In November 2023, the Tashkent Stock Exchange witnessed dynamic changes in trading patterns and stock performances. The total trading volume during this period amounted to UZS 16.3bn (over $1.3bn), with 36,218 transactions completed. This represented a 0.9 times decrease compared to November 2022. The AVEX Index, a key indicator of market performance, decreased by 5%, reaching a peak at 2,546.9 points, Avesta Investment Group reported.
The top 10 securities based on trade volume were led by UZMT (UzAuto Motors), representing 18.6% of the total turnover. Notably, UZMT experienced a 1.85% increase in closing price during this period. Other significant contributors include EQQU (Construction materials) with 14.9% and UGSR (Alcohol industry) with 11.7% of the total volume. Surprisingly, blue-chip stocks like URTS (Service) and UZMK (Metallurgy) collectively represented about 10% of the turnover.
In the banking sector, HMKB (Hamkorbank) and IMKF3 (Imkon Finans) were actively traded, with HMKB experiencing an 11.52% increase in closing price, while IMKF3 remained stable. Additionally, corporate bonds, represented by BFMT3V2, IMKF3, and HKIL3, collectively contributed more than one-fifth (22.62%) to the total volume.
There are also some other Economic and business Highlights which are worth mentioning:
- The European Union extended the GSP+ General System of Preferences for Uzbekistan until December 31, 2027.
- Banking NPL reached 3.6% as of November 1st, 2023, with differences between state-owned and private banks.
- Uzbekistan secured the 43rd session of the UNESCO General Conference in Samarkand in 2025.
- Inflation in October reached 1.04%, and the real income of the population increased by 3.5% in 9M2023.
- Uzbekistan exported $411.7mn worth of gas in 9M2023, a 47.2% decrease from 9M2022.
- Italian Eurotecnica Contractors and Engineers S.p.A planned to launch melamine production in Uzbekistan.
- ACWA Power won a tender for a 200MW wind power station in Karakalpakstan.
- Turkish payment service Turan planned to enter the Uzbek market.
- Russian coffee shop chain, Stars Coffee, planned to enter Uzbekistan and other Central Asian countries.
- Alif Capital Holdings aimed to raise $50mn through Sukuk issuance for the expansion of its Uzbekistan subsidiary.
- The OTC platform reported a total trade volume of UZS 3.9bn ($316,173) in November, a significant increase from the previous year.
- Koson Yog'-Ekstraksiya dominated the OTC market, representing approximately 76.2% of the total trade volume.
Looking at currency and Market Index Trends the AWACRI index exceeded the Central Bank rate by 6.79%. The top-performing securities and sectors were reflected in the AVEX Index, which experienced a 5% decrease in November.
November 2023 showcased diverse trends in the Tashkent Stock Exchange, with notable contributions from the automotive, construction, and alcohol industries. Economic and business developments indicated a mixed picture of growth and challenges, underscoring the resilience and adaptability of Uzbekistan's financial landscape.
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