AVESTA Overview: February 23 - March 5
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the period, the Tashkent Stock Exchange recorded a total turnover of nearly 29.2trln UZS across 27,483 transactions.
Stocks accounted for 57.3% of turnover, equal to 16.7bln UZS. The largest contribution came from O’zbekiston sanoat-qurilish banki (SQBN), which generated 10.3bln UZS, representing 35.1% of total turnover. O’zRTXB (URTS) represented 1.7bln UZS, equal to 6% of turnover, and recorded the highest number of transactions at 2,507. O’zmetkominat (UZMK) contributed 1.6bln UZS, or 5.5% of turnover, from 1,265 deals. Janubsanoatmontaj (JASM), from T1 board added 1.1bln UZS, while the remaining stocks collectively accounted for 2bln UZS, equal to 6.9% of market activity.
Bonds comprised 42.7% of turnover, totaling 12.5bln UZS. Agat Credit (ACMT2B4) registered 6.2bln UZS, representing 21.1% of total turnover or nearly half of bond turnover. Another Agat Credit bond (ACMT1B) contributed 3.6% of total turnover. Makesense (UZUMN2B2) registered 1.5bln UZS, equal to 5.2% of turnover. Both Delta (DMMT2B3) and Biznes Finans (BFMT2B5) represested approximately 1.1bln UZS in trading volume, or 3.8% of turnover each. Finally, Contact Finans (CTFB3B2) accounted for 1bln UZS, equal to 3.4% of turnover.
By price performance, O’zmetkombinat (URTS) posted the strongest gain at 29.7%. O’zRTXB rose by 3%, and O’zbekiston sanoat-qurilish banki (SQBN) advanced 1.6%. On the downside, Biznes Finans (BFMT2B5) recorded the steepest decline at 5.4%, followed by Delta (DMMT2B3) with a 1.7% drop.
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
Imkon Finans JSC approved the issuance of 5mln new shares worth 5bln UZS (1000 par value), with placement via preferential rights and open subscription;
Uzbekistan Airways JSC updated its list of Supervisory Board members, removing three and adding two - Ungbaev Otabek Toshtemirovich and Pavel Mkhitaryan Igorevich;
O‘zbekgeofizika JSC (UZGF) disclosed that Uzbekneftegaz JSC (UZNG) acquired 1,269,164,055 shares, representing a 97.22% stake in the company, valued at 362,980,919 thousands UZS;
O‘zRTXB JSC (URTS) Supervisory Board issued a recommendation on net profit distribution, proposing dividends of 780 UZS per ordinary share (123.8% of the nominal value);
Click JSC Supervisory Board issued a recommendation on net profit distribution, proposing dividends of 1,800 UZS per ordinary share (180.0% of the nominal value);
TBC Bank JSCB signed a major credit agreement with DEG (Germany) for $45mln (21.78% of net assets); and with Space International JSC (Georgia), valued at 37.94mln (18.5% of net assets), to expand licenses and services;
O‘zbekinvest Hayot Insurance JSC received a license for life insurance activities from NAPP (perpetual validity);
O‘zRTXB JSC (URTS) updated its supervisory board, appointing Matthew John Ansell (Senior Investment Manager, Franklin Templeton Asset Management / UzNIF) and Kalinov Vladimir Nikolov (former Board Member, Raiffeisen Bank S.A., Romania), as well as others;
Agat Credit JSC approved the issuance of 1mln corporate bonds with a total value of 100bln UZS, at a nominal price of 100,000 UZS each, to be placed via open subscription;
NBU Invest Group JSC reduced its charter capital by 353,601,600,000 UZS through asset transfers to NBU JSC and the UzSAMA, including stakes in Uzmetkombinat JSC (UZMK), Navro’z Bog’i LLC, and others, with 353,601,600 shares subject to cancellation;
KDB Bank Uzbekistan JSC acquired short-term securities of the CBU for 2.8trln UZS;
O‘zbekekspertiza JSC (UZEK) updated its list of affiliated persons, excluding UzSAMA (82.56%), and adding the Industrial Cooperation & Public Procurement Agency (82.56%), as well as Ulugbek Muradov and Digital Transformation Center LLC;
“Toshkent” RSE JSC advanced 2025-2026 development measures: establishing a foreign currency bond platform, drafting rules for foreign securities listings (indices, bonds, ETFs), and modernizing exchange software via functional requirements, RFI, tender, vendor selection, and timely implementation;
InFinBank JSC (INFB) updated its list of affiliated entities, adding Sofa Marva Tour LLC, UzTEX Tashkent LLC, and Terassa LLC;
Norin Paxta Tozalash JSC transferred 0.65% stake in Baraka Paxta Tex LLC to Namanganpaxtasanoat JSC, and extended voluntary liquidation by six months, while Ziyovuddin Paxta Tozalash JSC transferred its 0.53% stake in Baraka Paxta Tex LLC to Samarqandpaxtasanoat JSC;
Jizzaxpaxtasanoat JSC resumed operations and approved merger into Sirdaryopaxtasanoat JSC (which also resumed operations) via share swap and asset transfer;
O’zIQMK JSC approved issuance of corporate bonds worth 300bln UZS (300,000 units at 1mln UZS each), with 5‑year maturity, and 22% annual coupon paid quarterly.