AVESTA Overview: January 26 - February 6
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 1.1trln UZS across 27,172 transactions. ASAK4B5 newly issued bond dominated the market with 1trln UZS in trading volume.
Bonds accounted for 99.3% of total turnover. ASAK4B held 94.5% out of that, from one transaction. Excluding this outlier, active bond trading accounted for 51.8bln UZS in total. Makesense (UZUMN2B2) registered nearly 32bln UZS, equal to 3% of total turnover. Biznes Finans (BFMT2B5) contributed 10.1bln UZS, comprising nearly 1% of total turnover. Agat Credit (ACMT2B4) generated 4.1bln UZS, accounting for 0.4% of overall turnover, while Contact Finans (CTFB3B2) totaled 3.7bln UZS, representing 0.4%. Delta (DMMT2B3) registered 902.5mln UZS, equal to 0.1% of turnover. Without Asakabank (ASAK4B), bonds accounted for 88.2% of total turnover.
Stocks accounted for just 0.7% of turnover, equal to 6.9bln UZS. O’zbektelekom (UZTL) led equity trading with 2.4bln UZS, representing 0.2% of total market turnover. O’zRTXB (URTS) followed with 1.3bln UZS, contributing 0.1% of turnover. Hamkorbank (HMKB) generated 1.1bln UZS, equal to 0.1% of total activity. O’zbekiston sanoat-qurilish banki (SQBN) common shares added 489.8mln UZS, accounting for nearly 0.1% of turnover. Remaining stocks collectively contributed 1.6bln UZS, representing 0.2% of market activity.
In the equity market, O’zRTXB (URTS) posted the strongest gain at 4.9%, while Hamkorbank (HMKB) declined 0.8% and O’zbekiston sanoat-qurilish banki (SQBN) fell 0.6%. O’zbektelekom (UZTL) dropped sharply by 2.91%. Bond market performance was mixed: Biznes Finans (BFMT2B5) led gains at 2.3%, followed by Agat Credit (ACMT2B4) at nearly 1% and Contact Finans (CTFB3B2) at 0.1%. Makesense (UZUMN2B2) declined nearly 3%, and Delta (DMMT2B3) fell -1.4%.
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
Asakabank JSC (ASBU) included in the listing of the Republican Stock Exchange “Toshkent” on 3 Feb 2026;
Hamkormazlizing LLC approved the third issue of corporate bonds worth 22.5bln UZS (22,500 units at 1mln UZS each), placed via closed subscription to Hamkor Sug‘urta, Apex Insurance, and Kafolat Insurance;
Contact Finance LLC included in the listing of the Republican Stock Exchange “Toshkent” on 2 Feb 2026;
Ipoteka‑bank JSCB added OTP Avtosanoat Finance LLC in its list of affiliated persons;
O‘zenergota’minlash JSC sold goods worth 150bln UZS to Navoi IES JSC (245.01% of net assets), 100bln UZS to Toshkent IES JSC (163.34% of net assets), and collectively around 148bln UZS to Taxiatosh IES JSC;
IT UNISOFT GROUP JSC disclosed the voluntary return and annulment of its CB license for operating a payment system;
O‘zbekiston temir yo‘llari JSC excluded Temir yo‘l ekspress LLC from its list of affiliated entities;
Andijonkabel JSC approved the sale of its 100% stake in AnSam Kabel LLC (Kazakhstan), with a nominal value of 200,000 KZT, for 5,000,000 UZS;
Navoiy kon-metallurgiya kombinati (NKMK) JSC reduced its registered ordinary shares from 77.79mln to 73.68mln and total issue volume from 77.79bln UZS to 73.68bln UZS;
TBC Bank JSC removed David Gabelashvili as Deputy Chairman of the Management Board and Chief Financial Officer;
Uychi Paxta Tozalash JSC approved voluntary liquidation measures, including the transfer of its 2.07% stake in Baraka Paxta Tex LLC to Namanganpaxtasanoat JSC, settlement of creditor obligations, and allocation of unpaid dividends to the Central Securities Depository;
KDB Bank Uzbekistan disclosed a purchase of 2.2trln UZS in bonds from the CBU;
Ipoteka-bank JSCB (IPTB) added OTP Avtosanoat Finance LLC as an affiliated entity.
Andijonkabel JSC updated its list of affiliated entities, excluding Samarskaya Kabelnaya Kompaniya LLC (Russia), while shareholder Muxtarov G‘ayrat Erkinovich acquired 1,120,100 shares (96.41% of charter capital, valued at 12bln UZS).