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Mongolia’s MSE Top 20 Index hovered around 66,500 on the final trading day of September, putting it on course for a gain of about 26% since the end of June. That performance ranks Mongolia among the world’s strongest equity markets this quarter, as the benchmark has repeatedly notched record highs.
The rally has been driven primarily by coal producer Tavantolgoi JSC, whose share price has surged 87% over the period. Banking and financial stocks have also provided solid support. Investor sentiment has been further buoyed by stronger copper and coal exports—especially to China—increased market liquidity, and policy measures aimed at easing the tax burden and attracting foreign investment.
In intraday trading, moves were mixed: United Investment rose 3.2%, Mandal Insurance gained 2.4%, APU advanced 0.8%, and Golomt Bank added 0.6%. In contrast, Khan Bank declined 2.6%, Trade and Development Bank edged down 0.3%, and Tavantolgoi was little changed.
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