Tashkent Stock Exchange weekly turnover falls 42.8% as bond trading dominates

The Tashkent Republican Stock Exchange (RSE) experienced a 42.8% drop in its weekly trading turnover from July 27–31, 2026, even as the total number of transactions significantly increased, according to Avesta Investment Group's market overview. Bond trading was the primary driver of turnover, while the AVEX Index saw a weekly decrease, despite remaining considerably higher than the previous year.

Total trading turnover for the week reached UZS 216.1 billion (exceeding $18 million), marking a 42.8% decline from the prior week. Conversely, the number of transactions surged by 82% to 34,649, indicating heightened trading activity despite the reduced overall value. All trading occurred on the Main Board, which accounted for the entire weekly turnover.

The bond market continued to dominate, generating UZS 210.6 billion (approximately $18 million) in turnover, representing 97% of the total market activity. Stock trading contributed the remaining UZS 5.5 billion (over $460,000), or 3% of the turnover, despite a 1.5-fold increase in stock trading value compared to the previous week.

UZUM SARMOYA's bond issue (TSE: UZUMS3B2) recorded the highest turnover of the week, reaching UZS 182.8 billion (over $15.3 million) through a single transaction, accounting for approximately 87% of the total bond market turnover. Another UZUM SARMOYA bond issue (UZUMS3B) secured the second position with UZS 24.5 billion (over $2 million), followed by MAKESENSE bonds in third place with UZS 1.7 billion (over $140,000) in turnover. Collectively, the two UZUM SARMOYA bond issues represented about 98% of the trading volume among microfinance organization bonds for the week.

In the equity market, UZNIF remained the most actively traded stock, with a turnover of UZS 1.81 billion (over $150,000) across 4,510 transactions, despite a 0.55% decline in its share price during the week. O'zbektelekom came in second with UZS 1.42 billion (around $119,000) in turnover and experienced the most significant price increase among leading stocks, rising by 10.4%. O'zRTXB followed with UZS 518.4 million (over $43,000) in turnover. These three companies collectively accounted for approximately 67% of the total stock market turnover.

Among other listed companies, Hamkorbank's share price rose by 7.76%, while O'zmetkombinat saw a 3.37% gain. Elektrqishloqqurilish made its first appearance in the top ten by trading turnover. Ipoteka Bank recorded the largest weekly decline among leading stocks, with its share price falling 6.98% to UZS 2.80.

Market indicators showed mixed results for the week. The AVEX Index closed at 4,075.4 points on July 31, a 0.88% decrease from the previous week. However, the index remained 75.67% higher year-to-date and 113.86% above its level from a year prior. Meanwhile, the AWACRI yield indicator decreased to 19.95%, a 0.20% drop for the week.

The report also highlighted broader developments in Uzbekistan's financial sector. Avesta Investment Group noted that the country's banking sector experienced robust profit growth in the first half of 2026, the Central Bank maintained its policy rate at 14%, capital market issuance continued to expand, and authorities are exploring the introduction of consumer leasing as a new financial instrument. The report also mentioned the Central Bank's warning about overheating risks as economic growth continues to surpass estimated potential output.