Uzbekistan’s capital market saw a sharp volume increase in February 2026, primarily driven by a one-off corporate bond placement, while underlying trading activity remained more moderate. This report provides a structured breakdown of market dynamics, sector performance, and key participants.

Key Highlights

• Total trading volume reached 1.45 trillion UZS, up significantly month-on-month
• 68.8% of volume driven by a single Asakabank bond issuance
• Adjusted market volume shows more moderate underlying growth (~7.8x)
• Number of deals declined by 21.5%, indicating lower retail activity
• Banking sector dominated volume, followed by services and financial institutions
• Clear split between institutional (high-volume) and retail (high-frequency) trading activity

Read more in our Uzbekistan Capital Markets Review.