MONTSAME National News Agency, in cooperation with MICC Mongolia International Capital Corporation LLC, is delivering weekly updates on Mongolia’s domestic capital markets and economic developments to its readers.

Weekly Capital Market and Economic Review

(May 25–June 1, 2026)

MONGOLIAN STOCK EXCHANGE

A total of 11.42 million securities worth MNT 14.91 billion were traded on the Mongolian Stock Exchange during the past week. In terms of trading value, Golomt Bank JSC, Khan Bank JSC, Invescore NBFI JSC, MGL Aqua JSC, and APU JSC led the market. Three block trades were executed during the period:

1.9 million shares of MGL Aqua JSC (MGLA) were traded at MNT 250 per share, totaling MNT 483.7 million.
67.8 thousand shares of Invescore NBFI JSC (INV) were traded at MNT 9,500 per share, totaling MNT 644.7 million.
2.2 million shares of Golomt Bank JSC (GLMT) were traded at MNT 1,275 per share, totaling MNT 2.78 billion.

All major MSE indices closed higher last week, maintaining a positive market outlook. The TOP-20 Index rose 0.78 percent to 51,360.15 points, while the MSE A Index gained 1.72 percent, indicating stronger buying activity in large- and mid-cap stocks. The MSE B Index edged up 0.02 percent, suggesting relatively stable movements among small-cap stocks.

The performance of the indices indicates that market gains were primarily driven by highly valued and liquid stocks. The stronger performance of the MSE A Index relative to the TOP-20 suggests that investors are increasingly focusing on companies with stable financial fundamentals, while new investment inflows into the small-cap segment remain comparatively limited. Although the overall market trend remains positive, gains are not evenly distributed across all segments and continue to be selective in nature.

PROCESS TO INHERIT 1,072 SHARES OF ERDENES TAVANTOLGOI JSC AND RELATED DIVIDENDS TO COMMENCE

Pursuant to a Government resolution issued on April 29, 2026, the transfer of 1,072 shares of Erdenes Tavantolgoi JSC and the dividends attached to them to lawful heirs will begin on June 1.

The decision creates a legal framework for transferring shares and accumulated dividends belonging to shareholders of Erdenes Tavantolgoi JSC who passed away after March 31, 2011, to their lawful heirs. More than 132,000 citizens are expected to be covered by the inheritance process.

Main Steps of the Inheritance Process

Citizens may verify share ownership information by sending the deceased person's registration number in uppercase Cyrillic letters to the dedicated number 158989.
Heirs must prepare the deceased's death certificate, a reference issued by the governor of the bagh or khoroo where the deceased last resided, and a copy of the household registration booklet. Successors inheriting under Articles 520.1.2 and 520.2 of the Civil Code must obtain proof of family relations from the state registration authority in person.
Depending on their legal status as heirs, applicants must provide relevant supporting documents. Children must submit a birth certificate or birth registration extract; spouses must submit a marriage registration extract; and parents must provide registration and kinship documents. If any lawful heir declines the inheritance, a notarized waiver must be submitted, or certified by an authorized official in areas without notary services.
Once all required documents have been submitted, a notary will issue a Certificate of Inheritance Rights and register the information in the electronic notarial system in accordance with the Law on Notaries.
The Central Securities Depository will transfer and register the shares and dividends into the heir's account.

From a capital market perspective, this decision is significant for improving the shareholder registry of Erdenes Tavantolgoi JSC and transferring shares and accumulated dividends registered under deceased shareholders to their rightful owners. As a result, dividend distribution will become more inclusive, and shareholder records will be more accurate. Although the company's shares are still not tradable on the secondary market, the resolution of ownership issues represents a step toward improved corporate governance and greater transparency in shareholder registration.

ECONOMY EXPANDS BY 7.9 PERCENT AS LABOR PRODUCTIVITY IMPROVES

According to preliminary data from the National Statistics Office, Mongolia's Gross Domestic Product (GDP) increased by 7.9 percent year-on-year in the first quarter of 2026, reaching MNT 6.7 trillion at 2015 constant prices.

Mining and quarrying remained the primary driver of growth, contributing 5.0 percentage points to overall GDP expansion.

At current prices, GDP reached MNT 22.9 trillion, up 31.8 percent from the same period of the previous year. The mining sector's gross value added surged 74.2 percent, providing the main support for overall growth. The services sector also expanded by 15.8 percent, contributing to economic activity.

From the expenditure side, export growth continued to support economic expansion. Exports of goods and services increased by 44.8 percent, while net exports contributed 16.6 percentage points to GDP growth. However, gross capital formation declined by 34.2 percent, indicating relatively weaker investment activity.

Labor productivity also improved. GDP per employed person reached MNT 4.8 million in the first quarter of 2026, representing an increase of 11.4 percent compared with the same period last year. Mining remained the most productive sector, with value added per employee reaching MNT 12.9 million.

Key Indicators:

GDP (2015 constant prices): MNT 6.7 trillion (+7.9%)
GDP (current prices): MNT 22.9 trillion (+31.8%)
Mining sector growth: +33.6%
Exports of goods and services: +44.8%
GDP per employed person: MNT 4.8 million (+11.4%)
Labor productivity in mining: MNT 12.9 million (+12.9%)
While economic growth and labor productivity improvements are positive developments, the fact that much of the growth continues to be driven by mining highlights the relatively concentrated structure of the economy. For the capital market, the outlook remains supportive for mining-related companies, while weak manufacturing activity and subdued investment may result in more selective performance among stocks in other sectors.

MINERAL RESOURCES SECTOR ACCOUNTS FOR 28.6 PERCENT OF BUDGET REVENUE

According to the Ministry of Industry and Mineral Resources, the mining sector remained the principal driver of Mongolia's economic growth during the first four months of 2026.

Exports of mineral products reached USD 6.6 billion, an increase of 62.5 percent year-on-year, while mining and quarrying accounted for 84.3 percent of total industrial output.

The sector has also been a major contributor to government revenue. Consolidated budget revenue reached MNT 10.2 trillion during the first four months of 2026, up 13.8 percent, or MNT 1.2 trillion, from a year earlier.

Of this amount, revenue contributed by the mineral resources sector totaled MNT 2.9 trillion, representing an annual increase of 33.6 percent and accounting for 28.6 percent of total consolidated budget revenue. This underscores the continued dependence of public finances on the mining sector performance.

By commodity, production during the first four months of 2026 amounted to:

38.3 million tonnes of coal
797.6 thousand tonnes of copper concentrate
2.1 thousand tonnes of molybdenum concentrate
2.7 tonnes of gold
2.3 million tonnes of iron ore
1.1 million tonnes of iron ore concentrate
124.3 thousand tonnes of fluorspar ore
52.1 thousand tonnes of fluorspar concentrate
33.2 thousand tonnes of zinc concentrate
Compared with the same period last year, coal production increased by 42.3 percent, copper concentrate by 29.6 percent, iron ore by 44.4 percent, iron ore concentrate by 49.3 percent, and gold by 7.8 percent. Meanwhile, fluorspar ore production declined by 19.8 percent, and zinc concentrate output fell by 24.3 percent.

In the heavy industry sector, production totaled:

2,182.7 tonnes of cathode copper
13,252.6 tonnes of metal billets
12,259.0 tonnes of rolled metal products
Metal billet production increased by 0.4 percent and rolled metal products by 0.7 percent year-on-year, while cathode copper production declined by 16.4 percent, indicating that growth in downstream processing industries continues to lag behind the expansion of mining extraction activities.

In the petroleum sector, crude oil production reached 1.19 million barrels during the first four months of 2026, down 6.4 percent compared with the same period of the previous year. This suggests that production levels remain volatile across certain resource categories.

From a capital market perspective, the earnings outlook for mining-related companies remains positive. However, over the longer term, advances in processing industries and greater product diversification are expected to have a more significant impact on sector valuations and investor interest.

Published Date:2026-06-03