Tashkent, Uzbekistan (UzDaily.com) -- On 19 November, stocks of 9 issuers were traded at the Uzbekistan Stock Exchange “Tashkent”. Six of them had price fall about 25%. Representatives of different sectors of economy fell in price: banks, oil and gas companies, construction companies and others. Such sharp quotes fall negatively affected the growth of trade turnover, though number of issuers, whose stocks were traded, increased. Only common stocks of cement producer Kuvasaycement didn’t change in price. Investors acquired stocks of this issuer at the price of US$11.76 on the reporting period as in previous day.

Buhoro neftegazparmalash rose by almost 5 times. This is the only representative of oil and gas sector, whose quotes grew for the last two trading days.

The worse results were shown by Ipak Yuli avtotrans (Ipak Yuli auto-transportation) - its shares fell by 28.52%. Preferred stocks of Uzpromstroybank (Uzbek industry construction bank), one of the leading banks of Uzbekistan, had the smallest fall (-0.80%). Perhaps, such large quote falls were caused by lack of investor confidence.

In industrial context, stock turnover of Uzpromstroybank made 75.83% of total trade turnover. Three representatives of oil and gas sector took 14.29% of total turnover for the day.

On 18 November, the president of the Uzbekistan signed a Decree “On measures to increase the financial stability of the enterprises of the real sector of the economy”, which toughens requirements on authorized capital of open joint-stock company (OJSC) and closed joint-stock company (CJSC). From 1 January 2009, the minimum requirement for statutory fund of newly created OJSC and CJSC must be equivalent to US$400,000. Before adoption of this Decree required authorized capital was US$50,000.

According to the opinion of Essential Investments’ analysts, the Decree of the president will increase stability of stock exchange as there will be enterprises with higher authorized capital operating. Besides, many companies in order to comply with new regulations will issue additional stocks that will be placed at stock exchanges. Moreover this increase will strengthen financial stability of enterprises.

Source: Essential Investments (www.ei.uz)