AVESTA Overview: February 5 - 16
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the given period, trading on the Tashkent Stock Exchange reached 67.6bln UZS, which is almost 6 times higher compared to the previous two weeks. Such a difference in volumes is due to a transaction involving DORI shares, which comprised about 89.1% of the total volume. The deal took place most probably as a part of preparation for the ongoing privatization process. A 34.9% equity stake at the company was sold for 60.24bln UZS at 8,600 UZS per share.
Excluding the impact of DORI transaction, trading volume actually decreased by 43.6%. The total number of traded securities decreased by four, amounting to 92.
UNVB contributed 38.9% (excluding the DORI transaction) of the volume, according to recent information, Mr. Anvar Irchaev, the Chairman of the Board of Universal Bank JSCB (UNVB) increased his equity stake in the bank from 4.99% up to 5.11%, after first increasing his stake in the bank from 0.25% to 4.99% at the beginning of this year. QAPI and BFMT3V2 bond transactions accounted for 17.3% and 12.6% of the volume.
Among liquid securities, the closing prices of BFMT3V2 (+1.03%), UZMT (+0.7%) and URTS (+0.3%) slightly increased, while UNVB (-6.9%), UZMK (-3.8%) and UZTL (-1.1%) closing prices declined.
AVEX increased by 3% during these two weeks.
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
Saneg has acquired CGC Lubricants Italy, an Italian oil producer;
According to the latest Presidential Decree to finance the project on developing infrastructure in cities, the following funds will be attracted:
- $100mln loan from AIIB for 30 years, including the five-year grace period;
- $100mln loan from WB's IDA (International Development Association) for 30 years, including the five-year grace period;
- $43.2mln from the government in the form of reimbursement of tax and customs payments and covering financial expenses.
Uzbekistan increased passenger car imports from China by 5.2 times. The share of China in total passenger car imports increased from 36.8% to 79.3%;
With the growing import of EV cars and localization of BYD production, Uzbekistan plans to install thousands of new charging stations across the country;
Banking NPL in January reached 3.5%, including 4% for state-owned banks and 2.4% for private;
Uzbekistan exported fruits and vegetables exceeding $1.1bln in total value in 2023;
Uzbekistan President and AIIB Chief meet in Beijing to deepen cooperation and partnership;
The National Electric Power Company of Afghanistan paid off the $627mln owed for electricity to four countries, including Uzbekistan;
Mitsubishi to provide 600 MW Navoi Power Plant with gas turbines;
3.7mln tons of cotton and 8mln tons of grain were harvested in 2023;
ACWA Power to launch the first stage of 400MW power plants by the end of 2024;
Green energy certificate issuance was launched. I-REC already registered four local HPPs;
$315mln will be allocated to expand the production of meat and dairy products. 1trln UZS preferential loan will be allocated to provide livestock farms with working capital;
On average over 140k tons of electronic waste is generated in Uzbekistan annually, which is 4-4.5 kg per capita. Uzvtorcvetmet JSC (ex. UVCM) and Jizzakh Battery Plant cover 15k tons per year;
OVERVIEWUzmetkombinat JSC (UZMK) announced the receipt of the CDP (Carbon Disclosure Project) score;
Tashkent Stock Exchange delisted the following securities starting from February 7th, 2024:
- Jizzax Plastmassa JSC (JIPL);
- Uzvtorcvetmet JSC (UVCM);
- Toshkent yog-moy kombinati JSC (TYMK);
- Mastona JSC (MSTN);
- Neft va gaz quduqlarni sinash JSC (NGQS);
- Sarbon-Neftgaz JSC (SANE);
- Turon-Xojeli JSC (TRNJ);
- Sirdaryo Vino JSC (SRVI);
- Uzpartaminot JSC (UZPT).
Tashkent Stock Exchange announced the pause in trading with Hamkorbank JSCB (HMKB) shares due to corporate actions - bonus shares issuance. Trading will not be available from February 8th to February 14th;
Qoqon Biokimyo JSC (QQBK) was delisted from the Tashkent Stock Exchange from February 14th, 2024.