The Tashkent Stock Exchange (TSE) experienced a series of developments in the first quarter of 2024, with significant fluctuations in trading volumes, stock prices, and transaction frequencies, Avesta Investment Group showed on quarterly overview of the trading at the Tashkent Stock Exchange in 1Q24.
Total Trading Volume and Transaction Activity
In 1Q24, the total trading volume on the Tashkent Stock Exchange reached UZS 171.9 bn ($13.6 mn), marking a decrease of 9.7 times compared to the same period in 2023. This decline can be attributed to several major merger and acquisition (M&A) transactions that occurred last year. However, when focusing solely on the Main Board and excluding large transactions, the volume decreased by a more moderate 2.9 times. Despite the overall decrease in trading volume, the number of transactions completed surged to 133,638, representing an increase of 2.9 times compared to the previous year.
Performance of AVEX Index
The AVEX Index, a key benchmark for the TSE, witnessed a modest increase of 3.9% in 1Q24, reaching a peak of 2,985 points. This uptick in the index suggests a degree of resilience within the market, despite broader fluctuations in trading activity and transaction volumes.
Top 10 Issuers by Trading Volume
The top 10 issuers with the highest trading volumes in 1Q24 reflect a diverse range of sectors, with pharmaceutical company DORI leading the pack. Notably, almost 35% of the total volume was attributed to DORI, indicating significant activity likely related to ongoing privatization processes. Universal Bank (UNVB) also featured prominently, accounting for 10.7% of all transactions. Most securities in the top 10 list comprised M&A transactions and restructuring deals, underscoring the evolving nature of Uzbekistan's corporate landscape.
Top 10 Issuers by Number of Transactions
The top 10 issuers by the number of transactions were predominantly banks, with SQBN emerging as a major contributor, representing 26.4% of the total transactions. UZTL followed closely, accounting for 6.3% of trades, although the stock price experienced a notable decline.
Performance of Individual Stocks
Among the listed stocks, IPKY and IPTB experienced significant increases in their closing prices, rising by 75.3% and 15.2%, respectively. Conversely, CBSK, HMKB, and IPTBP witnessed declines in their closing prices, highlighting the volatility within specific sectors.
Over-the-Counter (OTC) Platform
OTC platform of the Tashkent Stock Exchange for 1Q24
The OTC platform of the TSE saw a remarkable surge in trading activity, with the total trade volume reaching UZS 1.3 trillion ($103 mn), representing a substantial increase of 44.4 times compared to the previous year. UZREPORT dominated the OTC market, comprising 96.2% of the total trade volume, followed by ANOR BANK and other entities.
The total amount of placed SDS in 1Q24 reached UZS 23.3 trillion ($1.8 bn) across 15 placements, with an average annual yield of 17%.
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