AUGUST 14 - AUGUST 25, 2023: Markets Overview
Avesta Investment Group presents the bi-weekly overview of Uzbekistan's financial market.
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.