AVESTA Overview: April 28 - May 8
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 637.6bln UZS, marking a 7.6-fold increase compared to the previous period. This sharp growth was largely driven by M&A transactions. The number of securities traded totaled 82, down by four from the previous period.
UZAL dominated the market, accounting for 98.1% of total turnover with a 625.4bln UZS deal at 2,535 UZS per share, reflecting the transfer of a 61.5% equity stake to the Fund for Reconstruction and Development of Uzbekistan. INSN (Inson Insurance, a subsidiary of Ipoteka Bank OTP Group) followed with a single transaction of 4.7bln UZS at a nominal price of 100 UZS per share, contributing 0.7%. Agat Credit (ACMT1B) ranked third with 2.5bln UZS in trades (0.4% of turnover). Notably, UZMK made it back to the top 10 by volume for the first time, despite a relatively modest 250mln UZS in trades.
Among bonds, IFMT4 delivered the strongest price performance with a 9.9% increase, while ACMT1B and DMMT2B posted modest gains of 1.1% and 0.9%, respectively. In contrast, BFMT3V3 saw a slight decline of 1.2%. Among stocks, URTS posted the largest price gain, rising 2.2% from 3,495 UZS to 3,570 UZS per share, while UZMK also rose by 0.5%.
AVEX (Avesta Equity Index) declined by 3.2% 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
Franklin Templeton opened the office in Tashkent and officially started to act as a trustee and the manager of the Uzbekistan National Investment Fund (UzNIF). Local and international IPO of the fund is planned for the next twelve-month period;
Inflation in April reached 0.7% or 10.1% y-o-y;
In 1Q25, Uzbekistan exported gold worth $3.6bln, a 34% y-o-y increase. Gold accounted for 44% of all exports;
Uzbekistan will host the 59th Annual Meeting of the Asian Development Bank (ADB) in Samarkand from May 3 to 6, 2026;
Central Bank of Uzbekistan expects inflation to reach 8% in 2025 and 6% in 2026. The current inflation rate stands at 10.1%, driven primarily by ongoing energy sector price liberalization reforms;
Chinese companies to build 500 MW photovoltaic solar power plant and an overhead power transmission network in Jizzakh region. Under the agreement, Uzenergosotish JSC will purchase the generated electricity under a guaranteed arrangement for 25 years;
In 1Q25, GDP grew by 6.8% to 333.6trln UZS, while GDP per capita increased by 4.7%. The unobserved economy accounted for 32% of GDP;
Korean Incheon International Airport Corporation to invest $223mln for the reconstruction and modernization of Urgench International Airport;
Average salary in Uzbekistan rose by 18% in 1Q2025, reaching 5.8mln UZS. In Tashkent, it increased by 22.7% y-o-y to 9.9mln UZS;
International Fund for Agricultural Development (IFAD) and Uzbekistan launched a $47.4mln project to support vulnerable dairy farmers and improve food security in five regions;
Fitch assigned BB- rating to Tashkent City with a Stable outlook;
National Bank of Uzbekistan JSCB (NBU) attracted $274mln from China Development Bank (CDB) for priority investment projects;
In March, Uzbekistan became the world’s largest gold seller, selling 11 tons. With a total of 15 tons sold in the first quarter of the year, it ranked as the biggest net seller globally;
In 1Q25, GDP grew by 6.8% to 333.6trln UZS, while GDP per capita increased by 4.7%. The unobserved economy accounted for 32% of GDP;
Korean Incheon International Airport Corporation to invest $223mln for the reconstruction and modernization of Urgench International Airport;
Average salary in Uzbekistan rose by 18% in 1Q2025, reaching 5.8mln UZS. In Tashkent, it increased by 22.7% y-o-y to 9.9mln UZS;
International Fund for Agricultural Development (IFAD) and Uzbekistan launched a $47.4mln project to support vulnerable dairy farmers and improve food security in five regions;
Fitch assigned BB- rating to Tashkent City with a Stable outlook;
National Bank of Uzbekistan JSCB (NBU) attracted $274mln from China Development Bank (CDB) for priority investment projects;
In March, Uzbekistan became the world’s largest gold seller, selling 11 tons. With a total of 15 tons sold in the first quarter of the year, it ranked as the biggest net seller globally;