AVESTA Overview: August 05 - 16
AVESTA Overview: August 05 - 16
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the observed period, the volume of trade on the Tashkent Stock Exchange amounted to approximately 6 billion UZS, which is nearly ten times less than in the previous period. This decrease in volume is primarily attributed to M&A transactions in the prior period. The total number of transactions reached 18,925, representing a 16.2% decrease compared to the previous period.
The total number of entities traded over the last two weeks amounted to 68, an increase of one from the previous period. The most active sectors on the Stock Exchange were services, banking, construction, and metallurgy.
Notable price changes were observed in UZPN and UQEQ, which increased by 20% and 37.2%, respectively. Conversely, UNVB, IPTBP, and IPTB saw decreases of 12.5%, 12.3%, and 20.9%, respectively.
AVEX decreased by 2.2% during these two weeks, while AWACRI saw a slight decrease from 20.7% to 20.6%, following a 50 basis point reduction in the key refinancing rate by the Central Bank of Uzbekistan.
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).
FINANCIAL NEWS
ECONOMICS
Uzbekistan plans to launch $10mln venture fund to support the development of a start-up environment.
President signed a Decree to develop financial factoring services for accounts receivable in Uzbekistan. Factoring services might be provided both in local and foreign currency.
Uzmetkombinat JSC (UZMK) successfully extended the $100mln loan from the Citibank according to a previous 1+1 agreement. This step confirms the trust of the international creditors to the progress made by the company in the construction of the new casting and rolling complex.
Abu Dhabi Sustainable Water Solutions signed the contract to construct new water treatment facility near to Tashkent together with SUEZ and Marubeni.
In 1H2024, the volume of issued car loans in Uzbekistan equaled 8.9trln UZS - two times less than 1H2023.
Sierra Nevada Co. awarded with $64.2mln contract to repair six PC-12 planes for Uzbekistan airforces.
Minimal salaries and basis unit size will be increased from October 1st by 10%, as well as budget workers' salaries by 10-15% from September 1st and October 1st.
Monthly car sales in July decreased by almost 30% y-o-y.
Uzbekistan Railways JSC finished the modernization of Hayraton - Mazar-i-Sharif railroad, connecting the southern border of Central Asia with Afghanistan.
Foreign reserves increased from $36.3bln to $37.4bln, including $1.8bln in gold or 0.4mln ounces in physical amount.
The flow of foreign tourists to Uzbekistan may reach 10mln people by 2024. In 1H2024, 3.5mln tourists visited Uzbekistan - 13.3% more than 1H2023.
OVERVIEWIpak Yuly Bank JSCB (IPKY) signed two bank loan repayment insurance contracts both 530bln UZS worth with Alfa Invest JSC and Uzbekinvest JSC (UZIN) (insurance companies;
Uzbekneftegaz JSC (UZNG) capitalized almost a 1trln UZS into a charter capital of the company;
EOPC JSC (UzCard), ATTO JSC and Plum Technologies JSC reorganized the management structure introducing a UCMG LLC as a management company to lead the operational processes;
Uzbekistan Mortgage Refinancing Company JSC listed their corporate bonds issue at the Tashkent Stock Exchange.