This blog covers the general topic of financial markets.

Uzbekistan: Austrian Dream Frontier Market?

first posted: 2020-10-24 11:29:45.853063

This frontier market is in many ways the opposite of the American market, investment highlights for the countries are:

  • high persistent inflation, and due to that, very little debt.
  • whole country is still early on its business cycle whereas the developed world is playing the endgame of a debt supercycle
  • positive demographics and 35mln population, relatively young population
  • many recent and sizeable devaluations of the Uzbek Som, the local currency, against the USD
  • country produces agricultural products and has large natural mining resources (gold, ...)
  • the country has no trade deficit and can finance its import with the gold it mines
  • autarchic economy and autocratic governement until 2016 (Uzbeks needed permission to travel abroad)
  • liberalisation since 2016 opens the economy and usher the growth
  • even the largest stocks micro-caps, liquidity is low and trading cost is very substantial aorund 2.5%.
  • the UZS fx and the stock reacted strongly to covid.

The early business cycle makes it look like an "Austrian" paradise (Austrian economists see business cycles as key to growth). The liberalisation of the policy from a previous autarchic setup looks like a turnaround story. The persistent inflation is the main threat that could turn it into a value trap barring a return to governance problems.


The data is not available yet in Bloomberg. I scrapped it below as of Oct 23rd. It is expressed in Uzbek Soms.

Here are a few select non bank stocks, I have not analysed the fundamental yet:

  • O'zbekiston metallurgiya kombinati UZ7021720006
  • Qizilqumsement UZ7029000005
  • O'zbekiston respublika tovar-xomashyo birjasi UZ7043200003

A private bank that featured prominently: Hamkorbank UZ7011340005 (private bank, price relatively stable). Dividend and split information can be obtained on The data is not yet on bloomberg but is being uploaded.

Further info available:

Here are the most liquid stocks (14 days leading to 16 Nov 2020):

isin days quoted in last 14 days name mkt cap (mkt cap)
UZ7037560008 14 (O'zbekiston sanoat - qurilish banki) aksiyadorlik tijorat banki 3.877891e+12
UZ7054570005 14 (Ipoteka-bank) aksiyadorlik tijorat ipoteka banki 2.338187e+12
UZ7029000005 14 (Qizilqumsement) aksiyadorlik jamiyati 1.205801e+12
UZ7021720006 14 (O'zbekiston metallurgiya kombinati) aksiyadorlik jamiyati 1.144779e+12
UZ7043200003 14 (O'zbekiston respublika tovar-xomashyo birjasi) aksiyadorlik jamiyati 5.508104e+11
UZ7025770007 14 (Kvarts) aksiyadorlik jamiyati 3.042222e+11
UZ7004510002 14 (Qo'qon mexanika zavodi) aksiyadorlik jamiyati 2.038208e+10
UZ7011340005 13 Chet el kapitali ishtirokidagi (Hamkorbank) aksiyadorlik tijorat banki 5.562790e+11
UZ7001560000 11 (Agrobank) aksiyadorlik tijorat banki 2.268499e+12

Here are the stockmarket listings ordered by capitalisation in Uzbrekistan stock market on October 24th:

isin name price date marketcap
UZ7038660005 (Asaka) aksiyadorlik tijorat banki 139.01 2018-08-26 5.633065e+12
UZ7037560008 (O'zbekiston sanoat - qurilish banki) aksiyadorlik tijorat banki 15.00 2020-10-21 3.667337e+12
UZ7001560000 (Agrobank) aksiyadorlik tijorat banki 810.00 2020-10-23 3.046706e+12
UZ7054570005 (Ipoteka-bank) aksiyadorlik tijorat ipoteka banki 0.79 2020-10-22 2.235443e+12
UZ7018790004 Aksiyadorlik tijorat banki (Qishloq qurilish bank) 102.00 2020-09-23 1.855277e+12
UZ7015230004 (Mikrokreditbank) aksiyadorlik-tijorat banki 1067.99 2020-10-21 1.641713e+12
UZ7021980006 (Ohangaronsement) aksiyadorlik jamiyati 280000.01 2020-10-20 1.376087e+12
UZ7021720006 (O'zbekiston metallurgiya kombinati) aksiyadorlik jamiyati 25999.98 2020-10-23 1.130711e+12
UZ7029000005 (Qizilqumsement) aksiyadorlik jamiyati 2512.00 2020-10-23 1.124162e+12
UZ7044760005 Aksiyadorlik tijorat (Aloqabank) 118.80 2020-10-22 9.362862e+11
UZ7035530003 (Turonbank) aksiyadorlik tijorat banki 1700.00 2020-10-12 8.884128e+11
UZ7043380003 (O'ztransgaz) aksiyadorlik jamiyati 30000.00 2019-03-12 6.257771e+11
UZ7011340005 Chet el kapitali ishtirokidagi (Hamkorbank) aksiyadorlik tijorat banki 25.99 2020-10-23 6.015417e+11
UZ7039920002 (Ipak Yo'li) aksiyadorlik innovatsiya tijorat banki 12.10 2020-09-08 5.324427e+11
UZ7043200003 (O'zbekiston respublika tovar-xomashyo birjasi) aksiyadorlik jamiyati 7000.00 2020-10-23 5.247089e+11
UZ7028090007 Chet el investitsiyasi ishtirokidagi (Toshkentvino kombinati) aksiyadorlik jamiyati 280000.00 2020-10-22 5.237512e+11
UZ7055560005 Chet el kapitali ishtirokidagi (Invest Finance Bank) aksiyadorlik tijorat banki 1000.00 2020-03-06 5.200000e+11
UZ7033480003 (Trastbank) xususiy aksiyadorlik banki 7000.00 2020-10-15 3.602500e+11
UZ7025770007 (Kvarts) aksiyadorlik jamiyati 3229.99 2020-10-23 3.115300e+11
UZ7047440001 (Kapitalbank) aksiyadorlik tijorat banki 1030.00 2020-09-24 1.937321e+11
UZ7050240009 (Davr-bank) xususiy aksiyadorlik tijorat banki 5000.00 2019-10-31 1.700000e+11
UZ7055790008 (Asia Alliance Bank) aksiyadorlik tijorat banki 260.00 2018-02-28 1.674816e+11
UZ7052260005 (O'zbekko'mir) ko'mir qazib olish va sotish aksiyadorlik jamiyati 4000.00 2020-10-20 1.559489e+11
UZ7046910004 Aksiyadorlik-tijorat banki (Universal bank) 5000.00 2020-10-16 1.500000e+11
UZ7037610001 Chet el kapitali ishtirokidagi (Savdogar) aksiyadorlik tijorat banki 150.00 2020-09-29 1.300000e+11
UZ7009280007 (Turkiston) Xususiy aksiyadorlik tijorat banki 1000.00 2020-10-23 1.297913e+11
UZ7055830002 (HI-TECH BANK) xususiy aksiyadorlik tijorat banki 1565.00 2020-06-29 1.178788e+11
UZ7045570007 (O'zagrosug'urta) aksiyadorlik jamiyati 3305.00 2019-12-16 1.089559e+11
UZ7011500004 (O'zagrolizing) aksiyadorlik jamiyati 2600.00 2020-04-27 1.056818e+11
UZ7054590003 (DORI-DARMON) aksiyadorlik kompaniyasi 5120.00 2020-10-20 1.027686e+11
UZ7048610008 (Ravnaq-bank) xususiy aksiyadorlik tijorat banki 1200.00 2020-09-21 1.000000e+11
UZ7056430018 (Madad Invest Bank) aksiyadorlik tijorat banki 5000.00 2018-08-28 1.000000e+11
UZ7016400002 (O'ZBEKKIMYOMASH ZAVODI) Aksiyadorlik jamiyati 6005.00 2020-10-22 8.418373e+10
UZ7047080005 (QO'QON BIOKIMYO) aksiyadorlik jamiyati 3.05 2020-10-06 7.150899e+10
UZ7016550004 Xorijiy investitsiya ishtirokdagi (Kogon yog' - ekstraksiya zavodi) aksiyadorlik jamiyati 1400.00 2020-10-21 7.089241e+10
UZ7028660007 (Kapital sug'urta) aksiyadorlik jamiyati 1.50 2020-10-22 5.600000e+10
UZ7001100005 (KAFOLAT sug'urta kompaniyasi) aksiyadorlik jamiyati 4.00 2020-10-08 3.530919e+10
UZ7047650005 (Andijon biokimyo zavodi) aksiyadorlik jamiyati 5610.00 2020-10-22 3.341023e+10
UZ7045320007 (Alskom) sug'urta kompaniyasi aksiyadorlik jamiyati 1350.00 2020-10-13 3.010795e+10
UZ7038380000 (Chilonzor buyum savdo kompleksi) aksiyadorlik jamiyati 10.00 2020-10-14 2.929306e+10
UZ7056890013 № факта 3.90 2020-08-04 2.924994e+10
UZ7055380008 (Universal Sug'urta) aksiyadorlik jamiyati 0.01 2018-04-02 2.500566e+10
UZ7045550009 (Buxoroneftgazparmalash) aksiyadorlik jamiyati 5000.00 2020-09-08 2.274412e+10
UZ7004510002 (Qo'qon mexanika zavodi) aksiyadorlik jamiyati 950.00 2020-10-21 2.124629e+10
UZ7017610005 (Kattaqo'rg'on yog'-moy) aksiyadorlik jamiyati 3788.00 2017-02-03 2.104126e+10
UZ7026620003 (Farg'ona yog'-moy) aksiyadorlik jamiyati 18000.00 2020-08-04 1.795100e+10
UZ7045280003 (Jizzax plastmassa) aksiyadorlik jamiyati 3099.00 2020-10-23 1.536684e+10
UZ7004770002 (Granit) aksiyadorlik jamiyati 25000.00 2020-10-23 1.465205e+10
UZ7017850007 (Urganch yog'-moy) aksiyadorlik jamiyati 5100.00 2020-10-16 1.128520e+10
UZ7055590002 (Alliance-Leasing) aksiyadorlik jamiyati 300.00 2020-07-14 1.010100e+10
UZ7025870005 (Biokimyo) aksiyadorlik jamiyati 51000.00 2020-09-25 9.569744e+09
UZ7014560005 № факта 2160.00 2020-06-23 8.452563e+09
UZ7007440009 № факта 800.00 2020-07-17 7.761600e+09
UZ7042330009 № факта 1000.01 2020-10-19 6.885977e+09
UZ7042540003 (O'zqishloqelektrqurilish) aksiyadorlik jamiyati 6500.00 2020-09-11 6.767600e+09
UZ7030360000 (Koson yog'-ekstraksiya) aksiyadorlik jamiyati 1500.00 2020-10-07 6.697618e+09
UZ7023760000 (Sarbon-Neftegaz) aksiyadorlik jamiyati 3250.00 2020-10-12 6.610920e+09
UZ7000380004 (Markaziy dehqon bozori) aksiyadorlik jamiyati 1300.00 2020-03-12 6.183930e+09
UZ7034730000 (Qashqadaryo texnologik transport) aksiyadorlik jamiyati 540.06 2017-02-06 5.730572e+09
UZ7018290005 (Qo'qon yog'-moy) aksiyadorlik jamiyati 6315.00 2017-07-21 5.528185e+09
UZ7029680004 (Buxorogazsanoatqurilish) aksiyadorlik jamiyati 3500.00 2020-10-23 5.513816e+09
UZ7016990002 (Farg'ona dori-darmon) aksiyadorlik jamiyati 25000.00 2020-10-15 5.284050e+09
UZ7047670003 (Matbuot tarqatuvchi) aksiyadorlik kompaniyasi 8000.00 2019-02-18 4.000000e+09
UZ7051720009 (O'ztemiryo'lkonteyner) aksiyadorlik jamiyati 4000.00 2019-12-13 3.366271e+09
UZ7032620005 № факта 16178.20 2020-07-29 3.170086e+09
UZ7016140004 (Navoiy dori-darmon) aksiyadorlik jamiyati 11160.00 2020-07-22 2.679754e+09
UZ7034010007 (Sirdaryo vino) aksiyadorlik jamiyati 650.00 2018-11-05 2.557378e+09
UZ7032740001 (Buxoro ta'mirlash mexanika zavodi) aksiyadorlik jamiyati 5300.00 2020-08-17 2.361888e+09
UZ7018010007 (Andijon dori-darmon) aksiyadorlik jamiyati 23000.00 2020-07-22 2.332095e+09
UZ7033440007 (Elektrtarmoqqurilish) aksiyadorlik jamiyati 5450.00 2020-10-21 2.199266e+09
UZ7053260004 № факта 10000.00 2020-08-26 2.178120e+09
UZ7001990009 № факта 850.00 2020-07-21 2.096600e+09
UZ7032730002 (O'zparavtotrans) aksiyadorlik jamiyati 5001.00 2019-09-05 1.985085e+09
UZ7052380001 № факта 1900.00 2020-03-12 1.938690e+09
UZ7036030003 (Andijonyog'moy) aksiyadorlik jamiyati 4400.00 2020-10-08 1.833238e+09
UZ7048180002 Samarqand viloyati (Agrokimyohimoya) hududiy aksiyadorlik jamiyati 2400.00 2020-09-21 1.784239e+09
UZ7012450001 № факта 17000.00 2020-09-29 1.633137e+09
UZ7018660009 (Namangan dori-darmon) aksiyadorlik jamiyati 5000.00 2020-07-22 1.525680e+09
UZ7009030006 № факта 8720.00 2020-08-26 1.484215e+09
UZ7051770004 № факта 22100.00 2017-01-25 1.355460e+09
UZ7013990005 (Turon-Xojeli) aksiyadorlik jamiyati 5130.00 2017-07-31 1.326415e+09
UZ7036020004 № факта 4600.00 2020-06-15 1.281896e+09
UZ7022250003 (OHANGARONSHIFER) aksiyadorlik jamiyati 10000.00 2020-01-14 1.231330e+09
UZ7044590006 № факта 1000.00 2020-10-09 1.123920e+09
UZ7016250001 № факта 28700.00 2017-12-25 9.869663e+08
UZ7018670008 Toshkent viloyati (DORI-DARMON) aksiyadorlik jamiyati 6000.00 2020-07-24 9.493125e+08
UZ7015030008 (Mulk-Sarmoya Brokerlik Uyi) aksiyadorlik jamiyati 1000.00 2020-09-30 9.362545e+08
UZ7007130006 (ELEKTRQISHLOQQURILISH) aksiyadorlik jamiyati 13000.00 2017-10-27 8.144850e+08
UZ7035830007 (Neftgaztadqiqot) aksiyadorlik jamiyati 11000.00 2018-10-26 7.416225e+08
UZ7025900000 (Muborakneftgazmontaj) aksiyadorlik jamiyati 100000.00 2019-03-07 7.232300e+08
UZ7010190005 (Toshneftegazqurilish) aksiyadorlik jamiyati 5750.00 2020-08-11 6.527151e+08
UZ7037160007 № факта 10317.09 2019-11-01 6.509100e+08
UZ7022100000 Chet e'l investiciyalari ishtirokidagi (Quvasoycement) aksiyadorlik jamiyati 450000.00 2020-10-15 6.062964e+08
UZ7016530006 (Andijon tajriba-sinov zavodi) aksiyadorlik jamiyati 10999.99 2020-09-28 6.031750e+08
UZ7028570008 (Neft ta'minot) aksiyadorlik jamiyati 4000.00 2019-06-18 5.883920e+08
UZ7032560003 (Muborakneftgaztrans) aksiyadorlik jamiyati 1000.00 2020-08-17 5.856000e+08
UZ7032570002 (Qashqadaryo neft-gaz qurilish va ta'mirlash) aksiyadorlik jamiyati 4500.00 2019-09-12 5.852700e+08