AVESTA Overview: May 18 - 22
Biweekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
During the week, the Tashkent Stock Exchange recorded turnover of 566.8bln UZS (220% w-o-w) across 24,746 transactions (100% w-o-w).
Of this amount, 80.7% was attributable to bonds, totaling 457.2bln UZS. Uzum Sarmoya (UZUMS3B) accounted for 358.5bln UZS, equal to 63.3% of total turnover, from a single deal. Agat Credit (ACMT2B5) registered 86.5bln UZS across 301 transactions, representing the highest deal count in the bond segment. Anor Bank (ANBK3B) contributed nearly 2% of total turnover.
Stocks represented approximately 19.3% of turnover, equal to 109.6bln UZS. Regal Stay Grand (RLSG), traded on the T1 board, led with 13.6% of turnover, supported by closed subscription share issuance during the week. The stock was also included in the RSE listing in the same period. Uz-SaeMyung KO. (USMK), also from the T1 board, accounted for 3.1% of total turnover. UzNIF (UZNF), which began trading on May 18, recorded 9.5bln UZS in its first week from 10,185 transactions, representing nearly half of all stock deal counts. Yo‘lreftrans (YRFS) contributed 0.5%, while O‘zbektelekom (UZTL), O‘zRTXB (URTS), and Ipoteka Bank (IPTB) each registered less than 0.1% of turnover.
Price performance of the listed securities was mostly positive. UzNIF (UZNF) posted the strongest gain at 16%. Yo‘lreftrans (YRFS) followed at 15.2%. Anor Bank (ANBK3B) rose 7.2%, O‘zbektelekom (UZTL) 5.7%, Agat Credit (ACMT2B5) 3.5%, Uzum Sarmoya 1.7%, and O‘zRTXB (URTS) 0.6%. The sole decline was Ipoteka Bank (IPTB), down 2.3% w-o-w.
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
O‘zbekiston Respublikasi Milliy Investitsiya Jamg‘armasi (UzNIF) JSC (UZNF) disclosed that its securities were included in the listing of the London Stock Exchange (LSE), with the decision and registration both dated May 18, 2026;
Toshkent Republican Stock Exchange JSC disclosed acquisition of 100% in “Information‑Resource Center of the Securities Market” LLC, with ownership rights effective May 18, 2026;
Aloqabank JSC (ALKB) disclosed that its securities were included in the listing of the London Stock Exchange on March 6, 2026, with registration finalized on May 19, 2026;
InFinBank JSC (INFB) disclosed that its list of affiliated parties was updated to include JV SAFO Airlines LLC;
Alfa Insurance JSC approved the sale of shares to Osiyo Sarmoya LLC via the stock exchange, valued at 13.73bln UZS (31.23% of net assets);
Delta Mikromoliya Tashkiloti JSC disclosed a 26bln UZS credit agreement with Hamkorbank JSCB (HMKB), amounting to 24.4% of its net assets;
Universal Bank JSCB (UNVB) disclosed that its Supervisory Board recommended distribution of dividends of 500 UZS per ordinary share (10% of par value), with no dividends on preferred
Regal Stay Grand JSC disclosed that its securities were included in the listing of the “Toshkent” Republican Stock Exchange;
Agat Credit JSC disclosed that its securities (ACMT2B5) were included in the listing of the Republican Stock Exchange “Toshkent”;
Trastbank JSC (TRSB) disclosed Supervisory Board recommendation to distribute dividends of 1,000 UZS per preferred share (100% of par value), with no dividends on ordinary