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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 “TOSHKENT” REPUBLICAN STOCK EXCHANGE Bakhtiyor Radjabov Chairman As a result of all of the hard work of the staff of the “Toshkent” Republican Stock Exchange (TRSE) in 2005, TRSE has achieved certain positive results. In the first half of the year as of the 1st of June, 2005, 2000 transactions with the shares of 373 joint-stock companies and 5 transactions with corporate bonds have been carried out on the trading platforms of the TRSE. • Trade with corporate bonds accounted for 1%; • Shares of the privatized state enterprises accounted for 21.2%; • IPOs and other additional issued shares of the joint-stock companies accounted for 1.3%; • Shares in the secondary market accounted for 40% and • Shares obtained by foreign investors for hard currency accounted for 37.5% of the total volume. In comparison with the corresponding period of 2004, the trading volume of shares has increased 1.1 times, while the trading volume HISTORY AND DEVELOPMENT A stock department was established in 1991, which became a pioneer of Uzbekistan’s securities market, and was eventually transformed in 1994 into the “Toshkent” Republican Stock Exchange (TRSE) - a closed joint-stock company. The TRSE became an open joint-stock company in 1998. Establishment of the TRSE was closely connected to its market performance and a policy of establishing public jointstock companies on the basis of privatized government enterprises. Currently, the TRSE has 39 shareholders. Throughout its development, the TRSE completed a complex infrastructure, a central office in Tashkent, and branches and brokerage offices in all regions nationwide. In 1994, 12 brokerage offices were members of the Exchange and as of the 1st July 2005, this number had increased to 61. On 1 February 1998, a listing procedure was introduced. On 1 September 1998, shares of the first listed company began trading on PAGE 134 Our forecasts about the increase of the secondary market have been proving themselves... shares of the secondary market volume make up more than 77% of the total trade volume with stocks. of shares for hard currency has increased 2.2 times. Our forecasts about the increase of the secondary market have been proving themselves. As of 1 July 2005 the share of the secondary market volume makes up more than 77% of the total trade volume with stocks. We expect that the further development of the secondary market will keep this pace. Currently, there are securities of 700 companies in circulation in the secondary market, which should considerably increase the share of securities in the secondary market. In 2006 TRSE plans to increase the volume of trade with securities. Most importantly, we will carry out technical modernization of the system of electronic exchange trades: 1. Perfection of the technology of exchange trades: First, the TRSE will create of a platform for the secondary circulation of shares in the secondary market, working on technology the TRSE. A specialized trading platform, for the purpose of selling shares of privatized enterprises to foreign investors for hard currency, was launched on 1 January 1999. In 2001, work on Exchange information and electronic trading systems continued. The website www.uzse.uz started operations in 2001, and today the TRSE continues work on a transition to modern web-technology trading. In addition, the website reflects daily information on IPOs and other JSCs. Investors may follow all the currents changes and information on listed companies, share price and amounts standing out. In 2003 new listing procedures were adopted at TRSE where the requirements for the official as well as unofficial listing were stated. Currently the four largest companies of Uzbekistan are listed in Class “A” of the official listing. Founded eleven years ago as Uzbekistan’s first stock exchange, the TRSE is actively taking part, always keeping in mind its major role, in the development of the Uzbek capital market. based on simple auction. Second, the TRSE will create a special platform on fulfillment of transactions. 2. Modernization by updating the equipment. TRSE will complete modernization of equipment in all branches and in the exchange itself. 3. Modernization of the trading system of the TRSE. The TRSE will translate into a new technological platform the whole trading system of the Stock Exchange and create a uniform database. Further the TRSE will endeavor to open facilities for regional broker offices to access the trading system from distance and implement maintenance of a closed network of data transmission for all regional branches. FUTURE OUTLOOK The priority direction of the development of the TRSE in 2005 will become the opening of two additional trade sections: 1. Section on transactions for shares of unlisted companies; 2. Section on transactions for TURNIP (the deals with inverse contract). Additionally, The TRSE is planning to change the current software system and bring it to standards in accordance with the Rules of the Stock Exchange, as well as prepare new, more complex software, in particular: • development of the module on conclusion of turnip-deals, based on technology of continual double auction; • modernization of software system, based on technologies of the simple auction; and • full modernization of software system of the TRSE, with transition on new technical platform.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 “TOSHKENT” REPUBLICAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 1.4 0.06 1.9 0.09 Feb-05 3.8 0.17 3.9 0.18 Mar-05 2.8 0.13 5.2 0.24 Apr-05 2.1 0.09 2.6 0.12 May-05 1.0 0.04 1.3 0.06 Jun-05 4.2 0.19 4.2 0.19 TOTAL 15.1 0.01 19.1 0.01 Bonds Jan-05 0.0 0.0 0.0 0.0 Feb-05 0.0 0.0 0.0 0.0 Mar-05 0.0 0.0 0.0 0.0 Apr-05 0.0 0.0 0.0 0.0 May-05 0.05 0.03 0.06 0.03 Jun-05 0.04 0.04 0.04 0.04 TOTAL 0.09 0.03 0.10 0.04 Other Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ Millions Index Jan-05 3.59 115.4 Feb-05 9.01 134.0 Mar-05 5.45 112.0 Apr-05 0.64 55.0 May-05 0.88 97.7 Jun-05 3.27 114.0 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) Stocks Index Contact Name Mr. Gairat Mamadazizov E-mail gairat@uzse.uz Website www.uzse.com MONTHLY MARKET CAPITALIZATION (US$ Millions) 4.5 140 9 4.0 120 8 3.5 3.0 100 7 6 2.5 80 5 2.0 60 4 1.5 1.0 40 3 2 0.5 20 1 0.0 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun PAGE 135
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