Iran's rally reflects post-conflict asset revaluation, very high inflation expectations and liquidity returning to equities rather than a pickup in real fundamentals. The Tehran Stock Exchange reopened in late May after an ~80‑day suspension following US‑Israeli strikes; TEDPIX, which was around 3.7m points before the halt, has climbed past 6.38m. Inflation remains extreme — Tindex shows July inflation near 87.9% — prompting a shift out of cash into stocks, gold, property and FX, which can drive

Iran's rally reflects post-conflict asset revaluation, very high inflation expectations and liquidity returning to equities rather than a pickup in real fundamentals. The Tehran Stock Exchange reopened in late May after an ~80‑day suspension following US‑Israeli strikes; TEDPIX, which was around 3.7m points before the halt, has climbed past 6.38m. Inflation remains extreme — Tindex shows July inflation near 87.9% — prompting a shift out of cash into stocks, gold, property and FX, which can drive strong nominal equity gains without corresponding rises in real purchasing power or corporate profits. Many listed firms (petrochemicals, steel, copper, mining, energy and exporters) have revenues or assets linked to dollars or commodity prices, so rial depreciation and inflation can boost nominal revenues and prompt asset revaluation. Market breadth is wide: over 90% of stocks are up and more than 80% have risen 2–3%, pointing to a liquidity‑driven, market‑wide buying wave rather than a narrow, sector‑specific rally.