Tashkent Stock Exchange results: January 2026

In January, the total trading volume on the Tashkent Stock Exchange amounted to 58.3bln UZS, marking nearly 3-fold increase compared to January 2025 (20bln UZS). The number of transactions increased by 56.5% y-o-y, from 43,915 to 68,732. AVEX substantially increased by 41.9% in January. The growth was broad-based, with nearly all constituent stocks posting year-to-date gains. Notably, SQBN rose by 232.7%, IPTB by 81%, and ALKB by 61.4%, alongside significant advances in other stocks, which collectively drove the overall rise in the index. The increase was supported by strong performance particularly in the banking sector, as well as higher investor confidence following major inflows into Uzbek equities. Further support came from the entry of highprofile investors such as Jim Rogers, who concentrated his holdings in local stocks and expressed confidence in the national currency. The sharp rise in banking stocks possibly was further influenced by the government’s announcement that Uzbekistan will privatize five state-owned banks: Asaka Bank JSC, Ipoteka Bank JSC (IPTB), Agrobank JSCB (AGBK), Uzpromstroybank JSCB (SQBN), and Microcreditbank JSCB (MKBK) - beginning in 2026.

By 2030, the state plans to retain only four banks, reducing its share of sector assets from 65% to 55%. These developments contributed to stronger demand, higher trading activity, and synchronized price appreciation across the market.

UZUMN2B2 dominated trading activity with 25.6bln UZS in volume, accounting for 43.8% of total turnover, which largely attributable to its high price point. The newly issued ACMT2B4 bond recorded 14.6bln UZS in trading volume across 425 transactions, representing nearly 25% of total turnover. UZTL followed with 3.7bln UZS (6.4% of total turnover), while URTS generated 3.2bln UZS (5.7%) and HMKB contributed 2.4bln UZS (4.1%). The pre-existing ACMT1B bond totaled 1.1bln UZS across 5,506 transactions, demonstrating active trading despite its smaller share. SQBN accounted for 1bln UZS (1.8% of turnover), UZMK represented 1.2%, and UZINP captured nearly 1%. Rounding out the list, the IFMT4 bond registered 536.3mln UZS in trading volume.

Sum of other securities accounted for 43,304 transactions (63% of total) but only 4.9bln UZS (8.38% of turnover), representing an average transaction size of 112,800 UZS, which implements fragmented trading activity across lower-volume securities.