STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA
DOI:
https://doi.org/10.5281/zenodo.22742816Abstract
The transformation of Uzbekistan’s stock market during 2023–2026 is examined, with a focus
on institutional reforms, privatization initiatives, capital market development, and the growing role of public
offerings. The research combines an analysis of regulatory and institutional changes with primary data from
the Republican Stock Exchange “Toshkent” (RSE/UZSE), including trading reports, market indicators, IPO,
SPO, and PO records, transaction-level information, and the exchange operator’s financial disclosures. The
findings demonstrate that Uzbekistan’s stock market has entered a new stage of development characterized by
increasing trading activity, expanding market capitalization, greater integration with international capital markets,
and the implementation of large-scale privatization and public offering initiatives. The analysis also indicates
opportunities for further expansion of free float, broader investor participation, and more balanced demand
across individual offerings. The international listing of the Uzbekistan National Investment Fund represents an
important milestone in strengthening the country’s capital market visibility and attracting institutional investors.
The findings indicate that further stock market development can be supported by increasing market liquidity,
expanding the free float of shares, broadening the investor base, strengthening institutional participation, and
ensuring sustainable and diversified capital market growth.
Keywords
capital market development, Uzbekistan, stock exchange, privatization, IPO, public offering, exchange microdata.References
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