Uzbekistan’s stock market trading volume nearly doubles to $171mn in August

Uzbekistan’s stock market trading volume almost doubles to $171mn in August

Trading on Uzbekistan’s Republican Stock Exchange “Toshkent” totaled UZS 2.01 trillion, or more than $171mn, in August 2026, up 93.2% from UZS 1.04 trillion, about $88.5mn, in July and more than 40 times higher than the UZS 41.85bn, over $3.5mn, seen in August 2025, according to Avesta Investment Group’s monthly market overview.

The number of deals also climbed to 186,049 for the month, compared with 43,340 in August 2025, marking a rise of more than four times year on year. The Main Board contributed UZS 564bn, around $48mn, across 186,033 transactions, while the Nego Board posted seven transactions worth UZS 403bn, over $34mn. The Repo Board recorded one UZS 10bn, over $850,00, transaction, and eight transactions on the FoP Board produced UZS 1.03 trillion, over $87.6mn.

The AVEX index rose 19.8% month on month in August and stood 2.4 times higher than a year earlier. It hit a monthly high of 4,883 near the end of August. Orient Finans Bank posted the biggest trading volume among individual issuers in August, with UZS 883.8bn, over $75.2mn, from four transactions. That made up 44% of total monthly market turnover. UZUM SARMOYA came second, with one of its instruments generating UZS 457.3bn, around $39mn, through five transactions, equal to 23% of total turnover. O‘zIQMK was next with UZS 252.9bn, over $21.5mn, in two transactions, or 13% of the market.

InFinBank recorded UZS 146.1bn, over $12mn, through four transactions, while Hamkorbank generated UZS 124.4bn, over $10.5mn, via 16,168 transactions, accounting for 6% of market turnover. Hamkorbank’s share price climbed 26.32% in August. Other securities with notable turnover included Anor Bank at UZS 24.7bn, over $2.1mn, and another UZUM SARMOYA instrument at UZS 23.5bn, around $2mn. Uzbekistan National Investment Fund, or UzNIF, posted UZS 18.7bn, around $1.6mn, in turnover across 26,518 transactions, while its share price gained 25% during the month. O‘zsanoatqurilishbank generated UZS 16.5bn, over $1.4mn, through 12,590 transactions and saw its share price rise 27.7% month on month.

UzNIF ranked first by transaction count in August, with 26,518 deals, equal to 14% of all exchange transactions. Hamkorbank followed with 16,168 transactions, or 9% of total activity. Uztelecom logged 15,588 transactions, making up 8% of the total. Its share price rose 117.22% during the month, the largest increase among the securities listed in Avesta’s table. O‘zsanoatqurilishbank came next with 12,590 transactions and a 27.7% price gain.

Ipoteka Bank recorded 11,870 transactions, or 6% of the total, while its share price fell 9.7%. Uzbekinvest posted 9,722 transactions and a 29.3% price increase, while O‘zRTXB recorded 7,102 transactions and a 27.77% gain. Aloqabank completed 6,469 transactions and its share price rose 18.52%. Kapital Sug‘urta logged 6,406 transactions, while Ipoteka Bank preferred shares registered 5,537 deals and declined 17.61% in price.

Activity also rose on Uzbekistan’s over-the-counter platform. OTC turnover reached UZS 245.8bn, around $21mn, in August, up 25.5% from UZS 195.9bn, over $16mn, in the same month of 2025. The number of transactions increased 94.4% year on year to 10,000. YO‘LQURILISH made up the largest share of OTC turnover at about 42.7%, with UZS 105bn, around $9mn. O‘ZBEKISTON TEXNOLOGIK METALLAR KOMBINATI followed with UZS 99.19bn, over $8.4mn, or 40.4% of the total, while UMRC SPV generated UZS 39.63bn, over $3.3mn, representing 16.1%.

Chirchiq qishloq xo‘jaligi texnikasi zavodi accounted for another UZS 1.41bn, around $120,000, or 0.6% of OTC turnover. The Average Weighted Annual Coupon Rate on Corporate Bonds Issued (AWACRI) stood at 20.02% as of September 2026, still above the Central Bank’s key rate. The amount of corporate bonds in circulation rose to about UZS 7.5 trillion, over $638mn.

The gap between AWACRI and the policy rate was 6.02 percentage points, with the report saying the narrower spread was due to falling corporate bond yields. The chart on page four shows bonds in circulation rising from below UZS 2 trillion, over $170mn, in 2024 to around UZS 4 trillion, over $340mn, in 2025 and roughly UZS 7.5 trillion, over $638mn, in 2026. Trading in the bonds started on August 6 after their registration with Uzbekistan’s National Agency for Perspective Projects.