Briefing: The Republican Stock Exchange “Toshkent” Introduces a New UPI Index Series

Starting November 10, 2026, the Republican Stock Exchange “Toshkent” will replace the existing UCI Index with three new indices — UPI, UPI FF, and UPI EW.

Developed in cooperation with the National Agency of Perspective Projects (NAPP) as part of ongoing efforts to develop Uzbekistan’s capital market, the new indices will enable market participants to monitor and analyze the performance of the national equity market using different calculation methodologies.

What are the key differences between the new indices?

- UPI (Uzbekistan Prime Index) — is calculated based on the full market capitalization of constituent companies.

- UPI FF (Uzbekistan Prime Index Free Float Adjusted) — is calculated based on free-float-adjusted market capitalization, taking into account the proportion of shares available for public trading.

- UPI EW (Uzbekistan Prime Index Equal-Weighted) — is based on an equal-weighting methodology, assigning equal weights to the constituent stocks.

The new indices are also linked to Umetryx, a unified market data and analytics platform currently being developed by the Exchange to expand analytical capabilities for investors and market participants.

In addition, data on the UPI, UPI FF, and UPI EW indices will be provided to Bloomberg, the international financial information platform. Other global financial information platforms, including Refinitiv (LSEG) and Cbonds, have also expressed interest in the new indices. This will contribute to expanding the international visibility of Uzbekistan’s capital market.

This initiative aims to enhance transparency in the national capital market, improve the international comparability of market indicators, and strengthen the position of Uzbekistan’s stock market in the global financial landscape.

For more details, watch the briefing featuring Umida Igamberdieva, Press Secretary of the Republican Stock Exchange “Toshkent”.