AVESTA Overview: August 4 - 15
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the week, turnover on the Tashkent Stock Exchange reached 27.9bln UZS, while the number of transactions accounted for 16,571.
During the period, stocks comprised nearly 84% of the total turnover.
This dominance was largely driven by Hamkorbank (HMKB), which contributed 49.8% of the total turnover with a trading volume of 13.9bln UZS. Ohangaronshifer (OHSF) followed as the second-largest contributor, trading 6.4bln UZS, equivalent to 22.9% of the total turnover. O’zRTXB (URTS), while having the highest number of transactions among the listed companies, contributed only about 1% to the total turnover.
The bond market made up the remaining 16% of turnover. Biznes Finans (BFMT3V3) led this segment, securing third place overall with a trading volume of about 1.8bln UZS, representing 6.3% of total turnover. In contrast, Imkon Finans (IFMT4) had the lowest trading volume in the bond market among the top ten, at 283.9mln UZS, accounting for just around 1% of the total turnover. Toward the end of the period, CBU suspended Imkon Finans operations for three months.
Half of the listed companies experienced w-o-w declines. Universal Bank (UNVB) saw the steepest drop, falling 26%, followed by Elektrqishloqqurilish (EQQU) with an 18.7% decrease. On the upside, Hamkorbank (HMKB) posted the strongest gain, rising 4.3%, while O’zRTXB (URTS) appreciated by 3.7%.
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
TBC Bank JSC signed a $58.95mln agreement with Space International JSC (Georgia) to expand licensed services, approved on 24 July 2025 by the Supervisory Board, and representing 28.64% of net assets;
Biznes Finans Mikromoliya Tashkiloti LLC approved the issuance of its fifth series of corporate bonds totaling 25bln UZS, with each of the 250,000 bonds valued at 100,000 UZS and offering a 27% annual interest rate, with public placement via the Tashkent RSE and a 720-day term. Interest is paid monthly;
Turonbank’s (TNBN) supervisory board approved the issuance of 88.2mln ordinary shares worth 150bln UZS, with preferential rights for existing shareholders;
Uzum Bank JSB to increase charter capital by issuing 100mln ordinary shares worth 100bln UZS via private placement to sole shareholder UB Assets Holding;
Anor Bank JSB updates its list of affiliated persons: removes Madina Nurutdinova and adds Maximilian Edward Johnson as supervisory board member; revised list includes board members, executives, and six related legal entities;
Barabanova Angelina Sergeyevna acquired 50% stake in Whirl JSC, becoming majority shareholder;
Contact Finance LLC registered a 3bln UZS corporate bond issuance (30,000 units at 100,000 UZS each) via open subscription; state registration completed on August 6, 2025;
Dehqonobod Kali Zavodi JSC confirms full transfer of share ownership to Asian Chemical Group LLC, approves new charter, and mandates disclosure and registration actions;
Navoiy kon-metallurgiya kombinati (NKMK) JSC registers a closed issuance of 77.79mln ordinary shares at 1,000 UZS each (totaling 77.79bln UZS), following supervisory board approval on June 24, 2025; state registration completed on August 6, 2025;
Anor Bank JSB added Rent Accounting LLC to its list of affiliated persons on July 22, 2025, sold non-residential buildings (№0005, 0011, 0007, 0010, 0006, 0009, 0008, 0003, 0004, 0002 (inventory asset)) to total sum of 96.5bln UZS, and removed Rent Accounting LLC from its list of affiliated persons as of July 30, 2025;
On August 6, 2025, Hamkorbank’s (HMKB) supervisory board recommended a dividend payout of 1.25 UZS per ordinary and preferred share (25% of par value), with no income on other securities. The proposal awaits shareholder approval;
Prestige Insurance JSC has officially changed its name from Humo Sug'urta JSC;
Delta Mikromoliya Tashkiloti LLC approved the issuance of corporate bonds via open subscription on the “Toshkent” RFB, with unlimited quantity and placement under exchange rules, as resolved at its July 31, 2025 extraordinary meeting;
O‘zenergosotish JSC signed a 118bln bilateral deal with affiliated party O’zsanoatqurilishbank (SQBN) JSCB on August 8, 2025, to obtain a bank guarantee, as approved by its sole shareholder.