AVEX sets a sixth consecutive record close as O‘zbektelekom rises 7.14%
The Avesta Equity Index (AVEX) rose 0.56% to 5,419.2 points on 21 October, its sixth consecutive record close, bringing its year-to-date gain to 133.60%. O‘zbektelekom led the gainers, up 7.14% to UZS 21,000.00, followed by Ipak Yo‘li Bank (4.97%) and Hamkorbank (3.92%), while SQB fell 4.59% to UZS 47.00.
Equity turnover totalled UZS 3,013.2 mn across 9,688 trades, with 28 stocks advancing and 33 declining. UzNIF was the most traded stock at UZS 805.3 mn.
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The Avesta Equity Index (AVEX) rose 0.56% to 5,419.2 points on 21 October, its sixth consecutive record close, bringing its year-to-date gain to 133.60%. O‘zbektelekom led the gainers, up 7.14% to UZS 21,000.00, followed by Ipak Yo‘li Bank (4.97%) and Hamkorbank (3.92%), while SQB fell 4.59% to UZS 47.00.
Equity turnover totalled UZS 3,013.2 mn across 9,688 trades, with 28 stocks advancing and 33 declining. UzNIF was the most traded stock at UZS 805.3 mn.
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Imkon Finans bonds account for 37% of UZS corporate bond turnover
Turnover in UZS-denominated corporate bonds totalled UZS 148.5 mn across 113 trades in 10 issues. Imkon Finans’ IFMT4 accounted for UZS 55.0 mn, or 37% of the total, and closed 7.49% below its previous trade at 105.00% of par, a yield to maturity of 18.44%.
Agat Credit’s ACMT1B3, which matures on 7 November, was the most actively traded issue with 27 trades, at 101.00% of par and a yield to maturity of 26.04%. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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Turnover in UZS-denominated corporate bonds totalled UZS 148.5 mn across 113 trades in 10 issues. Imkon Finans’ IFMT4 accounted for UZS 55.0 mn, or 37% of the total, and closed 7.49% below its previous trade at 105.00% of par, a yield to maturity of 18.44%.
Agat Credit’s ACMT1B3, which matures on 7 November, was the most actively traded issue with 27 trades, at 101.00% of par and a yield to maturity of 26.04%. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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UzNIF shares stay above net asset value in September, with the premium at 5.89%
Shares in Uzbekistan’s National Investment Fund (UzNIF) still traded above net asset value on both of its listings at the end of September, but by less than a month earlier, according to the fund’s monthly report prepared by its manager, Franklin Templeton. The shares on the Republican Stock Exchange “Toshkent” fell 2.07% over the month to UZS 6.61 and the global depositary receipts (GDRs) in London 4.11% to USD 35.00. The premium to net asset value narrowed to 5.89% from 7.89% for the shares and to 2.45% from 6.42% for the GDRs.
Net asset value was UZS 6.2421 a share at 30 September, 0.22% lower than at the end of August. The fund’s 13 holdings are still carried at the valuations of 30 June 2026, and the fund recorded a loss of UZS 70.9 bn for September, including a UZS 19.4 bn increase in the deferred tax liability. Cash fell to UZS 18.5 bn from UZS 186.9 bn, and financial liabilities at amortised cost to UZS 173.2 bn from UZS 304.0 bn.
Trading slowed on both exchanges. Average daily turnover in Tashkent fell to UZS 435.9 mn in September from UZS 932.6 mn in August, and on the London Stock Exchange to UZS 4.1 bn from UZS 5.1 bn. Since the IPO in May the shares have gained 42.15% and the GDRs 40.00%.
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Shares in Uzbekistan’s National Investment Fund (UzNIF) still traded above net asset value on both of its listings at the end of September, but by less than a month earlier, according to the fund’s monthly report prepared by its manager, Franklin Templeton. The shares on the Republican Stock Exchange “Toshkent” fell 2.07% over the month to UZS 6.61 and the global depositary receipts (GDRs) in London 4.11% to USD 35.00. The premium to net asset value narrowed to 5.89% from 7.89% for the shares and to 2.45% from 6.42% for the GDRs.
Net asset value was UZS 6.2421 a share at 30 September, 0.22% lower than at the end of August. The fund’s 13 holdings are still carried at the valuations of 30 June 2026, and the fund recorded a loss of UZS 70.9 bn for September, including a UZS 19.4 bn increase in the deferred tax liability. Cash fell to UZS 18.5 bn from UZS 186.9 bn, and financial liabilities at amortised cost to UZS 173.2 bn from UZS 304.0 bn.
Trading slowed on both exchanges. Average daily turnover in Tashkent fell to UZS 435.9 mn in September from UZS 932.6 mn in August, and on the London Stock Exchange to UZS 4.1 bn from UZS 5.1 bn. Since the IPO in May the shares have gained 42.15% and the GDRs 40.00%.
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AVEX closes at a record level for the seventh consecutive session
The Avesta Equity Index (AVEX) rose 0.01% to 5,419.5 points on 22 October, its seventh consecutive record close, bringing its year-to-date gain to 133.62%. O‘zmetkombinat rose 2.14% to UZS 7,150.00 and SQB 2.13% to UZS 48.00, while O‘zbektelekom fell 1.91% to UZS 20,598.00 and Ipak Yo‘li Bank 3.14% to UZS 305.00.
Equity turnover totalled UZS 2,198.1 mn across 9,438 trades, with 31 stocks advancing and 30 declining. The Uzbek Commodity Exchange (URTS) was the most traded stock at UZS 415.8 mn, followed by O‘zbektelekom at UZS 328.8 mn.
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The Avesta Equity Index (AVEX) rose 0.01% to 5,419.5 points on 22 October, its seventh consecutive record close, bringing its year-to-date gain to 133.62%. O‘zmetkombinat rose 2.14% to UZS 7,150.00 and SQB 2.13% to UZS 48.00, while O‘zbektelekom fell 1.91% to UZS 20,598.00 and Ipak Yo‘li Bank 3.14% to UZS 305.00.
Equity turnover totalled UZS 2,198.1 mn across 9,438 trades, with 31 stocks advancing and 30 declining. The Uzbek Commodity Exchange (URTS) was the most traded stock at UZS 415.8 mn, followed by O‘zbektelekom at UZS 328.8 mn.
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Uzum Sarmoya bonds account for 88% of UZS corporate bond turnover
Turnover in UZS-denominated corporate bonds totalled UZS 1,364.2 mn across 77 trades in 11 issues. Uzum Sarmoya’s UZUMS3B accounted for UZS 1,203.1 mn, or 88% of the total, in a single trade at 100.26% of par, a yield to maturity of 19.00%. Excluding accrued interest, the price was unchanged from the previous trade on 23 September.
Agat Credit’s ACMT1B3, which matures on 7 November, was again the most actively traded issue with 16 trades, closing at 102.50% of par. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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Turnover in UZS-denominated corporate bonds totalled UZS 1,364.2 mn across 77 trades in 11 issues. Uzum Sarmoya’s UZUMS3B accounted for UZS 1,203.1 mn, or 88% of the total, in a single trade at 100.26% of par, a yield to maturity of 19.00%. Excluding accrued interest, the price was unchanged from the previous trade on 23 September.
Agat Credit’s ACMT1B3, which matures on 7 November, was again the most actively traded issue with 16 trades, closing at 102.50% of par. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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Ipak Yo‘li: customer deposits increased by 76.9% year on year.
Deposits at Ipak Yo‘li grew faster than lending. Over twelve months customer deposits increased by UZS 10.05 trillion and net loans by only UZS 4.67 trillion. The largest new placement was securities purchased under resale agreements, which rose to UZS 9.76 trillion from UZS 0.20 trillion.
Profit before provisions rose by 19.6%, but loan-loss provisions and the estimate of non-credit losses together increased by UZS 198.2 billion, so profit before tax rose by only 1.8%. Net profit grew faster only because income tax fell to UZS 40.1 billion from UZS 93.8 billion. Reported interest income and expense both declined because the 2025 figures included UZS 896.2 billion of other interest income and UZS 912.8 billion of other interest expense, which fell to UZS 11.2 billion and UZS 28.7 billion in 2026.
The bank is returning capital to shareholders. It spent UZS 214.5 billion of its first-half profit on its own ordinary shares, the extraordinary general meeting of 25 September resolved to reduce the charter capital by 10%, and on 16 October the supervisory board recommended a dividend of UZS 3.43 per share. The share price has risen faster than the results: the shares trade at 3.86 times book value, while return on equity fell to 23.5% from 29.2%.
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Deposits at Ipak Yo‘li grew faster than lending. Over twelve months customer deposits increased by UZS 10.05 trillion and net loans by only UZS 4.67 trillion. The largest new placement was securities purchased under resale agreements, which rose to UZS 9.76 trillion from UZS 0.20 trillion.
Profit before provisions rose by 19.6%, but loan-loss provisions and the estimate of non-credit losses together increased by UZS 198.2 billion, so profit before tax rose by only 1.8%. Net profit grew faster only because income tax fell to UZS 40.1 billion from UZS 93.8 billion. Reported interest income and expense both declined because the 2025 figures included UZS 896.2 billion of other interest income and UZS 912.8 billion of other interest expense, which fell to UZS 11.2 billion and UZS 28.7 billion in 2026.
The bank is returning capital to shareholders. It spent UZS 214.5 billion of its first-half profit on its own ordinary shares, the extraordinary general meeting of 25 September resolved to reduce the charter capital by 10%, and on 16 October the supervisory board recommended a dividend of UZS 3.43 per share. The share price has risen faster than the results: the shares trade at 3.86 times book value, while return on equity fell to 23.5% from 29.2%.
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AVEX closes at a record level for the eighth consecutive session
The Avesta Equity Index (AVEX) rose 0.10% to 5,425.1 points on 23 October, its eighth consecutive record close, bringing its year-to-date gain to 133.86%. SQB rose 3.10% to UZS 49.49 and O‘zbektelekom 1.94% to UZS 20,997.00, while Business Development Bank fell 4.89% to UZS 85.60 and Kvarts 3.27% to UZS 2,902.00.
Equity turnover rose 79% from the previous session to UZS 3,941.9 mn across 8,811 trades, with 23 stocks advancing and 31 declining. O‘zbektelekom was the most traded stock at UZS 409.9 mn, followed by the Uzbek Commodity Exchange (URTS) at UZS 295.0 mn.
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The Avesta Equity Index (AVEX) rose 0.10% to 5,425.1 points on 23 October, its eighth consecutive record close, bringing its year-to-date gain to 133.86%. SQB rose 3.10% to UZS 49.49 and O‘zbektelekom 1.94% to UZS 20,997.00, while Business Development Bank fell 4.89% to UZS 85.60 and Kvarts 3.27% to UZS 2,902.00.
Equity turnover rose 79% from the previous session to UZS 3,941.9 mn across 8,811 trades, with 23 stocks advancing and 31 declining. O‘zbektelekom was the most traded stock at UZS 409.9 mn, followed by the Uzbek Commodity Exchange (URTS) at UZS 295.0 mn.
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Biznes Finans bonds account for 47% of UZS corporate bond turnover
Turnover in UZS-denominated corporate bonds totalled UZS 57.4 mn across 76 trades in 10 issues. Biznes Finans’s three issues accounted for UZS 26.8 mn, or 47% of the total; the most traded, BFMT3V3, changed hands 19 times and closed at 108.00% of par, a yield to maturity of 20.73%.
BFMT2B5 of the same issuer followed with 17 trades. The AWACRI index of average corporate coupon rates was unchanged at 19.80%, and the median yield of the UZS issues traded was 17.24%.
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Turnover in UZS-denominated corporate bonds totalled UZS 57.4 mn across 76 trades in 10 issues. Biznes Finans’s three issues accounted for UZS 26.8 mn, or 47% of the total; the most traded, BFMT3V3, changed hands 19 times and closed at 108.00% of par, a yield to maturity of 20.73%.
BFMT2B5 of the same issuer followed with 17 trades. The AWACRI index of average corporate coupon rates was unchanged at 19.80%, and the median yield of the UZS issues traded was 17.24%.
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UzNIF expects its first portfolio IPOs in 2027 and its first dividends in 2028
The Uzbekistan National Investment Fund (UzNIF) expects the first two IPOs of its portfolio companies in 2027, with O‘zbektelekom among the most likely first candidates, Marius Dan, Chief Executive Officer for Central Asia at Templeton Global Investments, which manages the fund, told Gazeta on 22 October.
The fund will pay its first dividends in the first half of 2028, although it receives the money for them in 2027. Portfolio companies will recommend dividends on their 2026 results in the first half of 2027 and pay them to the fund during that year, so this year’s results set the floor. The fund’s own payout rests on its audited statements for 2027: the supervisory board then recommends a distribution, shareholders approve it and the payment follows in the first half of 2028. Marius Dan put the usual lag for funds of this type at about 18 months from the end of the portfolio companies’ financial year to cash in shareholders’ accounts, and said UzNIF’s investment case rests mainly on potential growth in net asset value. The fund has not published a forecast yield.
The fund agreed that SQB would pay no dividend for 2025, due in 2026, so that the bank could reinvest its profit. Marius Dan said such decisions are taken case by case and that a payout ratio of 50% is the right balance in general.
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The Uzbekistan National Investment Fund (UzNIF) expects the first two IPOs of its portfolio companies in 2027, with O‘zbektelekom among the most likely first candidates, Marius Dan, Chief Executive Officer for Central Asia at Templeton Global Investments, which manages the fund, told Gazeta on 22 October.
The fund will pay its first dividends in the first half of 2028, although it receives the money for them in 2027. Portfolio companies will recommend dividends on their 2026 results in the first half of 2027 and pay them to the fund during that year, so this year’s results set the floor. The fund’s own payout rests on its audited statements for 2027: the supervisory board then recommends a distribution, shareholders approve it and the payment follows in the first half of 2028. Marius Dan put the usual lag for funds of this type at about 18 months from the end of the portfolio companies’ financial year to cash in shareholders’ accounts, and said UzNIF’s investment case rests mainly on potential growth in net asset value. The fund has not published a forecast yield.
The fund agreed that SQB would pay no dividend for 2025, due in 2026, so that the bank could reinvest its profit. Marius Dan said such decisions are taken case by case and that a payout ratio of 50% is the right balance in general.
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Chilonzor Buyum Savdo Kompleksi: net profit for the first nine months of 2026 increased by 13.2% to UZS 33.45 billion
Revenue rose by 3.6%, and the difference came from costs: other operating expenses fell by UZS 4.11 billion, more than offsetting an 8.6% increase in administrative expenses, and period expenses as a whole decreased by 7.0%.
Short-term bank loans of UZS 30.00 billion appeared on the balance sheet in the second quarter. In the same quarter the company began paying dividends, and its cash and short-term investments rose by UZS 27.72 billion. In the third quarter the company earned UZS 8.49 billion, yet cash fell to UZS 5.16 billion from UZS 20.10 billion: advances to suppliers increased by UZS 10.83 billion and capital investments by UZS 5.06 billion, while amounts owed to shareholders decreased by UZS 7.02 billion and other short-term loans by UZS 3.00 billion. Cash and short-term investments of UZS 49.45 billion still exceed borrowings of UZS 33.00 billion.
Shareholders directed half of UZS 51.78 billion — net profit for 2025 plus UZS 10.06 billion of restated profit for 2022–2024 — to dividends: UZS 25.89 billion, or UZS 0.2946 per share. The general meeting of 21 April 2026, which approved the dividend, also directed UZS 16.28 billion of profit to an increase in charter capital from own funds. The increase is not yet reflected in the exchange register. The report was published on 24 October, after the shares closed at UZS 3.83 on 23 October, valuing the company at 7.38 times twelve-month profit and 1.82 times book value.
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Revenue rose by 3.6%, and the difference came from costs: other operating expenses fell by UZS 4.11 billion, more than offsetting an 8.6% increase in administrative expenses, and period expenses as a whole decreased by 7.0%.
Short-term bank loans of UZS 30.00 billion appeared on the balance sheet in the second quarter. In the same quarter the company began paying dividends, and its cash and short-term investments rose by UZS 27.72 billion. In the third quarter the company earned UZS 8.49 billion, yet cash fell to UZS 5.16 billion from UZS 20.10 billion: advances to suppliers increased by UZS 10.83 billion and capital investments by UZS 5.06 billion, while amounts owed to shareholders decreased by UZS 7.02 billion and other short-term loans by UZS 3.00 billion. Cash and short-term investments of UZS 49.45 billion still exceed borrowings of UZS 33.00 billion.
Shareholders directed half of UZS 51.78 billion — net profit for 2025 plus UZS 10.06 billion of restated profit for 2022–2024 — to dividends: UZS 25.89 billion, or UZS 0.2946 per share. The general meeting of 21 April 2026, which approved the dividend, also directed UZS 16.28 billion of profit to an increase in charter capital from own funds. The increase is not yet reflected in the exchange register. The report was published on 24 October, after the shares closed at UZS 3.83 on 23 October, valuing the company at 7.38 times twelve-month profit and 1.82 times book value.
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Uzbek Commodity Exchange: net profit for the first nine months of 2026 increased by 34.5%
Most of the increase came in the third quarter. Revenue for July–September was UZS 154.11 billion, 53.7% more than a year earlier, and net profit was UZS 120.25 billion against UZS 67.34 billion.
Costs rose more slowly than revenue, and other operating expenses for the nine months fell to UZS 85.47 billion from UZS 98.16 billion. At UZS 11,000 on 23 October 2026, the shares trade at 9.56 times twelve-month profit, and the dividend for 2025 of UZS 780 gives a yield of 7.09%.
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Most of the increase came in the third quarter. Revenue for July–September was UZS 154.11 billion, 53.7% more than a year earlier, and net profit was UZS 120.25 billion against UZS 67.34 billion.
Costs rose more slowly than revenue, and other operating expenses for the nine months fell to UZS 85.47 billion from UZS 98.16 billion. At UZS 11,000 on 23 October 2026, the shares trade at 9.56 times twelve-month profit, and the dividend for 2025 of UZS 780 gives a yield of 7.09%.
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Fitch affirms Kafolat Insurance Company at 'BB-' with a Positive Outlook
Fitch Ratings affirmed the Insurer Financial Strength Rating of Kafolat Insurance Company on 23 October 2026. The rating rests on the company’s established market position and strong capital, and the Positive Outlook follows Fitch’s improved assessment of the Uzbek insurance market.
Underwriting remained profitable, with a combined ratio of 74% in 2025. The regulatory solvency margin, however, fell to 161% at the end of the first half of 2026 from 273% at the end of 2025, because premiums grew faster than profit could replenish capital.
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Fitch Ratings affirmed the Insurer Financial Strength Rating of Kafolat Insurance Company on 23 October 2026. The rating rests on the company’s established market position and strong capital, and the Positive Outlook follows Fitch’s improved assessment of the Uzbek insurance market.
Underwriting remained profitable, with a combined ratio of 74% in 2025. The regulatory solvency margin, however, fell to 161% at the end of the first half of 2026 from 273% at the end of 2025, because premiums grew faster than profit could replenish capital.
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The Central Bank of Uzbekistan grants Open Bank the country’s first licence for Islamic banking activities
The Board of the Central Bank approved the licence on 23 October 2026. It allows Open Bank to finance clients and attract investment deposits on profit-sharing terms, to finance the purchase of goods with deferred payment, to finance through partnership and to offer Islamic leasing of property.
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The Board of the Central Bank approved the licence on 23 October 2026. It allows Open Bank to finance clients and attract investment deposits on profit-sharing terms, to finance the purchase of goods with deferred payment, to finance through partnership and to offer Islamic leasing of property.
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Corporate bonds on RSE “Toshkent”: 22 issues pay a coupon in November 2026
In November, 22 corporate bond issues on RSE “Toshkent” pay a coupon, from Hamroh’s HMMT4B2 on 5 November to Biznes Finans’s BFMT3B4 and Contact Finance’s CTFB3B2 on 30 November. Agat Credit’s ACMT1B3 matures on 11 November.
The calendar as of 24 October 2026 covers 37 issues of 16 issuers, three of them in US dollars, with the full coupon schedule and the last day to buy for each issue.
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In November, 22 corporate bond issues on RSE “Toshkent” pay a coupon, from Hamroh’s HMMT4B2 on 5 November to Biznes Finans’s BFMT3B4 and Contact Finance’s CTFB3B2 on 30 November. Agat Credit’s ACMT1B3 matures on 11 November.
The calendar as of 24 October 2026 covers 37 issues of 16 issuers, three of them in US dollars, with the full coupon schedule and the last day to buy for each issue.
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AVEX closes at a record level for the ninth consecutive session
The Avesta Equity Index (AVEX) rose 0.23% to 5,437.4 points on 26 October, its ninth consecutive record close, and is up 134.39% since the start of the year. Kvarts rose 6.82% to UZS 3,100.01 and Aloqabank 3.26% to UZS 0.95, while Business Development Bank fell 4.79% to UZS 81.50 and Uzpromstroybank (SQB) 3.01% to UZS 48.00.
Equity turnover was UZS 3,849.1 mn across 9,103 trades, 2.4% less than in the previous session, with 30 stocks advancing and 25 declining. Ipoteka Bank was the most traded stock at UZS 887.8 mn, followed by the Uzbek Commodity Exchange at UZS 795.6 mn.
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The Avesta Equity Index (AVEX) rose 0.23% to 5,437.4 points on 26 October, its ninth consecutive record close, and is up 134.39% since the start of the year. Kvarts rose 6.82% to UZS 3,100.01 and Aloqabank 3.26% to UZS 0.95, while Business Development Bank fell 4.79% to UZS 81.50 and Uzpromstroybank (SQB) 3.01% to UZS 48.00.
Equity turnover was UZS 3,849.1 mn across 9,103 trades, 2.4% less than in the previous session, with 30 stocks advancing and 25 declining. Ipoteka Bank was the most traded stock at UZS 887.8 mn, followed by the Uzbek Commodity Exchange at UZS 795.6 mn.
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Agat Credit bonds account for 75% of UZS corporate bond turnover
Turnover in UZS-denominated corporate bonds totalled UZS 122.3 mn across 67 trades in 10 issues. Agat Credit’s three issues accounted for UZS 92.3 mn, or 75% of the total. The most traded by value, ACMT2B5, closed at 108.54% of par, a yield to maturity of 18.92%.
ACMT1B3, which matures on 11 November, was the most active issue with 20 trades. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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Turnover in UZS-denominated corporate bonds totalled UZS 122.3 mn across 67 trades in 10 issues. Agat Credit’s three issues accounted for UZS 92.3 mn, or 75% of the total. The most traded by value, ACMT2B5, closed at 108.54% of par, a yield to maturity of 18.92%.
ACMT1B3, which matures on 11 November, was the most active issue with 20 trades. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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Weekly Overview of RSE “Toshkent”, 19–23 October 2026: AVEX rose 3.55% to a record 5,425.1, led by Hamkorbank and Ipak Yuli Bank
For the week of 19–23 October 2026, RSE “Toshkent” recorded total turnover of UZS 316.4 bn across 47,546 transactions in five sessions. Bonds accounted for UZS 300.9 bn, most of it US dollar bonds of UB Assets Holding that traded for USD 24.84 mn. The AWACRI coupon index rose to 19.80% after the OʻzIQMK bonds reached maturity on 17 October. Main-board stock turnover decreased by 5.9% week on week to UZS 15.4 bn. The Uzbek Commodity Exchange was the most traded stock at UZS 2.70 bn from 2,466 transactions, and the week’s largest single trade was in Universal Bank, UZS 1,300.8 mn on 23 October.
The AVEX index rose 3.55% over the week to 5,425.1 and closed at a record high in all five sessions. Of the 185.9-point gain, Hamkorbank added 60.6 points and Ipak Yuli Bank 44.9 points, as Ipak Yuli Bank’s shares rose 40.92%, the most among the week’s 25 most traded shares. Ipoteka Bank preferred shares followed with a gain of 10.25%. Kvarts reduced the index by 14.6 points, and Buxoroneftgazparmalash preferred shares fell 50.50% in small trades, most of them for a single share. Of the 16 issuers in the AVEX index, six trade below book value, from Qizilqumsement at 0.22 times to Uzpromstroybank at 0.93 times. Among the banks in the index, earnings multiples range from 5.54 times for Uzpromstroybank to 18.70 times for Ipak Yuli Bank.
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For the week of 19–23 October 2026, RSE “Toshkent” recorded total turnover of UZS 316.4 bn across 47,546 transactions in five sessions. Bonds accounted for UZS 300.9 bn, most of it US dollar bonds of UB Assets Holding that traded for USD 24.84 mn. The AWACRI coupon index rose to 19.80% after the OʻzIQMK bonds reached maturity on 17 October. Main-board stock turnover decreased by 5.9% week on week to UZS 15.4 bn. The Uzbek Commodity Exchange was the most traded stock at UZS 2.70 bn from 2,466 transactions, and the week’s largest single trade was in Universal Bank, UZS 1,300.8 mn on 23 October.
The AVEX index rose 3.55% over the week to 5,425.1 and closed at a record high in all five sessions. Of the 185.9-point gain, Hamkorbank added 60.6 points and Ipak Yuli Bank 44.9 points, as Ipak Yuli Bank’s shares rose 40.92%, the most among the week’s 25 most traded shares. Ipoteka Bank preferred shares followed with a gain of 10.25%. Kvarts reduced the index by 14.6 points, and Buxoroneftgazparmalash preferred shares fell 50.50% in small trades, most of them for a single share. Of the 16 issuers in the AVEX index, six trade below book value, from Qizilqumsement at 0.22 times to Uzpromstroybank at 0.93 times. Among the banks in the index, earnings multiples range from 5.54 times for Uzpromstroybank to 18.70 times for Ipak Yuli Bank.
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AVEX ends a nine-session record streak as turnover falls 61.9%
The Avesta Equity Index (AVEX) fell 0.33% to 5,419.3 points on 27 October, its first decline after nine consecutive record closes, and remains up 133.61% since the start of the year. Qizilqumsement rose 4.33% to UZS 1,565.00 and the Uzbek Commodity Exchange 3.50% to UZS 11,488.00, while Ipak Yuli Bank fell 3.85% to UZS 300.00 and Kafolat Insurance Company 2.28% to UZS 83.06.
Equity turnover was UZS 1,466.6 mn across 9,272 trades, 61.9% less than in the previous session, with 25 stocks advancing and 27 declining. The Uzbek Commodity Exchange was the most traded stock at UZS 294.7 mn, followed by UzNIF at UZS 290.2 mn.
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The Avesta Equity Index (AVEX) fell 0.33% to 5,419.3 points on 27 October, its first decline after nine consecutive record closes, and remains up 133.61% since the start of the year. Qizilqumsement rose 4.33% to UZS 1,565.00 and the Uzbek Commodity Exchange 3.50% to UZS 11,488.00, while Ipak Yuli Bank fell 3.85% to UZS 300.00 and Kafolat Insurance Company 2.28% to UZS 83.06.
Equity turnover was UZS 1,466.6 mn across 9,272 trades, 61.9% less than in the previous session, with 25 stocks advancing and 27 declining. The Uzbek Commodity Exchange was the most traded stock at UZS 294.7 mn, followed by UzNIF at UZS 290.2 mn.
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The most traded corporate bond yields 768 bp over government debt
Turnover in UZS-denominated corporate bonds was UZS 88.7 mn across 61 trades in nine issues. Agat Credit’s ACMT2B5 was the most traded at UZS 45.0 mn in 23 trades and closed at 108.60% of par, a yield to maturity of 18.92%, 768 bp above government bonds of the same maturity.
Four of the nine issues traded more than 740 bp above government bonds, the widest being Delta’s DMMT2B3 at 781 bp with a yield of 19.55%. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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Turnover in UZS-denominated corporate bonds was UZS 88.7 mn across 61 trades in nine issues. Agat Credit’s ACMT2B5 was the most traded at UZS 45.0 mn in 23 trades and closed at 108.60% of par, a yield to maturity of 18.92%, 768 bp above government bonds of the same maturity.
Four of the nine issues traded more than 740 bp above government bonds, the widest being Delta’s DMMT2B3 at 781 bp with a yield of 19.55%. The AWACRI index of average corporate coupon rates was unchanged at 19.80%.
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O'zmetkombinat: net profit for the first nine months of 2026 more than tripled, mainly on exchange gains
Net profit for January–September 2026 was UZS 591.93 billion against UZS 188.85 billion a year earlier. Most of the increase came from exchange differences rather than from steel sales. The company recorded a net exchange gain of UZS 313.55 billion for the nine months against a net loss of UZS 86.51 billion a year earlier. That swing of UZS 400.06 billion accounts for 83.1% of the UZS 481.18 billion rise in profit before tax.
Operating profit for the nine months rose only 3.3%, because other operating income fell to UZS 10.36 billion from UZS 245.22 billion. The third quarter was stronger: revenue for July–September was UZS 2,224.43 billion, 35.3% more than a year earlier, and operating profit rose to UZS 225.90 billion from UZS 170.03 billion.
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Net profit for January–September 2026 was UZS 591.93 billion against UZS 188.85 billion a year earlier. Most of the increase came from exchange differences rather than from steel sales. The company recorded a net exchange gain of UZS 313.55 billion for the nine months against a net loss of UZS 86.51 billion a year earlier. That swing of UZS 400.06 billion accounts for 83.1% of the UZS 481.18 billion rise in profit before tax.
Operating profit for the nine months rose only 3.3%, because other operating income fell to UZS 10.36 billion from UZS 245.22 billion. The third quarter was stronger: revenue for July–September was UZS 2,224.43 billion, 35.3% more than a year earlier, and operating profit rose to UZS 225.90 billion from UZS 170.03 billion.
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Business Development Bank: nine-month net profit fell 32.9% to UZS 259.6 billion as funding costs rose and investment income dropped
Business Development Bank reported net profit of UZS 259.6 billion for the first nine months of 2026, 32.9% less than a year earlier. Two equal factors drove the decline. Net interest income fell by UZS 139.5 billion, or 14.8%, to UZS 802.9 billion because interest expense increased by 22.2% to UZS 4.78 trillion while interest income rose by only 15.1% to UZS 5.59 trillion; interest expense equalled 85.6% of interest income against 80.6% a year earlier. Net non-interest income fell by UZS 140.1 billion, or 9.9%, to UZS 1.28 trillion, mainly because income from investments and dividends dropped to UZS 14.3 billion from UZS 142.3 billion.
Operating expenses rose by 9.9% to UZS 972.3 billion. Representation and charity expenses accounted for 82.1% of the increase, growing to UZS 97.5 billion from UZS 25.4 billion, while staff costs rose by only 3.0%. The cost-to-income ratio increased to 46.7% from 37.5%. Provisions and other charges against net interest income decreased by 20.7% to UZS 849.8 billion and partly offset the lower income. Net loans grew by 15.5% to UZS 26.35 trillion, funded by customer deposits, up 21.6% to UZS 16.69 trillion, and loans payable, up 23.7% to UZS 15.35 trillion; the net interest margin narrowed to 2.9% from 3.7%.
Return on equity was 7.3%. A year earlier the twelve-month figure was −38.7% because its window included the fourth-quarter 2024 loss of UZS 1.95 trillion. The shares closed at UZS 82.60 on 27 October 2026, 2.8% below the end of 2025, at a price-to-book ratio of 0.71 and a price-to-earnings ratio of 10.49. Since the close of 12 October at UZS 139.77, they have fallen by 40.9% on turnover far above the usual level.
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Business Development Bank reported net profit of UZS 259.6 billion for the first nine months of 2026, 32.9% less than a year earlier. Two equal factors drove the decline. Net interest income fell by UZS 139.5 billion, or 14.8%, to UZS 802.9 billion because interest expense increased by 22.2% to UZS 4.78 trillion while interest income rose by only 15.1% to UZS 5.59 trillion; interest expense equalled 85.6% of interest income against 80.6% a year earlier. Net non-interest income fell by UZS 140.1 billion, or 9.9%, to UZS 1.28 trillion, mainly because income from investments and dividends dropped to UZS 14.3 billion from UZS 142.3 billion.
Operating expenses rose by 9.9% to UZS 972.3 billion. Representation and charity expenses accounted for 82.1% of the increase, growing to UZS 97.5 billion from UZS 25.4 billion, while staff costs rose by only 3.0%. The cost-to-income ratio increased to 46.7% from 37.5%. Provisions and other charges against net interest income decreased by 20.7% to UZS 849.8 billion and partly offset the lower income. Net loans grew by 15.5% to UZS 26.35 trillion, funded by customer deposits, up 21.6% to UZS 16.69 trillion, and loans payable, up 23.7% to UZS 15.35 trillion; the net interest margin narrowed to 2.9% from 3.7%.
Return on equity was 7.3%. A year earlier the twelve-month figure was −38.7% because its window included the fourth-quarter 2024 loss of UZS 1.95 trillion. The shares closed at UZS 82.60 on 27 October 2026, 2.8% below the end of 2025, at a price-to-book ratio of 0.71 and a price-to-earnings ratio of 10.49. Since the close of 12 October at UZS 139.77, they have fallen by 40.9% on turnover far above the usual level.
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