Weekly Stock Market and Economic Review
(July 19, 2026 - July 26, 2026)

MONGOLIAN STOCK EXCHANGE

Last week, a total of 4.7 million securities worth MNT 10.8 billion were traded on the Mongolian Stock Exchange (MSE). In terms of trading value, BDSec JSC, Invescore NBFI JSC, Ard Financial Group JSC, Khan Bank JSC, and Golomt Bank JSC were the most actively traded securities.

During this period, four block trades were executed:

• BDSec JSC (BDS): 325,464 shares at MNT 1,266 per share, totaling MNT 412.0 million;
• Invescore NBFI JSC (INV): 39,225 shares at MNT 7,650 per share, totaling MNT 300.1 million;
• Invescore NBFI JSC (INV): 84,510 shares at MNT 10,650 per share, totaling MNT 900.0 million;
• Ard Financial Group JSC (AARD): 193,814 shares at MNT 3,000 per share, totaling MNT 581.4 million.

The MSE indices closed with mixed performance. The TOP-20 index grew by 2.02 percent, and the MSE A index increased by 1.43 percent. Conversely, the MSE B index fell by 0.73 percent, and the FTI index declined by 0.51 percent.

Buying interest was relatively strong for the shares of leading and large-cap companies, while selling pressure mounted on small and mid-cap stocks, resulting in mixed price movements at the close. The 0.51 percent drop in the FTI index indicated a slight weakening in the valuation of investment fund units.

XACBANK JSC TO RE-IMPLEMENT SHARE BUYBACK PROGRAM

XacBank JSC has decided to re-implement its share buyback program to increase stock liquidity for minority shareholders. Initially launched in 2024, the program will continue for another 12 months starting from July 23, 2026, in accordance with the approval of the Bank of Mongolia and the decision of the Board of Directors.

The buyback operations will be conducted on the open market through the Mongolian Stock Exchange, with plans to purchase up to 7.5 million shares at a maximum price of MNT 1,200 per share. The program's total funding will be up to MNT 9.0 billion and remains valid until July 22, 2027.

The program may terminate prior to its expiration date if the planned number of shares is fully acquired or if the allocated budget is completely utilized.

MONGOLIA’S FOREIGN TRADE TURNOVER CONTINUES TO GROW

In the first 6.5 months of 2026, Mongolia’s foreign trade turnover reached USD 17.6 billion, a 35.9 percent increase compared to the same period last year. Exports grew by 57.5 percent, and imports rose by 10.5 percent. The trade balance recorded a surplus of USD 4.5 billion, representing a 4.2-fold increase year-on-year.

Copper ore and concentrate led exports, reaching an export value of USD 4.9 billion (+93 percent). Coal exports amounted to USD 4.2 billion (+57 percent), and combed cashmere almost doubled to USD 124.8 million. While the export value of gold remained stable, the exported volume showed a decline.

On the import side, diesel fuel purchases increased to USD 976.9 million (+50.5 percent) and motor gasoline to USD 376.0 million (+23 percent), whereas passenger car imports decreased to USD 553.8 million (-22.6 percent).

Strong growth in mining exports, particularly copper, coal, and cashmere, pushed Mongolia’s trade balance to a historic high. Import growth was largely limited to fuel, while declines in passenger car and rice imports indicated a weakening in certain consumer categories.

NEXT TRADING OF GOVERNMENT SECURITIES CONTINUES

During the primary market trading on July 22, 2026, the Government's 5-year coupon bonds and 52-week discounted securities were successfully traded, and secondary market trading has commenced. Investors can participate in the remaining trades through MICC.

By Enkh-Od.G

Published Date:2026-07-29