Discover more from Uzbek.Review is a publication by EUROUZ.eu

Uzbek.Review is a project by Europe-Uzbekistan Association for Economic Cooperation (EUROUZ.eu). We keep you updated on key developments in Uzbekistan. The publication consists of short weekly updates and occasional special comprehensive publications.

Financial Markets

AUGUST 14 - AUGUST 25, 2023: Markets Overview

Avesta Investment Group presents the bi-weekly overview of Uzbekistan's financial market.

Aug 15, 2023

TASHKENT STOCK EXCHANGE

During the specified period, the Tashkent Stock Exchange recorded one of the lowest trading volumes, amounting to nearly UZS 5.17 billion. This figure was 32 times lower than the trading volume observed in the preceding period. While the stock exchange saw active trading across a diverse range of 80 types of securities, the turnover remained minimal due to reduced M&A activity.

Among the contributors to this overall outcome, BFMT3 stood out with only 15 transactions, accounting for slightly over 20% of the total growth. Following closely was UZPN, which contributed 17% to the growth. EQQU and UZMK also made significant contributions with shares of 15.9% and 10%, respectively.

The stock that exhibited the highest increase in its closing price was UQEQ, experiencing a notable rise of 10.77% and closing at 14,400. Grid Solutions LLC recently acquired more than a 51% equity stake, obligating them to publish a buy offer for minorities. URTS and UZMT also displayed slight increases in their closing prices, demonstrating gains of 2.74% and 1.43%, respectively.

Conversely, UZMK encountered a significant decline of 10.43%, closing at 7,300, while BIOK witnessed a decrease of 2.86% and closed at 34,000.

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).

FINANCIAL NEWS

OVERVIEW

Mr.Shuhrat Tukhtashev announced the offer to minorities of My-Insurance JSC to purchase the shares at 1,000 UZS per share since he became the owner of more than 50% stake in the company.
Mrs.Zumrat Ibrahimjanova and Mr.Azimhuja Qobilov replaced Mr.Akmal Jumanazarov and Mr.Davron Kalandarov in the Supervisory Board of Uzmetkombinat JSC (UZMK).
Uzagroexportbank JSCB approved the change of the name to AVO Bank JSCB.
Grid Solitions LLC became the owner of 51.28% of the equity of Elektrqishloqqurilish JSC (EQQU).
Six months after the Agency for Strategic Reforms got control over the 31 leading SOEs, they were transferred back to the Ministry of Economy and Finance, following the recent reshuffle in the Presidential administration and ministries. The MoEF also obtained the voting rights for the state share in 9 banks and Uzmetkombinat JSC (UZMK), which are owned by UFRD.
UzSAMA accepted three potential investors to the binding offer stage for the privatization of a 51% stake in Biokimyo JSC (BIOK) with the submission deadline of BOs by September 22, 2023.

Avesta Investment Group is a leading investment banking, securities, and investment management firm in Uzbekistan, with operations in all Central Asian countries.

Visit Avesta website for more

Available for iOS and Android

ABOUT US

EUROUZ OR EUROPE-UZBEKISTAN ASSOCIATION FOR ECONOMIC COOPERATION (EUROUZ.EU) IS A EUROPEAN COOPERATION PLATFORM ESTABLISHED TO ASSIST THE EUROPEAN BUSINESS COMMUNITY IN DEVELOPING AND STRENGTHENING BUSINESS, INVESTMENT, AND TRADE COOPERATION TIES WITH UZBEKISTAN.

ALL ORGANISATIONS OF ANY LEGAL FORM REGISTERED WITHIN THE EUROPEAN ECONOMIC AREA + UK AND SWITZERLAND OR THOSE LEGALLY REGISTERED IN UZBEKISTAN ARE ELIGIBLE TO BECOME MEMBERS OF EUROUZ.

EUROUZ IS A NON-COMMERCIAL, NON-PROFIT, NON-GOVERNMENT ASSOCIATION ESTABLISHED IN BRUSSELS WITH A BRUCH OFFICE IN THE PROCESS OF REGISTRATION IN UZBEKISTAN. FOR ANY INQUIRIES, CONTACT US VIA: INFO@EUROUZ.COM

DISCLAIMER

THE DATA, ANALYSIS AND ANY OTHER INFORMATION (THE “INFORMATION”) CONTAINED IN THE EUROUZ MONTHLY REPORT ON UZBEKISTAN (THE “REPORT”) IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NEITHER INTENDED AS A SUBSTITUTE FOR ADVICE FROM BUSINESS, FINANCE, INVESTMENT CONSULTANT OR OTHER PROFESSIONALS, NOR IS IT MEANT TO BE A BENCHMARK OR INPUT DATA TO A BENCHMARK OF ANY KIND. WHILST REASONABLE EFFORTS HAVE BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION CONTAINED IN THE REPORT, EUROUZ MAKES NO WARRANTIES OR REPRESENTATIONS AS TO ITS ACCURACY, RELEVANCE OR COMPREHENSIVENESS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY INACCURACY, ERROR OR OMISSION OR FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH OR ATTRIBUTABLE TO ANY ACTION OR DECISION TAKEN AS A RESULT OF USING OR RELYING ON THE INFORMATION IN THE REPORT. THE VIEWS EXPRESSED IN THE REPORT ARE THOSE OF EUROUZ AND DO NOT NECESSARILY REFLECT THE VIEWS OF ITS GOVERNING BODIES. FULL REPRODUCTION, COPYING OR TRANSMISSION OF THE REPORT IS NOT PERMITTED IN ANY FORM OR BY ANY MEANS BY THIRD PARTIES WITHOUT EUROUZ’S WRITTEN PERMISSION. HOWEVER, THE INFORMATION CONTAINED THEREIN MAY BE USED AND/OR REPRODUCED FOR EDUCATIONAL AND OTHER NON-COMMERCIAL PURPOSES WITHOUT THE EUROUZ’S PRIOR WRITTEN PERMISSION, PROVIDED THAT THE REPORT IS REFERENCED. THE REPORT MAY CONTAIN REFERENCES TO MATERIAL(S) FROM THIRD PARTIES, WHOSE COPYRIGHT MUST BE ACKNOWLEDGED BY OBTAINING NECESSARY AUTHORIZATION FROM THE COPYRIGHT OWNER(S). EUROUZ OR ITS GOVERNING BODIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR ANY UNAUTHORISED USE OF ANY THIRD-PARTY MATERIAL(S).