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Uzbek Stock Exchange introduces new composite index

Business Materials 19 December 2011 20:18 (UTC +04:00)
Uzbek Republican Stock Exchange (RSE) “Toshkent” will introduce a new exchange composite index TCI Composite (Tashkent Composite Index) in early 2012, management of the exchange told Trend on Monday.

Uzbekistan, Tashkent, Dec. 19 /Trend D.Azizov/

Uzbek Republican Stock Exchange (RSE) Toshkent will introduce a new exchange composite index TCI Composite (Tashkent Composite Index) in early 2012, management of the exchange told Trend on Monday.

The need to develop a new index, that takes into account the main indicators of the exchange activity of issuers, appeared with the development of securities market of the republic pace and with an increase in listed companies at the RSE.

Currently, 109 corporations are included in the official stock exchange listing.

The index will be determined on the basis of transactions prices in the shares of joint stock companies included in the official stock exchange listing of RSE Toshkent. It is the aggregate (combining) index characterizing the change in the overall state of the stock market of Uzbekistan.

The index TCI estimations are calculated only on transactions, but also in terms of capitalization of companies included in the official listing of RSE, by taking into account the entire database of listed companies and volume of transactions, weighted by the number of securities.

According to developers of the index, it accurately and timely reflects the situation on the market, and is an instrument for forecasting market direction, and, above all, the dynamic of changes in market capitalization.

The introduction of a new composite index of RSE Toshkent will improve the system of assessment of the stock market; enhance financial stability and liquidity of the stock companies in accordance with international standards.

Since 2000 and till present, a combined (integrated) TASIX (Tashkent Aggregate Stock Exchange) stock index has been used on RSE Toshkent.

The infrastructure of Uzbekistan stock market includes RSE "Toshkent", which has 12 branches in the regions, and Elsis-Savdo electronic system of OTC. The stock market is served by a two-level depository system (which includes central depository and more than 30 second-level depositories), Elsis-Clearing account-clearing chamber, more than 30 information and analysis, consulting, rating, evaluation and audit firms, 312 investment institutions, including 13 investment funds, 88 managers and investment companies, 89 brokers and dealer firms.

The turnover of the stock market in Uzbekistan in 2010 increased by 2.2 times, up to 1.681 trillion som.

Republican Stock Exchange Tashkent was established in 1994, its founders are investment, brokerage and insurance companies, as well as the State Property Committee of Uzbekistan. The Exchange will organize initial public offering and secondary trading of shares and bonds of the privatized companies (traded around 370 issuers). More than 100 investment institutions are exchange members.

Total trade to RSE Toshkent declined to 26.4 percent in 2010 compared to the totals in 2009 (up to 64.379 billion som), and has grown seven times in January - September of 2011 compared to the same period of 2010, amounting to 132.17 billion soms.

Official exchange rate on Dec. 19 is 1787.54 som/$1.

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