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AVESTA Overview: September 18-29, 2023
Bi-weekly overview on Uzbekistan securities markets by Avesta Investment Group & Europe-Uzbekistan Association for Economic Cooperation
TASHKENT STOCK EXCHANGE
Over the course of the past two weeks, the trading volume on the Tashkent Stock Exchange reached approximately 13.3bln UZS, which was nearly 5 times higher compared to the previous period. A total of 87 types (+6) of securities were traded, with the top 10 accounting for nearly 94% of the stock exchange's total turnover.
The largest transaction among the traded securities was recorded by RBQB, representing over half (62.5%) of the total trading volume. This surge was attributed to the announcement that Mr. Iskandar Tursunov, the Chairman of the bank, had increased his equity stake in RBQB to 89.7% after publishing a purchase offer to minorities. HMKB followed with 11.32%, while EQQU contributed around 6.74%.
It's worth noting that the transactions related to XTTB and ATSZ are made as a part of the privatization process when investors are purchasing shares in installments. Shares placed at prices of 13,144.94 and 16,242.98 UZS per share.
Among the top 10 most traded securities, RBQB and HMKB exhibited the highest growth in stock prices over the past two weeks, both increasing by 20%. UZIR followed with a 2.48% increase in their closing price. Conversely, ATSZ faced a decline of 6.64%, reaching 11,203 UZS.
AVEX increased by 5% during the last 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).
Mortgage Refinancing Company JSC issuing 140bln UZS corporate bonds with 3 years maturity and 19% interest rate, which will be placed to Qishloq Qurilish Bank (KKBN), Turonbank (TNBN), UzPSB (SQBN), Mikrokreditbank (MCBA), Kapitalbank (KPBA) and Xalqbank;
Urganch yog-moy JSC (UGYM) to attract an 80bln loan from NBU for 18 months;
UzAuto Motors JSC (UZAM) signed the 1.22trln UZS ($100mln) contract on the construction of a new metal press workshop;
Mr.Yoldashev Miminjon Shokirjonovich purchased a 25.09% equity stake in Madad Investm Bank JSCB;
Mr.Tursunov Iskandar Baxtinurovich increased his share in Ravnaqbank JSCB (RQBQ) to 89.7%;
Ziraat Bank Uzbekistan JSCB registered 67.8bln UZS additional share issue; The first stage of partial privatization of 35% of shares of Uztemiryulcontainer JSC started;
Mr. Muminjon Yuldashev increased his stake in "Madad Invest Bank" JSCB up to 25.09%;
JSC "Samarqandkimyo" was converted to an LLC based on the decision of the sole shareholder;
JSCB "Agrobank" issued additional common shares worth 350 bln UZS;
Uzbekenergotaimir JSC signed the $60mln contract with GE Global Parts and Products for modernization of power plans. Total assets of the company according to the 1H2023 report were about $43.5mln, equity $7.6mln.;
More than $1 billion a year is spent on energy subsidies, the Ministry of Energy estimates;
Banks from Uzbekistan allowed foreign exchange trading with Russia.
Avesta Investment Group is a leading investment banking, securities, and investment management firm in Uzbekistan, with operations in all Central Asian countries.
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