The Tashkent Stock Exchange witnessed a sharp decline in trading volume this week, plummeting to $380,186 (UZS 4.8bn), a 3.7-fold decrease from the previous week. This downturn is primarily due to significant M&A deals involving MKPT shares which amounted to $205,934 (UZS 2.6bn) at UZS 75,448 per share as reported by the Avesta Investment Group.
The total number of securities traded was 70, slightly down from the previous week. MKPT's M&A deal dominated the turnover, contributing 53.9% while URTS and IPKY accounted for 13.5% and 6.2% of the volume, respectively. Bonds made up 8.2% of the volume with trades involving BFMT3V2 and IFMT4 totaling $31,072. Despite the decrease in volume, price movements were relatively minor: UZTL (+3.8%), URTS (+1.3%) and IPKY (+0.5%) saw slight gains whereas UZMT (-4.3%), UZMK (-4.2%) and QZSM (-3.5%) experienced moderate declines. Notably, AVEX decreased by 5% during the week.
On the economic front a Chinese company has invested $50mn to build a mining complex in the Tashkent region expected to produce 2.4mn tons of ore annually and create 450 new jobs. Uzbekistan’s foreign trade turnover grew by 8.5% in the first half of 2024 reaching $31.8bn driven by a 5.5% increase in exports and a 10.6% rise in imports. The country's GDP expanded by 6.4%, with budget revenues up 14% to $8.9bn although expenditures surged to $11.9bn resulting in a $2.9bn deficit. The Central Bank reduced the key rate by 0.5% to 13.5%, the lowest since June 2017 while remittances increased by 25% to $6.5bn.
India’s Jakson Green secured a $35mn loan to build a solar power plant in the Bukhara region including a 250 MW solar farm and a 126 MWh storage complex. Additionally, Asaka Motors International signed a long-term agreement to produce six Hyundai models in Uzbekistan.
In the first half of 2024, Uzbekistan produced 72.9 thousand tons of vegetable oil an 18.2% increase. Financially, SQB JSCB placed nearly $579mn in bonds on the London Stock Exchange in two tranches, and UzSAMA privatized state shares in five grain sector enterprises with transactions totaling $31.8mn.
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