• Overview of the Mongolian Stock Exchange
• Khan Bank's Market Capitalization Surpasses USD 1 Billion 
• "Devshil Mandal" JSC Shares Delisted from the Mongolian Stock Exchange 
• Vietnam joins FTSE Russell emerging market benchmark 
• The future of AI growth rests on Big Tech's cash flow tripling to $2 trillion 
• 10-year Treasury yield hits highest level since 2007 as market prices in another Fed rate hike   
• Overview of global stock markets 

► MONGOLIAN STOCK EXCHANGE

The Mongolian Stock Exchange recorded total trading value of MNT 69.495 billion during the week, with 10.291 million securities changing hands. Trading activity was concentrated in Khan Bank JSC, Trade and Development Bank JSC, Premium Nexus JSC, Ard Financial Group JSC, and Golomt Bank JSC, which ranked among the most actively traded stocks by value. The market also registered one block trade during the week, reflecting continued institutional participation.

• Premium Nexus (CUMN) – 1,819,000 securities at MNT 350 per share, totaling MNT 636,650,000.

Last week, most major Mongolian stock market indices closed higher. The MSE A Index recorded the strongest performance, rising 7.65% to 26,343.25. The TOP 20 Index increased by 5.65% to 66,618.37, while the FTI Index gained 0.82% to 1,062.31. Meanwhile, the MSE B Index edged up 0.28% to 15,297.21.

The broad-based gains indicate a significant increase in investor activity and buying interest in the capital market. In particular, the strong performances of the MSE A and TOP 20 indices suggest rising demand for shares of large-cap, liquid companies. Last week's market advance was largely driven by banking and financial sector stocks. In contrast, the MSE B Index posted a relatively modest gain of 0.28%, indicating that the performance of small- and mid-cap stocks remained comparatively stable.

⇒ KHAN BANK’S MARKET CAPITALIZATION SURPASSES USD 1 BILLION

The market capitalization of Khan Bank JSC, listed in Category I of the Mongolian Stock Exchange (MSE), reached MNT 3.629 trillion at the close of trading on September 23, 2026, surpassing the USD 1 billion mark.

With this milestone, Khan Bank became the first company in Mongolia’s capital market to reach a market capitalization of USD 1 billion, setting a new benchmark for the domestic capital market.

Khan Bank conducted its IPO on the MSE in 2022, raising MNT 183.4 billion in capital, and has recorded significant growth in its market capitalization since then. In 2025, Khan Bank also became the first Mongolian company to be included in the Mid Cap and Mid/Large Cap segments of FTSE Russell’s Frontier Index, marking an important development that increased the visibility of Mongolia’s capital market among international investors.

Khan Bank’s market capitalization surpassing USD 1 billion represents a notable milestone for Mongolia’s capital market, reflecting the growing valuations of listed companies and the expanding opportunities for greater integration with international capital markets

⇒ “DEVSHIL MANDAL” JSC SHARES DELISTED FROM THE MONGOLIAN STOCK EXCHANGE

Devshil Mandal JSC, which had been listed on the securities registration of the Mongolian Stock Exchange (MSE) since 1993, had its 70,420 shares delisted pursuant to the MSE’s decision dated September 24, 2026. The shares had a nominal value of MNT 100 per share, and the company submitted a request to the MSE for their delisting on September 4.

Devshil Mandal JSC is registered under the ticker DMA and ISIN MN00DMA03006. According to MSE information, the company operates in the manufacturing sector and was classified as a company whose operations are currently temporarily suspended.

Following the delisting of the company’s shares, the number of companies listed on the MSE and the composition of registered securities have been adjusted accordingly.

Global equity markets navigated a volatile week as investors balanced concerns over rising interest rates against improving geopolitical sentiment and continued strength in technology stocks. Market performance diverged across regions, with US technology shares, Japanese equities and South Korean stocks outperforming, while Chinese markets lagged behind.

In the United States, major indices delivered mixed performances. The S&P 500 ended the week broadly unchanged, while the Dow Jones Industrial Average posted a modest gain. The technology-heavy Nasdaq Composite outperformed, supported by strong AI-related momentum and resilient investor demand for growth stocks.

Overall, the week's market narrative reflected a tug-of-war between restrictive monetary conditions and improving risk appetite. While higher bond yields remained a significant headwind, optimism surrounding AI-driven growth, easing geopolitical tensions and softer oil prices ultimately supported investor sentiment and helped global equities remain resilient.

U.S. STOCK MARKET

• S&P 500: +0.66%
• Dow Jones: -0.21%
• Nasdaq: +2.21%

The S&P 500 experienced a volatile trading week. After reaching a weekly high above 7,780 early in the week, the index came under pressure as Treasury yields surged, and investors reassessed the outlook for US monetary policy. Despite these headwinds, the benchmark recovered some losses on Friday, rising 0.66% on the final trading day of the week.

Last week's performance reflected a balance between competing forces. Rising Treasury yields and expectations of tighter monetary policy created a challenging environment for equities, while easing geopolitical tensions, falling oil prices and ongoing AI-driven optimism helped support investor confidence. Although the S&P 500 finished slightly lower for the week, the market demonstrated notable resilience in the face of significant macroeconomic and geopolitical headwinds.

The Dow Jones Industrial Average delivered a modest positive return during the week ended 25 September 2026, rising approximately 0.3% and closing at 51,828.62.

The Nasdaq Composite was the strongest-performing major US equity index during the week ended 25 September 2026, advancing approximately 2.0% and closing at 30,608.13.  

EUROPEAN STOCK MARKET

• FTSE 100: +0.34%
• STOXX Europe 600: +0.39%
• DAX 40: -0.32%
• CAC 40: -0.32%

The FTSE 100 recorded a modest gain during the week ended 25 September 2026, rising approximately 0.3% and closing at 10,695.25. Despite heightened volatility in global financial markets, the UK's benchmark equity index outperformed some broader international peers, benefiting from improving geopolitical sentiment and sector-specific strength in mining and financial stocks.

The STOXX Europe 600 ended the week broadly unchanged to slightly higher, closing at 638.65 on 25 September compared with 641.93 on 21 September. The principal headwind for European equities was the sharp increase in global sovereign bond yields, led by the United States. The rise in Treasury yields strengthened expectations that global central banks could maintain higher interest rates for longer, dampening investor appetite for risk assets and weighing on market valuations. These concerns were particularly relevant for European equities given the region's sensitivity to global financial conditions and economic growth expectations.

DAX 40 ended the week broadly unchanged to slightly lower, closing at 25408.64. A key driver of the DAX's performance was the sharp decline in oil prices toward the end of the week. Lower energy prices are particularly supportive for German equities because Germany's economy remains highly reliant on industrial production and energy-intensive manufacturing. The prospect of reduced energy costs improved the outlook for corporate profitability and economic activity.

The CAC 40 delivered a relatively stable performance during the week, finishing at 8,077.80 on 25 September.

ASIAN STOCK MARKET

• Nikkei 225: +0.25%
• KOSPI: +2.05%
• CSI 300: -1.88%
• SSEC: -0.81%

One of the key drivers behind the Nikkei's advance was continued investor enthusiasm for technology and artificial intelligence-related companies. The global AI theme remained a major source of support for equity markets during the week, particularly in markets with significant exposure to semiconductor manufacturers, technology suppliers and export-oriented industries. As many Japanese companies are integrated into global technology supply chains, the sector benefited from strong investor demand.

The KOSPI was the best-performing major equity index among the markets reviewed during the week ended 25 September 2026. The index surged approximately 2.05% over the week and closed at 7,080.92.

The CSI 300, which tracks the largest companies listed in Shanghai and Shenzhen, underperformed most major global equity benchmarks.

The Shanghai Composite Index (SSEC) recorded a weak performance during the week ended 25 September 2026, declining from 3,920.27 on 21 September to 3,888.37 on 25 September. This represented a weekly loss of approximately 0.81%, making the Chinese market one of the weaker performers among major global equity benchmarks.

⇒ ️ VIETNAM JOINS FTSE RUSSELL EMERGING MARKET BENCHMARK  

Vietnam's inclusion in the FTSE Russell Emerging Markets Index marks a major milestone for the country's financial markets after years of reforms aimed at improving access for foreign investors. Vietnam had been on FTSE Russell's watchlist since 2018, and the upgrade places it alongside larger emerging markets such as China and India. FTSE Russell estimates that the move could eventually attract up to $6 billion in investment flows into Vietnamese equities.

The announcement was welcomed by the market, with Vietnam's benchmark stock index rising early in trading before giving back some of its gains later in the day. Anticipation of the upgrade had already helped revive foreign investor interest, with overseas investors purchasing a net 2.7 trillion dong (about $104 million) worth of Vietnamese shares in the previous week. Despite this renewed buying, foreign investors remain net sellers overall this year.

The transition into the index will occur gradually through 2027. Vietnam will initially receive a 10% weighting in September, followed by an additional 20% in March and two further increases of 35% in June and September. Market participants expect investor attention and capital inflows to strengthen as each new stage of inclusion approaches, particularly when the larger allocations are implemented.

Analysts caution that the immediate impact may be limited. Thomas Nguyen, Chief Global Markets Officer at SSI Securities, expects market activity to remain relatively subdued until the next major inclusion phase approaches. However, he believes local investors will begin to see a more noticeable effect as the size of Vietnam's allocation increases over time.

The upgrade is also expected to encourage more international investment. Vanguard, for example, plans to increase its investment exposure to Vietnam to roughly $2.5 billion over the next few years. At the same time, challenges remain, including foreign ownership restrictions and free-float constraints for some companies.

⇒  THE FUTURE OF AI GROWTH RESTS ON BIG TECH’S CASH FLOW TRIPLING TO $2 TRILLION