Armenia’s stock market on November 2–6: weekly turnover rises 1.7 times to AMD 18.3 billion

November 6: corporate bond turnover about AMD 882 million, second highest of the week

Corporate bonds on the Armenia Stock Exchange (AMX) saw 97 trades in 66 issues worth about AMD 882.3 million (about $2.45 million) on November 6, 81.1% more than on November 5 (AMD 487.2 million) and the second-highest result of the week after November 3 (AMD 1,129.6 million). Government bonds saw 4 trades worth AMD 149.5 million, equities 7 trades worth AMD 2.05 million, and the repo segment 3 trades worth about AMD 484.9 million. Excluding repo, turnover for the day was about AMD 1,033.8 million in 108 trades, 44.6% below November 5 (AMD 1,865.7 million).

Dram-denominated corporate bonds saw 58 trades worth AMD 488.1 million, and dollar-denominated ones 39 trades worth $1,093.6 thousand (about AMD 394.1 million). In the dram segment, Electric Networks of Armenia bonds (HELCB1) led with AMD 209.7 million in 2 trades at a yield of 8.75–8.80% (8.50–9.38% on November 5), about 43% of segment turnover. They were followed by Armswissbank bonds (SWISBT), AMD 53.4 million in 2 trades at 9.12%, and Ameriabank bonds (AMRBBN9), AMD 50.7 million in 2 trades at 7.33%. In the dollar segment, Ameriabank bonds (AMRBBMI) led with $201.8 thousand (about AMD 72.7 million) in 1 trade at 5.20%, followed by Ameriabank bonds (AMRBBNO), $113.1 thousand at 7.66%, and ID Bank bonds (ANLBBP), $100.7 thousand in 2 trades at 5.20–5.40%. The most trades, 4, were in Electric Networks of Armenia dollar bonds (HELCB3), worth $53.4 thousand. Dram trade yields ranged from 7.00% to 13.10%, dollar trade yields from 4.83% to 8.50%.

The secondary government bond market saw 4 trades worth AMD 149.5 million, 89.1% below November 5 (AMD 1,366.4 million). Eurobonds of the Ministry of Finance of Armenia (EUBDB5) led with $412.7 thousand (about AMD 148.7 million) in 2 trades at 6.10% (6.22% on November 2). Ministry of Finance of Armenia bonds GN36284 (AMD 0.6 million, yield 7.40%) and GB3150A (AMD 0.1 million, 9.41%) also traded.

In equities, Acba bank shares (ACBA) led: 5 trades, 49 shares at an average AMD 20,811.22, AMD 1.02 million, with a closing price of AMD 21,000. Armeconombank shares (HEZB) also traded: 1 trade, 340 shares at AMD 2,714, AMD 922.8 thousand, as did Telecom Armenia shares (AMTL): 1 trade, 499 shares at AMD 220, AMD 109.8 thousand. Three repo trades were concluded in US dollars: Electric Networks of Armenia bonds (HELCB2), $1.0 million for 7 days at 5.00%; Eurobonds (EUBDB4), $247.0 thousand for 28 days at 2.50%; and Luyser bonds (LUYSB3), $98.5 thousand for 38 days at 4.00%, about AMD 484.9 million in total. There were no trades on the exchange’s FX market.

The Corporate Bond Market Index in Armenian drams (CBMI_AMD) fell 0.04% to 104.96, while the Corporate 1–3 Year Bond Index in Armenian drams (C3YBI_AMD) rose 0.05% to 104.16. The Corporate Bond Market Index in US dollars (CBMI_USD) fell 0.09% to 101.64, with a yield to maturity of 5.19%, and the Corporate 1–3 Year Bond Index in US dollars (C3YBI_USD) fell 0.05% to 100.86, with a yield of 4.72%.

The total corporate bond market on AMX stands at AMD 1,053.5 billion, and market capitalisation at AMD 382.9 billion. 276 instruments of 65 issuers are in circulation. According to the exchange, trading in CUBE INVEST bonds starts on November 9.

The yield the exchange shows for the dram indices (1.56% and −1.67%) is far below the yield of trades (7.00–13.10%), so it is not published and is being clarified with the exchange.

The week of November 2–6: turnover 1.7 times the previous week and 6.3 times two weeks earlier

Total turnover on AMX in the week of November 2–6 was about AMD 18.26 billion (about $50.69 million) in 599 trades, 1.7 times the previous week (AMD 11.01 billion, 485 trades) and 6.3 times the week of October 19–23 (AMD 2.92 billion, 463 trades). Government bonds accounted for AMD 14.19 billion (51 trades, against AMD 7.92 billion and 22 trades the week before), corporate bonds for about AMD 4.04 billion (501 trades, +31.6%) and equities for AMD 26.13 million (47 trades, +25.8%). The repo segment saw 13 trades worth about AMD 1.43 billion (5 trades worth AMD 313.2 million the previous week). Almost half of weekly turnover, about AMD 9.11 billion (49.9%), came on Tuesday, November 3; the quietest day was Friday (AMD 1.03 billion).

On the secondary government bond market, 32.5% of turnover, AMD 4.61 billion, was in a Ministry of Finance of Armenia bond maturing in 2050 (GB3150A): 20 trades at yields of 9.10–9.52%. It was followed by Ministry of Finance of Armenia bonds GB1135A (AMD 3.08 billion, 6 trades, 8.80–8.86%; 8.60–8.70% the week before), GN60314 (AMD 1.47 billion, 8.21–8.23%), GN36294 (AMD 1.43 billion, 7.76%), GB1133A (AMD 1.30 billion, 8.44–8.45%), GN36284 (AMD 1.04 billion, 7.40%), GB30473 (AMD 791.6 million, 9.60%) and Eurobonds EUBDB5 ($1.32 million, about AMD 477.5 million, 6.10–6.22%; 6.40% the week before).

On the primary market, the Ministry of Finance of Armenia placed AMD 5 billion of government bonds during the week against demand of AMD 9.8 billion (AMD 75 billion against demand of AMD 199.6 billion the previous week). The week’s only auction was held on November 2: short-term zero-coupon bonds (AMGT5201B277) maturing on November 1, 2027 were placed at a weighted average yield of 7.1228%.

Dram-denominated corporate bonds saw 328 trades worth AMD 2.45 billion, dollar-denominated ones 172 trades worth $4.40 million (about AMD 1.58 billion) and 1 trade in euro worth €12.8 thousand (about AMD 5.2 million); bonds of 147 issues traded in total. The most active issue of the week was Electric Networks of Armenia bonds (HELCB1) at AMD 957.6 million in 18 trades (AMD 225.2 million the week before), about 39% of dram-segment turnover; their yield fell from 9.60–9.75% on November 2 to 8.75–8.80% on November 6. They were followed by Hypernova bonds (HYPNB1) at AMD 158.0 million and a yield of 12.33–13.00%, ASCE Group bonds (ASGRB3) at AMD 108.6 million and Armswissbank bonds (SWISBQ) at AMD 74.0 million. The most trades, 28, were in Hypernova bonds, followed by Viva Armenia (KTELB1, 19 trades, $149.1 thousand) and Electric Networks of Armenia (18 trades). In the dollar segment, Ameriabank bonds led (AMRBBNP at $378.9 thousand, about AMD 136.4 million; AMRBBMI at $378.6 thousand, about AMD 136.4 million): three of the four largest dollar issues of the week belong to Ameriabank. Dram trade yields ranged from 5.72% to 16.62% (the upper bound was set by a single trade of AMD 97.9 thousand on November 3), dollar trade yields from 4.30% to 8.50%.

In equities, Acba bank shares (ACBA) led with AMD 12.59 million in 21 trades at an average price of about AMD 20,807 (closing price AMD 21,000 on November 6, AMD 20,900 on October 30), followed by Armeconombank shares (HEZB) with AMD 11.91 million in 4 trades, of which AMD 10.0 million was a trade of 10,000 shares at AMD 1,000 on November 5. These two issuers accounted for about 94% of equity turnover. Telecom Armenia (AMTL), Unibank (UNIBP2, UNIBP3, UNIB), Tel-Cell (TLCL) and ASCE Group (ASGR) shares also traded. On November 4, a $200 thousand trade was concluded on the exchange’s FX market at AMD 360.00.

The repo segment saw 13 trades worth about AMD 1.43 billion: 7 trades in drams worth AMD 764.2 million at 7.10–7.50% (the largest in Armswissbank bonds (SWISBQ), AMD 257.0 million on November 3) and 6 trades in US dollars worth $1.85 million (about AMD 668.3 million) at 2.50–5.00%.

The total corporate bond market fell by AMD 4.0 billion over the week to AMD 1,053.5 billion, while capitalisation rose 0.7% to AMD 382.9 billion. The number of issuers rose from 64 to 65, and the number of instruments is 276. On November 4 the exchange announced the listing of CUBE INVEST bonds, the first listing of bonds of an investment company; trading starts on November 9.

* Including trades in US dollars and euro, converted at that day’s AMX rate. Government bonds include trades in Eurobonds (EUBDB5). Repo is not included in the table.

* The exchange did not publish the dram indices for October 27–30; the change is against the value of October 26. The yield of the dram indices is being clarified with the exchange.

Source: Armenia Stock Exchange (AMX, amx.am), November 2–6, 2026, including the exchange’s announcement of the CUBE INVEST bond listing of November 4, 2026. Dollar and euro trades converted at the AMX rate.