Iranian Stock Market Reaches All-Time High
The TEDPIX broke 2.4M points in February with foreign-investor participation through the QFI scheme growing for the seventh consecutive quarter.
Iran's Tehran Stock Exchange (TSE) main index, TEDPIX, broke through 2.4M points in February 2025, setting a fresh all-time high and capping a 31% trailing-twelve-month return in IRR terms (approximately 14% in USD at NIMA reference).
Foreign participation trends
Foreign-investor account openings under the Qualified Foreign Investor (QFI) scheme grew 22% quarter-on-quarter, the seventh consecutive quarter of expansion. Average ticket size per foreign account is now USD 1.8M, up from USD 0.9M two years ago — indicating institutional rather than retail flow.
- TEDPIX YTD (2025): +18.4%
- Daily turnover average: IRR 64T (~USD 110M)
- Foreign holdings as % of free float: 2.7% (vs 1.4% in 2023)
- Top sector contributors: metals, petrochemicals, banks
Access mechanics
Foreign institutions enter via a registered broker, a CSDI custody account, and a NIMA-linked IRR settlement account. Total onboarding typically completes in 4-6 weeks with experienced advisory; the longest pole is bank account approval, not the trading code itself.
Outlook
Sell-side consensus sees TEDPIX at 2.65-2.85M by year-end, driven by petrochemical earnings revisions and a narrower NIMA/free-market FX spread. Key downside risk: rapid IRR appreciation if FX rails normalise, which would compress export-oriented earners.