Tashkent, Uzbekistan (UzDaily.uz) — The Tashkent Republican Stock Exchange has developed a new series of UPI indices.
The indices were developed as part of reforms under Presidential Decree No. UP-254 of 18 December 2025, “On Additional Measures to Improve the Investment Environment in the Capital Market”, and in cooperation with the National Agency for Perspective Projects (NAPP). The aim is to strengthen Uzbekistan’s capital market position in international rankings and indices.
From 10 November 2026, three new indices will replace the existing UCI, which has served as the stock market’s main benchmark:
UPI (Uzbekistan Prime Index) — shares are weighted according to the issuers’ total market capitalisation;
UPI FF (Uzbekistan Prime Index Free Float Adjusted) — shares are weighted according to market capitalisation adjusted for the proportion of shares in free float;
UPI EW (Uzbekistan Prime Index Equal-Weighted) — all shares are assigned the same initial weight at each quarterly review.
The indices have been developed in line with international practices. They use the same calculation base, common criteria for selecting securities and a unified procedure for reviewing their composition. They differ only in the method used to determine share weightings.
How the indices are compiled
Under the new methodology, the selection process takes into account issuers’ financial results, the period their shares have been listed on the Exchange, the proportion of shares in free float, trading activity and liquidity.
The main requirements include:
- a positive financial result in the issuer’s latest published annual financial statements;
- a free-float share of at least 5%;
- compliance with trading activity and liquidity criteria.
Proposals from market participants were taken into account when developing the indices.
What the changes mean for market participants
The new indices are expected to make market indicators more transparent and comparable for international investors. They will also provide an additional source of data for analysts and the media, while creating a methodological basis for the development of index investment products, including exchange-traded funds (ETFs). Issuers will be able to review the criteria for including their shares in the indices.
UCI index values were provided to the Bloomberg platform. Data on UPI, UPI FF and UPI EW will also be made available to Bloomberg. Refinitiv (LSEG) and Cbonds have expressed interest in the new indices, and work is under way to provide data to these platforms as well. This is also intended to strengthen Uzbekistan’s capital market position in international rankings.
The introduction of the new indices is also linked to the development of Umetryx, a unified market data and analytics platform being created by the Exchange.
The platform is planned to be launched in three stages. It will provide investors with real-time trading data and companies’ financial indicators, historical share prices and charts, information on bonds and issuers, tools for screening and analysing shares, and stock market indices.
