SPECIFIC FEATURES OF THE PROCESSES OF CHANGE IN STOCK QUOTES IN THE REGION

The article examines the specific features of the processes of change in stock quotes on the Tashkent Stock Exchange (Republican Stock Exchange “Toshkent” – RSE “Toshkent”), the primary securities trading platform in Uzbekistan. As a frontier market undergoing economic liberalization, Uzbekistan’s stock market exhibits distinct characteristics: low liquidity, high volatility driven by sporadic IPOs and privatization deals, strong dependence on macroeconomic policy shifts, and growing but still limited retail investor participation. Using secondary data from the exchange, statistical analysis of trading volumes, and the Uzbekistan Composite Index (UCI), the study reveals that stock quote dynamics are predominantly influenced by government reforms, sector-specific factors (banking vs. industry), and external global volatility rather than pure market fundamentals. The research identifies periods of sharp growth (e.g., post-2018 IPO surge and 2023–2025 retail-driven activity) interspersed with corrections due to thin trading and concentrated liquidity. Practical recommendations are proposed for enhancing market depth and stability. The findings contribute to understanding emerging Central Asian capital markets and support Uzbekistan’s strategy to increase stock market capitalization to 20–25% of GDP by 2030.