AVESTA Overview: April 1 - 11
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the period, trading volume on the Tashkent Stock Exchange reached 27.8 bln UZS, primarily driven by bond market activity. This was supported by the recent placements and the start of secondary trading for bonds issued by Agat Credit MMT, Delta MMT, and Makesense (Uzum Nasiya) at the beginning of the period. Following key bond issuances took place:
· Agat Credit MMT: 1-year maturity, 29% yield, 40bln UZS deal volume.
· Makesense (Uzum Nasiya): 2-year maturity, 25% yield, 300bln UZS deal volume.
· Delta MMT: 2-year maturity, 28% yield, 10bln UZS deal volume.
· Delta MMT: 2-year maturity, 28% yield, 10bln UZS deal volume.
Agat Credit MMT dominated trading, accounting for nearly 58% of the total turnover, while Delta and Makesense contributed 5% and 2%, respectively. In addition, companies such as YRSF, EQQU, and ORGS were involved in M&A and restructuring transactions, with M&A activity making up close to one-fifth of the total market volume. Stock trading on the main platform remained limited, contributing just 7.5% (2 bln UZS) of the overall turnover, with URTS alone making up 4% of this figure.
In terms of price movements among stocks, UZTL’s closing price increased by 2.1%, while URTS declined by 1.4%. Among bonds, prices rose for all instruments listed in the table: UZUMN2B increased by 2.3%, DMMT2B by 1.0%, ACMT1B by 0.7%, and IFMT4 by 0.3%. The only decline was observed in BFMT3V3, which fell by 1.1% over the period.
AVEX (Avesta Equity Index) declined by 2.1% over the two-week period.
AVESTA EQUITY INDEX
*The AVEX index describes the general market trend by covering the top 20 listed companies, in a particular quarter, with the highest liquidity and transaction turnovers on the Tashkent Stock Exchange. The index is a sum of the daily stock prices multiplied by the weighted average coefficients given to selected companies. The base date is 01/01/2021 (1000).
Turnover breakdown
FINANCIAL NEWS
ECONOMICS
US imposed import duties on all countries, including Uzbekistan, with a 10% tariff specifically applied to Uzbek imports. These new tariffs will be in addition to existing duties and charges;
In 2024, Uzbekistan's current account deficit narrowed by 36.8% to $5.7bln, driven by higher prices for exported commodities, an increase in services provided to non-residents, and a rise in remittance inflows;
Moody's assigned Octobank JSCB (OCBK) first-time B3 rating with Stable outlook;
TBC secured an additional $20mln from Swiss BlueOrchard, increasing its total funding to $45mln to support SME growth.
Korzinka retail chain attracted $110mln from Abu Dhabi Uzbek Investment (ADUI) and Uzbek-Oman Investment Company (UzOman) to accelerate the growth of the retail chain;
Two green power plants with a combined capacity of 1.5GW will be built in Uzbekistan: a 1GW wind power plant in Karakalpakstan and a 500MW solar power plant in the Jizzakh region;
US imposed import duties on all countries, including Uzbekistan, with a 10% tariff specifically applied to Uzbek imports. These new tariffs will be in addition to existing duties and charges;
In 2024, Uzbekistan's current account deficit narrowed by 36.8% to $5.7bln, driven by higher prices for exported commodities, an increase in services provided to non-residents, and a rise in remittance inflows;
Moody's assigned Octobank JSCB (OCBK) first-time B3 rating with Stable outlook;
TBC secured an additional $20mln from Swiss BlueOrchard, increasing its total funding to $45mln to support SME growth.
Korzinka retail chain attracted $110mln from Abu Dhabi Uzbek Investment (ADUI) and Uzbek-Oman Investment Company (UzOman) to accelerate the growth of the retail chain;
Two green power plants with a combined capacity of 1.5GW will be built in Uzbekistan: a 1GW wind power plant in Karakalpakstan and a 500MW solar power plant in the Jizzakh region;
US imposed import duties on all countries, including Uzbekistan, with a 10% tariff specifically applied to Uzbek imports. These new tariffs will be in addition to existing duties and charges;
In 2024, Uzbekistan's current account deficit narrowed by 36.8% to $5.7bln, driven by higher prices for exported commodities, an increase in services provided to non-residents, and a rise in remittance inflows;
Moody's assigned Octobank JSCB (OCBK) first-time B3 rating with Stable outlook;
TBC secured an additional $20mln from Swiss BlueOrchard, increasing its total funding to $45mln to support SME growth.
Korzinka retail chain attracted $110mln from Abu Dhabi Uzbek Investment (ADUI) and Uzbek-Oman Investment Company (UzOman) to accelerate the growth of the retail chain;
Two green power plants with a combined capacity of 1.5GW will be built in Uzbekistan: a 1GW wind power plant in Karakalpakstan and a 500MW solar power plant in the Jizzakh region;