Uzbek stock exchange’s turnover drops two-fold from early 2013

Uzbekistan, Tashkent, Oct. 21 /Trend D.Azizov/

The trade turnover of the Tashkent Republican Stock Exchange (RSE) of Uzbekistan decreased by 2.1 times in January-September 2013, compared to the same period of 2012 amounting to 51.8 billion soums, a source at the stock exchange's management told Trend on Monday.

According to the interlocutor, in total 108.39 million securities, (a decrease of 333.7 per cent) of 101 issuers, (a decrease of 7.3 per cent), as well as 96 joint stock companies' 102.69 million stocks worth 46 billion soums and five issuers' 5700 corporate bonds worth 5.8 billion soums were sold on the RSE's stock exchange trades in January-September 2013.

The share of the primary securities market in stock exchange turnover was 53.3 per cent versus 73.1 per cent a year previously and the primary market turnover decreased 2.9 times to 27.6 billion soums.

The state packages of privatised enterprises' shares made up 2.2 per cent (0.6 billion soums) in securities primary placement. Additional emissions decreased 2.5 times to 21.9 billion soums and corporate bonds decreased by 4.6 times to 5.1 billion soums.

The share of the secondary market amounted to 46.7 per cent whilst the secondary market turnover decreased by 1.2 times to 24.2 billion soums. Shares in the secondary market's turnover fell by 19.5 per cent to 23.5 billion soums and corporate bonds worth 0.7 billion soums that last year were not put up for sale were sold.

The stock exchange analysts still believe that one of the reasons for the decrease in activity on the secondary market is the shortage in offers of shares of large and financially stable companies that have a higher liquidity and investment attractiveness, the majority of which are owned by the state and are not a resource for the secondary market.

Securities of the financial sector's enterprises dominated in the sectorial structure of the total stock exchange securities turnover in the first half-year which accounted for 87 per cent of the stock exchange turnover (45.1 billion soums).

Aside from that, the shares of banks amounted to 76.6 per cent of stock exchange turnover and the shares of insurance and leasing companies made up 3.3 per cent and 7.1 per cent respectively.

No transactions in the freely convertible currency were conducted in January-September 2013, at the Tashkent RSE.

Tashkent Republican Stock Exchange was established in 1994. Its founders are investment, brokerage and insurance companies, as well as the State Property Management Committee of Uzbekistan.

The stock exchange organises primary placement and secondary trading of assets and bonds of privatised companies with approximately 370 issuers being allowed to participate in trading. More than 100 investment institutions are members of the stock exchange.

Total trade turnover at the Tashkent Republican Stock Exchange decreased by 19.9 present in 2012, in comparison with the same indicator of 2011 to 170.6 billion soums.

The official rate for Oct. 21 is 2163.83 soums/$1.

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