Mongolia Business and Mongolian Daily Business News

Index top 20 of Mongolian Stock Exchange reached 5523.18 units which is was increased by 416.2 units and 606.2 units above the average of the year 2009. The average was 4916.99 units for the year 2009. The Stock Exchange experts explains that share price of JSCs included in the Index top 20 basket were increased by 5.1 – 32.0 percent. Increased shares of Tavan tolgoi, SBB, NIK, Gobi, Bayangol, UB hotel, Mongolia Telecom JSCs contributed to the Index top 20. They have also evaluated those positive effects like the agreement of large mining deposits will contribute and the stock exchange is regaining form and recovering from the slowdown. Read the rest of this entry »

D.Demberel, Speaker of the Parliament has today departed to Bulgan province. He will work in the province until the 5th of September with MPs Ts.Tsengel and E.Munkh-Ochir and other official representatives. During his visit, he will pay visits to Dashinchilen, Buregkhangai, Orkhon and Khutag-Undur sums to meet with the current agricultural work. He will also report on the works of the spring session and the irregular session of the SGK and will answer interested questions to the locals. The Speaker of the Parliament will also attend the new academic year celebrations of the Secondary schools in Bulgan province on the 1st of September reports the media department of the SGK.

5 stock trades were held during the week of 24-28th of August, 2009 and 1225.4 thousand shares of 35 JSCs were sold at MSE totaling 222.2 million MNT trade. 58 Remicon shares were sold at the primary market. Index top 20 is 5528.18 units and was increased by 416.21 units or 8.1 percent. The total market capitalization is set at 509.3 billion MNT.

Shares of 35 JSCs were traded and share prices of 15 JSCs were increased, share price of 6 JSCS decreased but 14 JSCs were unchanged. Share which prices were increased are Tavan tolgoi (32.0%), SBB (23.7%) and NIK (21.0%) but shares which prices were decreased are HB oil (-26.8%), UB book (-14.3%) and Khukh gan (-8.6%). Read the rest of this entry »

Group consisting of International MPs will visit Mongolia this October. Representatives of MPs from European Parliament, Japan, Germany, Netherland, Belgium, Indonesia, Philippine, South Africa, India, Chile, Austria, Canada, Kazakhstan, Korea and Norway are included. The representative of International MPs will meet the MPs of the SGK to discuss about largest economic and social topic, mining. They will exchange opinions on how to spend the money generated by the mining sector. Also, they will report about the world economy and discuss about how they are overcoming the current economic recession. Arshad Sayed, Representative of World Bank in Mongolia represented this scheme to the Speaker of the Parliament.

24 thousand shares of 14 JSCs were sold at MSE yesterday totaling 14.2 million MNT trade in value. 14.2 thousand shares of Khukh gan JSC was sold and it was the most actively traded share at MSE. In comparison to the previous day’s trade, share price of UB hotel was increased by 11.3% and APU by 9.54% but share price of Khukh gan was decreased by 4.0%. Index top 20 is 5523.18 units and was again increased by 38.08 units if compared to the trading session of yesterday.

The regular meeting of the Government was postponed to today because of the visit of the Russian President. There were rumors that the PM will not attend the meeting because of his illness but official news denies this. In other words the PM will take charge of this meeting. They will discuss about some issues of products of oils, self invested contracts made with road construction companies and representative to the UN. They will also discuss about providing houses to the state workers and the financial and economic situation of state owned organizations and its future.

Court case of S.Erdene and six others continued for two days and ended on Tuesday. The court had cleared S.Erdene of all charges against him on Tuesday. The DP leader could not take his seat in Parliament even after he had been declared a winner from the Bayangol constituency as he was accused of stealing money from the General Social Insurance Authority of which he was director, as well as of electoral fraud. His acquittal comes after more than a year of investigation. Some of the others who were charged along with him have now been freed under the amnesty law. This means S.Erdene’s path to Parliament is now open.

481.7 thousand shares of 15 JSCs were sold at MSE today, totaling 70.9 million MNT trade in value. 450 thousand HB oil shares were sold and it was the most actively traded share at MSE. In comparison to the previous day’s trade, share price of SBB was increased by 14.74% but share price of HB oil was decreased by 14.65%. Index top 20 is 5485.10 units and was increased by 86.76 if compared to yesterday.

Investors are eagerly awaiting for the official invitation from the Mongolian Government to sign on the investment agreement. Senior official of IVN and Rio Tinto will visit Mongolia during the signing on the agreement.

The investment agreement is ready, but there are some minor technical issues to solve before the signature.

Last Tuesday, State Great Khural (parliament) of Mongolia adopted the amendments in four laws in relationship with the Oyu Tolgoi IA. After this, Mr. Bayartsogt, Minister for Finance, informed that the investment agreement will be signed within two weeks. As of today, the Government haven’t made any disclosure regarding the signing date and time.

The SGK approved the four draft laws during yesterday session. The ideal environment for signing OT IA was built by the Government and SGK. We have asked few questions from S.Bayartsogt, Minister for Finance, regarding the investment agreement.

Q: The Government presented four laws were approved by the SGK. You would not face any difficulties to sign the agreement now? Read the rest of this entry »