AVESTA Overview: December 11 - 22, 2023
AVESTA Overview: December 11 - 22, 2023
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the given trading period, trading on the Tashkent Stock Exchange reached 258.9bln UZS, almost 30 times higher than the previous two weeks. This difference in volumes can be attributed single transaction involving the newly listed stock QQBK on December 21st.
The transaction took place on the Tashkent Stock Exchange’s new trading platform – Free of Payments (FoP) which is designed to facilitate large deals more transparently compared to over-the-counter transactions. In the case of QQBK, 99.68% of the company's ordinary shares were sold for a total of $20.1 mln.
Excluding the impact of the QQBK transaction, the turnover increase during this period amounted to 22.4%, with a trading volume of 10.6bln UZS. The total number of traded securities was 102, four more than in the previous period.
After QQBK, which contributed 95.9% to the total volume, ORGS contributed the majority of the turnover at 22% (excluding the QQBK transaction). UZTL, which recently went public and started trading on the stock exchange on the 20th, with a nominal price of 6,000 experienced a 28.3% increase in its closing price. It's worth mentioning the company had a successful IPO with a 131% oversubscription and attracted 33.3bln UZS in funds.
EQQU’s stock price nearly doubled, while URTS saw a slight 0.6% increase in its closing price. However, UZMK and QAPI experienced moderate declines in their closing prices.
AVEX increased by 1.2% during these two weeks.
AVESTA EQUITY INDEX (AVEX
*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
Central Bank kept the key rate at 14%;
State budget for 2024 approved with 4% of GDP deficit and forecast of 5.6-5.8% GDP growth;
Foreign trade turnover for 11M2023 increased by 26.2% up to $57.3bln, including 30.6% growth of exports up to $23.2bln and imports by 23.3% up to $34.1bln;
10.3mln tons of cement were produced in 10M2023, 3.7% y-o-y increase;
Eurobonds worth $500mln to be placed in 2024;
Service sector increased by 13.6% and reached $33.9bln in 11M2023;
Number of real estate transactions increased by 4% in November and decreased by 10% y-o-y;
Onion exports in 11M2023 increased by 33% y-o-y and the number of importing countries also rose by 50% y-o-y;
Solar power plant with a capacity of 500 CW to be built in Bukhara;
Embassy of the Republic of Uzbekistan opened in Doha, Qatar;
The volume of exports that received transport subsidies amounted to $1.1bln in 11M2023;
OVERVIEW
Qo'qon Biokimyo JSC (QQBK) included into official listing of the Tashkent Stock Exchange;
Angren Logistika Markazi JSC (ALMZ) included into official listing of the Tashkent Stock Exchange;
Inson Insurance JSC (INSN) was included in the official listing of the Tashkent Stock Exchange;
Fitch assigned B- rating to Anor Bank JSC with Stable outlook;
UFRD and MoEF to allocate 2.6trln UZS to Agrobank JSCB (AGBA) to increase the bank's authorized capital;
Uzkabel JSC (ex.UZKB) to attract 12.3bln UZS loan from UzKDB Uzbekistan JSCB to support working capital needs under the company's real estate collateral;
Aloqabank JSCB (ALKB) scheduled the EGM to approve the changes in the contract with the EPC contractor of the bank's new office Shanghai Construction Group Co., LTD, and to transfer the land plot to Tashkent City Project administration for free;
Kromsan LLC increased the share in Andijan Tajriba Sinov Zavodi JSC (ATSZ) by 8.53% up to 24.96%;
Bunyodkor Cotton Facilities LLC became the owner of 34.441% of Koson Yog-Ekstraksiya JSC (KSYE);
Mega Comfort Business LLC became the owner of a 25% stake in Biokimyo JSC (BIOK) - the company recently won the privatization tender for a 51% equity stake. Seems that the investor will be purchasing the share in a few installments;
Agro Finans Lizing JSC attracted $50mln in two ($22.3 and $27.7mln) trade-finance loans from Cargill Financial Services International, Inc.