Uzbekistan's AVEX stock market index reached a record high of 5,107.8 points during October 5–9, 2026, increasing by 1.57% over the week, according to Avesta Investment Group's weekly overview of the Republican Stock Exchange (RSE) “Toshkent”. Total exchange turnover reached UZS 148bn (over $12.4mn) across 42,297 transactions, with corporate bonds accounting for the majority of trading activity. Share turnover increased by 19.3% compared with the previous week, while Biznes Finans placed UZS 40bn (over $3.3mn) in corporate bonds.
The AVEX index closed at 5,107.8 points on October 9, surpassing its previous record of 5,055.1 points recorded on September 17, 2026. The index increased by 1.57% during the reporting week, with its largest daily gain of 0.91% recorded on October 8. Since the beginning of 2026, the index has risen by 120.18%, while its increase over the preceding 12 months reached 150.78%. Among the 67 shares with closing prices available for both reporting weeks, 30 recorded gains, 29 declined and eight remained unchanged.
Trading on RSE “Toshkent” took place across five sessions from October 5 to 9. Total turnover amounted to UZS 148bn (over $12.4mn), including UZS 139.1bn (over $11.6mn) in bond transactions, representing 94% of the total. Share trading on the main board accounted for approximately UZS 7.9bn (over $660,000), while one repurchase agreement transaction contributed an additional UZS 1bn (around $84,000).
No negotiated share transactions were recorded during the week. Corporate bond activity included the placement of UZS 45.2bn in soum-denominated securities.
On October 8, Biznes Finans placed its entire UZS 40bn (over $3.3mn) bond issue in 17 transactions on the first day of placement. The bonds carry an annual coupon rate of 24%, with interest payments scheduled every 30 days and a circulation period of 1,080 days. Uzum Sarmoya also placed UZS 5.2bn (over $436,000) in bonds on October 5.
On October 7, UZS 57.3bn (over $4.8mn) in OʻzIQMK bonds were resold in two transactions at 100.55% of their face value. Excluding these transactions, secondary trading in soum-denominated bonds increased by 99.4% to UZS 3.8bn (over $310,000), compared with UZS 1.9bn (around $160,000) in the previous week.
U.S. dollar-denominated corporate bonds generated trading turnover of $2.79mn, equivalent to UZS 32.8bn at the Central Bank's exchange rate. A total of 48 transactions were recorded in this segment. Agat Credit bonds began trading on October 6 and accounted for $2.48mn in turnover across 41 transactions, with prices ranging from 101.80% to 101.91% of face value. UB Assets Holding bonds generated approximately $0.30mn in turnover through two transactions, with prices ranging from 100.05% to 100.07% of face value.
The two issuers had listed a combined $60mn in corporate bonds. Agat Credit's issue totals $10mn, carries an annual coupon of 11.5% and has a two-year circulation period. UB Assets Holding's $50mn issue carries an annual coupon of 8.5%, payable every 90 days, with a three-year circulation period.
Main-board share turnover reached UZS 7.9bn (over $660,000), compared with UZS 6.6bn (over $550,000) in the preceding week. The number of share transactions increased to 41,694 from 34,373. Average turnover per session stood at UZS 1.57bn (over $130,000), representing a 4.6% decrease compared with the previous reporting period.
The average transaction value declined to UZS 188,700 (over $15) from UZS 191,900 (over $16). O‘zbektelekom recorded the highest share turnover at UZS 1.22bn (over $100,000) across 1,604 transactions, accounting for 15.5% of the market. UzNIF followed with UZS 1.10bn (over $92,000), while Hamkorbank recorded UZS 913.6mn (over $76,000).
Together, these three securities represented 41.2% of total share turnover, while the 10 most traded securities accounted for 81.4%. A total of 73 share issues were traded during the week, compared with 68 in the previous reporting period. Among the 25 most actively traded liquid shares, 14 increased in price, nine declined and two remained unchanged. Preferred shares of Kafolat Insurance recorded the largest increase, rising by 98.05% to UZS 4,713.61. Ipoteka Bank shares increased by 14.06% to UZS 3.65.
The largest declines were recorded in preferred shares of O‘ztransgaz, which fell by 9.84% to UZS 28,400, and O‘zbekneftgaz, which declined by 8.37% to UZS 5,295.99. Among the 16 companies included in the AVEX index, five were trading below their book value. These included Qizilqumsement, Kapital sug‘urta, Aloqabank, O‘zmetkombinat and Uzpromstroybank. The Uzbek Commodity Exchange recorded the highest price-to-book ratio at 7.56, followed by O‘zbektelekom at 4.53.
Avesta's corporate bond coupon rate index, AWACRI, increased by 0.02% during the week to 19.79%. The increase followed the inclusion of Biznes Finans bonds carrying a 24% coupon in the index portfolio on October 8. Since the beginning of the year, the index has declined by 0.90%, while its decrease over 12 months amounted to 0.73%.
The Central Bank's policy rate remained at 14%, placing the corporate bond coupon rate index 5.79 percentage points above it. According to Avesta Investment Group, yields to maturity on the most actively traded soum-denominated corporate bonds ranged from 14.53% to 24%. The figures are based on Avesta Investment Group's weekly review of trading activity on RSE “Toshkent” for October 5–9, 2026.