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Avesta Investment Group

Avesta Investment Group informs about the changes in the calculation of Uzbekistan Composite Index

Avesta Investment Group informs about the changes in the calculation of Uzbekistan Composite Index (UCI) based on the trading results at the RSE “Toshkent” during the latest 12 months. This index is the first of its kind which can be used to determine general direction of the development in the stock market in Uzbekistan and it is a convenient benchmark both for local and foreign investors entering the market in Uzbekistan.
Uzbekistan Composite Index (UCI) calculations include stocks of companies which are listed in the official listing of RSE “Toshkent”. Presently, the listing includes 20 companies – 18 banks, an insurance company SJSIC “Kafolat” and OJSC ”ToshkentDonMahsulot”.
Starting from May 1, 2009 the official listing of RSE “Toshkent” was expanded with the inclusion of another representative of the banking sector of Uzbekistan – OJSCB “Samarkand”.
The bank hold the license of the Central Bank of the Republic of Uzbekistan and performs universal banking functions. The Head Office of the bank is located in Samarkand city, though the bank has no branches yet. From the financial results of the bank in the first 5 months of 2009, the bank’s net consolidate assets have reached 18.2 bln UZS. Equity of the bank exceeded 14.3 bln UZS. Net profit for this period has reached 55.85 mln UZS. Credit portfolio of the bank in 2008 had exceeded 10.5 bln UZS.
Starting from the 3rd quarter of the current year there have been re-сalculated the weights of companies in the index calculation on the basis of trading results during the latest 12 months.
The new bank in the listing was also included in the index calculation.
After the re-calculations, OJSCB “Samarkand” has been assigned a weight in the index calculation equal to 0.33%. The highest possible weight equal to 15% has been retained by OSJCB “Agrobank” (former OSJCB “Pakhta bank”) and JSCB “UzPSB”. In its turn, weight of JSCIB “Ipoteka bank” in the index calculation has decreased from 15% based on the results of 2008 down to 12.4% based on the results of the latest 12 months. The least weights equal to 0.1% in the index calculation have been assigned to 2 issuers (banks) – POJSCB ”Ravnaqbank” and POJSCB “Universal bank” due to the absence of any trades during the latest 12 months.