Armenia’s stock market in October 2026: government bond placements rise 2.4 times to AMD 109 billion
The Armenia Stock Exchange (AMX) has summarised its trading for October 2026. On the primary auction platform, about AMD 109 billion (about $301.4 million) of government bonds was placed, 2.4 times September’s AMD 45.4 billion. The secondary government bond market, by contrast, shrank: AMD 36.6 billion in 111 trades against AMD 44.8 billion in 91 trades in September (−18.3% in volume, +22.0% in trades). Corporate bond trading volume was about AMD 13.4 billion, 13.0% below September (AMD 15.4 billion), while the number of trades barely changed (1,869 against 1,906).
Equity trading volume doubled to about AMD 289 million (AMD 143 million in September), and equity market capitalisation rose 8.1% to about AMD 380.4 billion (AMD 352 billion). Repo volume was more than AMD 30 billion in 181 trades (more than AMD 28.5 billion and 184 trades in September). On the exchange’s FX market, as in September, 1 trade was concluded: a US dollar exchange of about AMD 288.2 million (AMD 327.6 million in September) at AMD 360.25 (AMD 364).
Compared with October 2025, secondary government bond market volume rose by about 39%, equity trading volume by about 221% and the number of repo trades by about 632%. In September, growth against September 2025 was 129% for government bonds and 56% for corporate bonds.
September and October compared
| Indicator | September | October | Change |
|---|---|---|---|
| Government bonds, primary placements, AMD bn | 45.4 | 109 | +140.1% |
| Government bonds, secondary market, trades | 91 | 111 | +22.0% |
| Government bonds, secondary market, AMD bn | 44.8 | 36.6 | −18.3% |
| Corporate bonds, trading volume, AMD bn | 15.4 | 13.4 | −13.0% |
| Corporate bonds, trades | 1,906 | 1,869 | −1.9% |
| Corporate bonds in circulation at month-end | 224 | 226 | +2 |
| Equities, trading volume, AMD mn | 143 | 289 | +102.1% |
| Equities, trades | 207 | 183 | −11.6% |
| Equity market capitalisation, AMD bn | 352 | 380.4 | +8.1% |
| Repo, volume, AMD bn | 28.5 | 30 | +5.3% |
| Repo, trades | 184 | 181 | −1.6% |
| FX market, 1 trade, AMD mn | 327.6 | 288.2 | −12.0% |
| FX market trade rate, AMD per dollar | 364 | 360.25 | −1.0% |
| Secondary market excluding repo (government + corporate bonds + equities), AMD bn* | 60.3 | 50.3 | −16.7% |
| Secondary market including repo, AMD bn* | 88.8 | 80.3 | −9.6% |
Values are given as AMX publishes them (“more than”, “about”). * The editors’ calculation from published data.
January–October 2026: the full picture
Over ten months, about AMD 635.4 billion was placed at primary auctions; the record is April (AMD 120.6 billion), with October second (AMD 109 billion). The secondary government bond market added about AMD 321.1 billion (peak: March, AMD 76.4 billion). Corporate bonds totalled about AMD 149.7 billion (AMD 15.0 billion a month on average; high: April, AMD 23.5 billion; low: August, AMD 10.5 billion) and about 17,300 trades. Repo totalled about AMD 202.8 billion; October (AMD 30 billion) is second after July (AMD 32.1 billion).
Equity market capitalisation peaked in June (AMD 492.7 billion), fell to AMD 352 billion in September and recovered to AMD 380.4 billion in October, 22.8% below the June peak and 18.5% below the end-2025 level (AMD 467 billion). The number of corporate bonds in circulation rose from 175 in January to 226 in October (+29.1%).
Full table by month
| Month | Govt bonds, primary, AMD bn | Govt bonds, secondary, trades | Govt bonds, secondary, AMD bn | Corp. bonds, AMD bn | Corp. bonds, trades | Corp. bonds in circulation | Equities, AMD mn | Equities, trades | Capitalisation, AMD bn | Repo, AMD bn | Repo, trades |
|---|---|---|---|---|---|---|---|---|---|---|---|
| January | 75 | 55 | 13.5 | 12.3 | 1,174 | 175 | 211.4 | 202 | 473.4 | 3.3 | 39 |
| February | 34 | 114 | 39 | 14 | 1,512 | 195 | 427 | 166 | 478 | 5.3 | 50 |
| March | 29.5 | 166 | 76.4 | 15.4 | 1,830 | 197 | ≈2,000 | 228 | 458.85 | 14 | 132 |
| April | 120.6 | 62 | 22.4 | 23.5 | 1,732 | 204 | 591.5 | 170 | 470 | 18.1 | 200 |
| May | 38.1 | 53 | 8.3 | 11.5 | 1,500 | 209 | ≈2,100 | 153 | 478.8 | 19.8 | 182 |
| June | 43.3 | 82 | 33.3 | 17.2 | 1,862 | 202 | 213.3 | 290 | 492.7 | 28.9 | 211 |
| July | 87.1 | 70 | 25.8 | 16.5 | 1,798 | 208 | 207.4 | 250 | 426 | 32.1 | 218 |
| August | 53.4 | 62 | 21 | 10.5 | 2,085 | 221 | 153.4 | 288 | 356.2 | 22.8 | 199 |
| September | 45.4 | 91 | 44.8 | 15.4 | 1,906 | 224 | 143 | 207 | 352 | 28.5 | 184 |
| October | 109 | 111 | 36.6 | 13.4 | 1,869 | 226 | 289 | 183 | 380.4 | 30 | 181 |
| January–October* | 635.4 | 866 | 321.1 | 149.7 | 17,268 | — | ≈6,336 | 2,137 | — | 202.8 | 1,596 |
Data from AMX’s monthly releases in the wording in which they were published (“more than”, “about”). Equity trading volume for March and May is given as “about AMD 2 billion” and “about AMD 2.1 billion”. * Totals calculated by the editors.
Editor’s note
What: in October the market split by segment: primary placements of government bonds rose 2.4 times to AMD 109 billion (the second-best result of the year), while secondary trading in government and corporate bonds fell 18.3% and 13.0%.
Who needs it: investors in government and corporate debt, issuers and repo market participants who care about secondary-market liquidity.
What it means: secondary government bond turnover (AMD 36.6 billion) stayed 14% above its ten-month average (AMD 32.1 billion), while corporate bond turnover (AMD 13.4 billion) was 10.5% below its average (AMD 15.0 billion). Equity capitalisation recovered 8.1% but remains 22.8% below the June peak.
What to do: watch liquidity in the corporate segment: the first week of November delivered about 30% of October’s corporate bond turnover, and trading in CUBE INVEST bonds starts on November 9. Compare equity trading volume with the March and May peaks (about AMD 2 billion) in mind.
Source: Armenia Stock Exchange (AMX, amx.am): monthly securities market data releases for January–October 2026 (published February 6 to November 6, 2026), the December 2025 release (January 8, 2026) and the exchange’s daily data for November 2–6, 2026. Totals, averages and changes calculated by the editors.
