Weekly Capital Market and Economic Review 
(July 6, 2026 – July 19, 2026)

MONGOLIAN STOCK EXCHANGE

Last week on the Mongolian Stock Exchange, a total of 10.3 million securities worth MNT 4.7 billion were traded. MGL Aqua JSC, Mandal Insurance JSC, Trade and Development Bank JSC, Khan Bank JSC, and Khas Bank JSC led in trading value, with two block trades taking place during this period:

• MGL Aqua JSC (MGLA): 1.8 million securities traded at MNT 249.76 per unit, totaling MNT 461.4 million.
• Mandal Insurance JSC (MNDL): 5 million securities traded at MNT 80 per unit, totaling MNT 400.0 million.

Indices on the Mongolian Stock Exchange closed with mixed performance. The MSE A index rose by 0.39%, and the MSE B index increased by 1.42%, while the TOP-20 index dropped by 0.37% and the FTI index decreased by 0.87%. The MSE B index saw the highest growth, indicating relatively higher demand for small- and mid-cap stocks within it. Conversely, the minor decline in the TOP-20 index reflects a slight weakness in top market-cap equities, while the 0.87% drop in the FTI index signals a price decline in investment fund units.

Overall, market activity showed stronger buying interest in small- and mid-cap stocks, while top market-cap equities and investment fund units showed weaker performance.

REGISTRATION UPDATE FOR "ERDENE RESOURCE DEVELOPMENT CORPORATION" SECURITIES

In accordance with Order No. 438 of the Chairman of the Financial Regulatory Commission dated June 23, 2026, and Order No. A/311 of the Executive Director of "Mongolian Stock Exchange" JSC dated July 2, 2026, changes were made to the securities registration of "Erdene Resource Development Corporation," listed on the MSE.

As reported in June, the company’s shares are regularly being additionally registered on the Toronto Stock Exchange (TSX) in Canada. This time, an additional 16,667 common shares were registered on the TSX. This update has been reflected in the Mongolian Stock Exchange register, bringing the total number of the company's registered shares to 65,451,375.

• Newly registered shares: 16,667 common shares
• Previous registered share count: 65,434,708 shares
• New total share count: 65,451,375 shares
• Basis for change: Related to the additional shares listed on the Toronto Stock Exchange, Canada

This type of registration update helps align information across both exchanges and officially confirms the company's total issued shares.

KAKAO BANK AND MCS GROUP SIGN TERM SHEET FOR INVESTMENT

During the Mongolia–Korea Business Forum held as part of South Korean President Lee Jae-myung's official visit to Mongolia, MCS Group and South Korea's digital bank KakaoBank signed a term sheet outlining core investment conditions.

Under this partnership, KakaoBank plans to make a strategic investment in M Bank (backed by MCS Group), co-develop a credit scoring model to assess credit risk, and expand access to digital financial services.

According to Yun Ho-young, CEO of KakaoBank, the bank has issued a total of KRW 16 trillion in loans utilizing its proprietary credit scoring model. He highlighted that Mongolia's young population and growing digital infrastructure present strong opportunities for developing AI-driven financial services.

KakaoBank plans to finalize its investment in M Bank within this year, subject to regulatory approvals and compliance requirements.

SUCCESSFUL PRIMARY AND SECONDARY TRADING OF GOVERNMENT DOMESTIC SECURITIES

On July 8, 2026, 2-year and 3-year coupon-bearing domestic government bonds worth a total of 10 billion MNT were offered publicly to investors.

The auction received 7 bids totaling MNT 6.5 billion for the 2-year coupon bond, and 7 bids totaling MNT 6.5 billion for the 3-year coupon bond, resulting in total demand reaching MNT 13.0 billion.

Published Date:2026-07-24