026 but has trended downward since nationwide protests in late December 2025, worsened by the conflict‑related shutdown. The equal‑weight index’s modest rise shows that gains are not confined to heavyweight stocks.

To curb volatility, regulators imposed a 3% daily price band on the remaining two‑thirds of listed stocks. This circuit‑breaker mechanism means individual shares cannot rise or fall more than three percent in a single session.

Economist Mehdi Haghbaali warned that brokerage houses, especially smaller ones, are under strain and that many traders who held leveraged options positions found no clear recourse after contracts expired during the closure. He added that authorities temporarily barred brokers from issuing margin calls or forced sales while the market stabilizes.

Annual inflation exceeded 70% in late April, eroding real share values despite nominal gains. The market’s modest rebound suggests cautious buying interest, but the persistent offline segment and tight inflation continue to weigh on real valuations. Investors will watch for any further extensions of trading hours, potential re‑listing of the suspended stocks, and how inflation and sanctions affect corporate earnings.