• Overview of the Mongolian Stock Exchange
• Securities market turnover increases 2.1-fold year-on-year
• Monthly Lending Rates of Non-Bank Financial Institutions Capped at 4.5%
• National Inflation Reaches 12.9 Percent
• Eurozone Economic Growth Moderates Amid Rising Costs and Political Uncertainty
• Americans Reach Record Exposure to Stocks
• Overview of global stock markets 

► MONGOLIAN STOCK EXCHANGE

The Mongolian Stock Exchange recorded total trading value of MNT 8.57 billion during the week, with 8.4 million securities changing hands. Trading activity was concentrated in TDB, Invescore NBFI JSC, Khan bank JSC, Mongolian Stock Exchange, Ard financial group, which ranked among the most actively traded stocks by value. The market also registered two block trades during the week, reflecting continued institutional participation.

• Invescore NBFI JSC (INV): 124,986 shares traded at MNT 9720 per share, with a total transaction value of MNT 1,214,863,920.
• Mongolian Stock Exchange (MSE): 1,455,480 shares traded at MNT 314.84 per share, with a total transaction value of MNT 458,243,323.2.

The indices of the Mongolian Stock Exchange (MSE) exhibited mixed performance during the trading session. The MSE B Index posted the strongest gain, advancing 1.93% to close at 15,428.24 points, while the TOP 20 Index edged up 0.07% to 67,326.62 points. Conversely, the MSE A Index declined 0.59% to 26,742.58 points, and the FTI Index fell 1.10% to close at 1,012.96 points.

⇒ SECURITIES MARKET TURNOVER INCREASES 2.1-FOLD YEAR-ON-YEAR

According to the National Statistics Office of Mongolia, total securities market turnover reached MNT 1.51 trillion in the first nine months of 2026, increasing by MNT 785.5 billion, or 2.1 times, compared with the same period last year.

Of the total turnover, 63.0% (MNT 952.9 billion) was attributed to the primary market, while 37.0% (MNT 559.2 billion) came from the secondary market. By security type, corporate bonds accounted for 57.7% of total turnover, followed by asset-backed securities at 15.7%, corporate shares at 14.1%, and government bonds at 12.3%.

Meanwhile, the total number of securities traded declined by 44.7% year-on-year to 389.0 million units, indicating that the increase in transaction value was accompanied by a decrease in the volume of securities traded.

As of September 2026, total stock market capitalization reached MNT 16.7 trillion, up 26.5% year-on-year and 11.9% month-on-month. The average TOP-20 Index for September stood at 64,197.9 points, increasing by 15,229.4 points compared with the same period last year and by 8,159.5 points from the previous month.

⇒ MONTHLY LENDING RATES OF NON-BANK FINANCIAL INSTITUTIONS CAPPED AT 4.5%

The Financial Regulatory Commission (FRC) has decided to cap the monthly lending rate charged by non-bank financial institutions (NBFIs) at the legal maximum of 4.5% per month.

Regulatory inspections found that some digital lending providers had been issuing loans at interest rates exceeding the statutory ceiling. To reduce household debt burdens and strengthen consumer protection in the financial sector, the new regulation took effect on 21 October 2026.

The FRC also announced that institutions violating the interest rate cap will face legal sanctions, including the suspension of operations and, where necessary, the revocation of their licences.

⇒  NATIONAL INFLATION REACHES 12.9 PERCENT

As of September 2026, inflation stood at 12.9 percent nationwide and 11.9 percent in Ulaanbaatar. Core inflation increased by 0.4 percentage points from the previous month to reach 7.2 percent.

The rise in inflation during the reporting period was driven primarily by higher fuel prices, which contributed 2.1 percentage points to overall inflation. Compared with the previous month, diesel fuel prices increased by 11.8 percent, while AI-95 gasoline prices rose by 13.8 percent.

Meanwhile, growth in domestic food prices continued to moderate, easing inflationary pressures. In particular, prices of meat and meat products declined by 1.3 percent, while prices of other food products fell by 0.6 percent month over month.

Inflation for imported goods, excluding fuel, edged up slightly to 4.9 percent. In contrast, imported food inflation declined for the second consecutive month, reaching 6.2 percent.

The week was characterised by a global rotation away from expensive AI and technology stocks toward value and small-cap shares, while higher energy prices, rising bond yields, and geopolitical uncertainties weighed on investor sentiment worldwide.

U.S. STOCK MARKET

• S&P 500: -1.03%
• Dow Jones: +0.46%
• Nasdaq: -1.67%

U.S. equities were mixed during the week as investors rotated away from large-cap technology and AI-related stocks following concerns about the sustainability of AI spending and disappointing reactions to some major technology earnings. Rising Treasury yields and ongoing geopolitical tensions in the Middle East, which kept energy prices elevated, also weighed on market sentiment. While the Nasdaq and S&P 500 declined due to weakness in mega-cap technology shares, the Dow Jones was supported by gains in more defensive and cyclical sectors, and small-cap stocks outperformed as investors shifted toward cheaper valuations and domestically focused companies.  

EUROPEAN STOCK MARKET

• FTSE 100: -1.08%
• STOXX Europe 600: -1.17%
• DAX 40: -1.41%
• CAC 40: -1.30%

European equities recorded broad losses as investors became increasingly concerned about political uncertainty in France, higher oil prices, and weaker-than-expected performance from the luxury goods sector. The sharp decline in luxury stocks followed disappointing earnings from major brands and continued signs of subdued Chinese consumer demand. Although some companies delivered solid earnings results, concerns about inflationary pressures from rising energy costs and ongoing geopolitical tensions reduced risk appetite across the region, pushing major indices lower.  

ASIAN STOCK MARKET

• Nikkei 225: -3.28%
• KOSPI: +1.13%
• CSI 300: -1.04%
• SSEC: -0.1%

Asian markets broadly declined as the global technology sell-off spread across the region, particularly affecting Japan, South Korea, Hong Kong, and Taiwan, where technology and semiconductor companies represent a significant share of market capitalisation. Investors remained cautious amid concerns over higher global interest rates, elevated oil prices, and uncertainty surrounding the outlook for AI-related investments. In China, stronger-than-expected third-quarter GDP growth helped limit downside pressure; however, concerns about domestic demand and the broader economic recovery continued to weigh on investor sentiment, resulting in modest losses for mainland Chinese equities.

⇒ ️ EUROZONE ECONOMIC GROWTH MODERATES AMID RISING COSTS AND POLITICAL UNCERTAINTY

Economic growth across the euro area slowed significantly in October, marking the weakest pace of expansion in four months. According to the S&P Global Flash Eurozone Composite PMI, the index declined from 53.1 in September to 51.9 in October, falling below market expectations and indicating a notable loss of economic momentum. Although the reading remains above the 50-point threshold that separates expansion from contraction, the data suggest that the region's recovery is becoming increasingly fragile amid mounting economic headwinds.  

A key factor behind the slowdown was the deterioration of business conditions in France, where economic activity unexpectedly contracted during the month. Businesses reported weaker demand for goods and services, attributing the decline to heightened political uncertainty, financial pressures, and declining confidence. Investor concerns regarding France's fiscal position have driven government borrowing costs higher, while widespread public protests and growing political tensions ahead of the upcoming presidential election have further undermined economic sentiment.  

The economic outlook was also weakened by softer growth in Germany, the Eurozone's largest economy. At the regional level, firms faced rising input costs driven primarily by higher energy, fuel, and transportation expenses. These cost pressures, exacerbated by ongoing geopolitical tensions and elevated oil prices, have increased operational challenges for businesses while contributing to persistent inflationary concerns throughout the currency union.  

In contrast, the United Kingdom demonstrated greater resilience, with business activity reaching its strongest level since February. Nevertheless, British consumers exhibited increased caution as higher fuel costs eroded household purchasing power. This was reflected in weaker retail spending and a sharp decline in consumer confidence, highlighting the broader economic impact of rising living costs across Europe.

⇒  AMERICANS REACH RECORD EXPOSURE TO STOCKS