Stock market development in Uzbekistan, 2023–2026: institutional reform, privatization, and evidence from primary exchange microdata

Alekperova , Dilshodakhon, Toshkentov , Kuvonchbek

Яшил иқтисодиёт ва тараққиёт · 2026-yil

Annotatsiya

The transformation of Uzbekistan’s stock market during 2023–2026 is examined, with a focuson institutional reforms, privatization initiatives, capital market development, and the growing role of publicofferings. The research combines an analysis of regulatory and institutional changes with primary data fromthe 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. Thefindings demonstrate that Uzbekistan’s stock market has entered a new stage of development characterized byincreasing 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 indicatesopportunities for further expansion of free float, broader investor participation, and more balanced demandacross individual offerings. The international listing of the Uzbekistan National Investment Fund represents animportant 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, andensuring sustainable and diversified capital market growth.

Maqola ma’lumotlari
MualliflarAlekperova , Dilshodakhon, Toshkentov , Kuvonchbek
JurnalЯшил иқтисодиёт ва тараққиёт
NashriyotТошкент давлат иқтисодиёт университети
ISSN2992-8982
Nashr sanasi2026-09-01
Jild4
Son9
Betlar159-166
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.5281/zenodo.22742816
Indeksga qo‘shilgan2026-09-15

DOI: 10.5281/zenodo.22742816 · Maqolaning asl sahifasi

Kalit so‘zlar

capital market development, Uzbekistan, stock exchange, privatization, IPO, public offering, exchange microdata.

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAAlekperova , Dilshodakhon, & Toshkentov , Kuvonchbek (2026). STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA. Яшил иқтисодиёт ва тараққиёт, 4(9), 159-166. https://doi.org/10.5281/zenodo.22742816
GOST (OAK)Alekperova , Dilshodakhon, Toshkentov , Kuvonchbek STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA // Яшил иқтисодиёт ва тараққиёт. – 2026. – T. 4, № 9. – P. 159-166. – DOI: 10.5281/zenodo.22742816.
MLAAlekperova , Dilshodakhon, and Toshkentov , Kuvonchbek. “STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA.” Яшил иқтисодиёт ва тараққиёт, 4(9), 159-166, 2026. https://doi.org/10.5281/zenodo.22742816
ChicagoAlekperova , Dilshodakhon, and Toshkentov , Kuvonchbek. “STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA.” Яшил иқтисодиёт ва тараққиёт, 4(9), 159-166 (2026). https://doi.org/10.5281/zenodo.22742816
HarvardAlekperova , Dilshodakhon, and Toshkentov , Kuvonchbek (2026) ‘STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA’, Яшил иқтисодиёт ва тараққиёт, 4(9), 159-166. https://doi.org/10.5281/zenodo.22742816
BibTeX
@article{alekperovadilshodakhon2026,
  title = {STOCK MARKET DEVELOPMENT IN UZBEKISTAN, 2023–2026: INSTITUTIONAL REFORM, PRIVATIZATION, AND EVIDENCE FROM PRIMARY EXCHANGE MICRODATA},
  author = {Alekperova , Dilshodakhon and Toshkentov , Kuvonchbek},
  journal = {Яшил иқтисодиёт ва тараққиёт},
  year = {2026},
  volume = {4},
  number = {9},
  pages = {159-166},
  doi = {10.5281/zenodo.22742816},
  url = {https://doi.org/10.5281/zenodo.22742816}
}

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