The Tashkent Stock Exchange (TSE) witnessed an extraordinary surge in trading volume, reaching 181.3bn UZS a staggering 91 times higher than the previous week's volume. This increase was predominantly driven by a transaction involving the transfer of shares of KPBA. The KPBA deal alone accounted for 156.7bn UZS at a price of 950 UZS per share, representing 86.5% of the total turnover.
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In addition to the KPBA transaction, other notable mergers and acquisitions (M&A) included METQ shares, traded for 541.1mn UZS at 13,051 UZS per share, ATSZ shares traded for 386.1mn UZS at 16,242.98 UZS per share and BNGA shares traded for 337.7mn UZS at 5,500 UZS per share. However, these deals collectively contributed only 0.7% of the total trading volume for the week.
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Excluding the effect of the KPBA deal, UZMT emerged as the largest contributor to the turnover accounting for 83.4% of the remaining trading volume. Among the stocks IPKY experienced the highest increase in its closing price nearly doubling over the week. UZMK's price also saw a notable rise of 10%. Conversely, UNVB's closing price declined by 20% while UZMT and BFMT3V2 prices decreased by 4.6% and 1.6%, respectively. AVEX also saw a minor decline of 1.2% during the week.
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The number of securities traded on the TSE increased to 75 eight more than the previous week. The Tashkent Stock Exchange (TSE) experienced a significant surge in trading volume this week reaching 181.3bn UZS, largely driven by a major transaction involving KPBA shares worth 156.7bn UZS at 950 UZS per share, which accounted for 86.5% of the turnover. Excluding this deal, UZMT was the biggest contributor, accounting for 83.4% of the turnover. Meanwhile, IPKY saw its closing price nearly double and UZMK's price rose by 10% whereas UNVB, UZMT and BFMT3V2 saw declines. The number of traded securities increased to 75. Economically, Uzbekistan received $7.5mn from the World Bank’s Transformative Carbon Asset Facility (TCAF) for reducing carbon emissions. Tourism grew by 9.6% in the first five months of 2024, with 2.8mn visitors. Foreign trade turnover rose by 3% reaching $26.7bn with exports up by 1.9% and imports by 3.7%. UzSAMA announced the privatization of seven flour-milling plants valued at 402.6bn UZS, including a 51% share in Toshkentdonmahsulotlari JSC (TDM) sold for 85bn UZS. Uzbekistan and China agreed to increase flight frequency to 100 per week. Canadian Condor Energies will begin a multi-well workover campaign in Uzbekistan while Almalyk Mining JSC plans a $15bn investment to double copper production.
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Kazakh IT integrator Kwaaka is entering the Uzbek market and TBC Bank Uzbekistan secured a $10mn credit line for environmentally sustainable projects. A new electricity industry law is forthcoming and automotive production reached 162.6 thousand units, dominated by UzAuto Motors JSC. Pharmaceutical spending exceeded 8 trillion UZS in the first five months of 2024 with Tashkent accounting for a quarter of this amount. Additionally, Qoqon Neftegaz Parmalash Ishlari JSC (QNPI) was listed on the TSE starting June 24, 2024.
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