The Tashkent Stock Exchange witnessed a trading volume of UZS 54.2 bn ($4.3 mn) during the week, marking a nearly fourfold increase compared to the previous two weeks. This substantial surge in volumes is attributed to three key transactions involving METQ, TBMZ, and BNGA shares, Avesta reported. These transactions accounted for 74.6% of the total turnover.
METQ shares were traded for UZS 5.03 bn ($400,020) at a rate of UZS 7,121 ($0.57) per share. TBMZ shares fetched UZS 3 bn ($238,580) at UZS 5,200 ($0.41) per share, and BNGA shares were sold for UZS 2.74 bn ($217,903) at UZS 11,110 ($0.88) per share.
During the same period, 94% of the turnover was constituted by deals with UNVB shares, which were traded for UZS 50.9 bn ($4.05 mn) at UZS 5,000 ($0.40). These transactions were likely part of the company’s Chairman of the Board, Mr. Anvar Irchaev, further increasing his equity stake in the company. Previously, he had increased his share in the company from 4.99% to 5.11% at UZS 8,000 ($0.64) per share for a total of UZS 2.5 bn ($198,817).
If the impact of the aforementioned transactions is excluded, the trading volume saw a decrease of 11.4%. However, the total number of traded securities saw an increase of one, bringing the total to 88 traded securities.
Only BFMT3V2 and EQQU closing prices saw an increase of 1.03% and 1.63%, respectively. The remaining securities from the top 10 list saw a decline in their closing price. BIOK and URTS closing prices saw the steepest decline of 20% and 12.6%, respectively. AVEX also saw a decrease of 4.4% during these two weeks.
Economic highlights
A chemicals plant, worth $10 bn, is set to be constructed in the Khorezm region. This development is expected to boost the region’s industrial sector and create numerous job opportunities.
In the beverage industry, Eurasia Bottlers, a leading energy drinks producer in Uzbekistan, is set to receive a financial boost. The European Bank for Reconstruction and Development (EBRD) has committed to providing €15 mn to finance a €32.7 mn expansion project.
The energy sector is also witnessing major developments. Rosatom, a Russian state corporation, is considering the construction of small nuclear power plants in Uzbekistan. In addition, French company Voltalia has plans to construct a 100 MW solar power plant in the Khorezm region.
In the oil and gas sector, Petroleum Technology Group has acquired UNG Petro, a chain of 78 gas stations previously owned by Uzbekneftegaz. This acquisition is expected to enhance the group’s presence in the country’s fuel retail market.
The tourism sector may also see a significant boost. An Egyptian company, Arab Nihol Investors, is considering the construction of a $100 mn tourist complex in the Samarkand region.
In the digital space, Alif, a tech company, saw its unique user base reach 897,000 in 2023, marking a 58% increase. The number of payment app users alone increased by 169%, reaching 1.2 mn users.
In terms of monetary policy, the Central Bank has maintained the key rate at 14%, despite inflation reaching 0.32% in February, or 8.35% y/y.
In logistics, Chinese company Shenzhen Neptune Logistics plans to construct a transport and logistics centre in Uzbekistan for $10-$15 mn. This development is expected to enhance the country’s logistics infrastructure and facilitate trade.
However, the country’s foreign reserves decreased from $32.4 bn to $32.2 bn, and physical gold reserves decreased by 0.3 mn ounces to 11.9 mn ounces in February.
On a positive note, the United Nations Development Programme (UNDP) reports a reduction in the poverty rate in Uzbekistan from 24% in 2000 to 11.5% in 2022. In addition, the United States Agency for International Development (USAID) plans to provide $17.7 mn over five years to the Business Support Project.
In the energy sector, ACWA Power plans to construct a 500 MW wind power plant in Karakalpakstan and a 300 MW wind power plant in the Bukhara region. These projects are expected to significantly boost the country’s renewable energy capacity.
Lastly, Uzbek-Russian JV Gazli Gas Storage refused ownership links to sanctioned individuals following the news that a 60% stake in the company was transferred to Hong Kong-based Daxon Holding Limited. This development underscores the company’s commitment to maintaining transparency and compliance with international regulations.
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