Avesta Investment Group - Uzbekistan

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 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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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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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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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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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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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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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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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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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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