Mongolian Market Updates | October 8, 2024

🌅 Good morning,

S&P Global Ratings upgraded Mongolia's long-term foreign and local currency sovereign credit ratings to 'B+' from 'B'. Additionally, they also upgraded the credit rating of the Development Bank of Mongolia to 'B+', with a positive outlook.

In this week’s newsletter:

• Mongolia Investment Forum: Singapore 2024

• Mining Week x MinePro 2024

• Market News

🚀 Mongolia Investment Forum in Singapore: Impact Investing

The forum in Singapore will focus on significant opportunities within Mongolia’s banking and energy sectors, both of which are set for considerable expansion. These events will serve as a key platform for global investors and industry experts to collaborate, driving the development of sustainable capital markets in Mongolia.

We invite you to be part of this journey as we explore new investment opportunities and participate in meaningful discussions that will shape the future of Mongolia’s capital markets.

📣 Mining Week x MinePro 2024

The “Mining Week x MinePro 2024” international mining exhibition and conference was held successfully for the third consecutive year.

This year’s event focused on key topics currently shaping the global minerals industry, including critical minerals, responsible mining, industrialization, and mining finance.

With over 350 companies from both Mongolia and abroad, and more than 10,000 international investors, consultants, and industry professionals in attendance, the event showcased the latest innovations and developments in the mining sector. It took place from October 2-5 at the Taij Khairkhan in Nalaikh District.

If you were unable to attend, you can catch up by watching the recorded panel discussions HERE. 

🏛️ Market News

• The Asian Development Bank initially projected Mongolia’s economic growth at 4.1% in April 2024, but in its latest “Asian Development Outlook” has revised the estimate up to 5.5%.

• As of September 2024, Mongolia’s foreign currency reserves have decreased by 5.26% since the beginning of the year, to $4.66 billion.

• On September 17, a block trade of 17.97 million shares of Sendly NBFI [MSE: SEND], equivalent to 8% of the company’s total shares, valued at ₮3.73 billion. After this, the stock price dropped by 2%.

• Golomt Bank [MSE: GLMT] reported a net profit of ₮348 billion as of Q3, marking a 167% increase compared to the previous year.

🟣CMM Services

Capital Markets Mongolia (CMM) specializes in providing strategic advisory to public companies on optimizing investor relations (IR) and advising on upcoming IPOs, bond issuances, and effective participation in the capital markets with a focus on efficiency and reputation. Additionally, we undertake market research and provide financial PR services.