Header - Mongolia.


Although the least densely populated country in the world with less than 3 million people living in a land area of 1.5 million km2, Mongolia has the potential to see the greatest growth of any country within the AFC Asia Frontier Universe. Mongolia’s economy is traditionally based on herding and agriculture, but is expanding aggressively due to foreign investments in large mining projects that capitalize on the country’s vast deposits of coal, copper, gold, tungsten, tin, nickel, zinc, silver and iron. Real GDP is expected to expand by 8.4% in 2015 and this should accellerate sharply should the government resolve an ongoing dispute with a large foreign mining company. Mongolia’s growth is also steered by high levels of agriculture production and the spillover from China’s epic growth.

Mongolia - GDP Growth Rate (%)
Mongolia - GDP Growth Rate (%)
Source: IMF
Mongolia - MSE Top 20 Index
Mongolia - MSE Top 20 Index
Source: Bloomberg

Stock Market:

The Mongolian Stock Exchange (MSE), located in Ulaanbaatar, was founded on 18th January 1991. The history of MSE’s securities market began between 1992-1995 when 475 state owned entities were successfully privatized through MSE distributing 96.1 million shares worth 8.2 billion MNT (7.0 million USD) to the citizens of Mongolia within the framework of implementing “Privatization Policy” of the Mongolian Government during the transitional period of a central planned economy to a market economy in Mongolia. Secondary market trade began on 28th August 1995 auctioning 16,000 shares of three companies that valued 15,000 USD. 

The MSE lists 174 companies, 11 asset backed securities, 2 funds  and has a market capitalization of USD 3.2 billion as of June 2024. 51 brokers and 37 dealers are currently members of the MSE.

On 3rd July 2015 the Financial Regulatory Commission (FRC) approved the "Mongol Securities Exchange" (MSX) to provide securities trading and securities settlement in Mongolia. The MSX is the first privately owned stock exchange in Mongolia and is collaborating with the NASDAQ Group. As of June 2016 two companies have applied for an IPO at the MSX. The first stock, And Energy LLC, a producer of LED lights, started trading on 13th November 2017. On 20th September 2021 the Mongol Securities Exchange introduced the UBX electronic trading platform and operates now under the name of Ulaanbaatar Securities Exchange “UBX”. However as of June 2024 only 2 companies and 1 ETF were listed/traded on the exchange.

Despite being one of the smallest stock market in the world a third stock exchange the “Chinggis Khan Stock Exchange” registered in 2023 with the authorities and on 29th May 2024 the first security was listed and started trading.

Useful Links:

Mongolian Stock Exchange website: www.mse.mn

Ulaanbaatar Securities Exchange / UBX website: www.ubx.mn

Chinggis Khan Stock Exchange website (in Mongolian only): www.chex.mn


Population: 3.1m

5 Year average GDP Growth: 7%

Least densely populated country in the world:

1.8 people/km2

  • Geographic location benefits primary commodities and agriculture exports to both China and Russia
  • Aggressive expansion due to foreign investment in large mining projects
  • More than 197 listed stocks on the Mongolia Stock Exchange as well as foreign listings in Australia, Canada, Hong Kong, USA and UK