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Has The Mongolian Stock Market Bottomed?


Mongolian shares closed 1.64% higher on Friday, pushing MSE Top 20 to its seventh straight day of gains. Tavantolgoi (TTL) and Aduunchuluun (ADL) once again led the gains by jumping 14.99% and 12.05%, respectively. On the exchange, about 90 thousand shares of 26 companies traded with a value of MNT 85.9 million (~$60k).

It appears that the recent changes to the investment laws and the anticipation of concentrate shipments from Oyu Tolgoi have finally been enough good news to reverse sentiment on the MSE. Notice the volume, $60k. Just wait until the mark Mobious's of the world show up. I continue to chip away at building positions in companies like APU, Remicon, BDSEC, Sharyn Gol, and E-Trans Logistics. Mongolian stocks are cheap.

Disclosure: I am long OTCPK:MNGGF.