Earlier this month, the Mongolian Stock Exchange (MSE) reached a historic milestone, with two listed companies surpassing ₮3 trillion in market capitalization for the first time. Let’s catch up.

💰 ₮3 Trillion Club

Tavantolgoi JSC (TTL) led the market-cap gains, with its share price surging 37.7% in just one week, pushing its market capitalization to ₮3.2 trillion. The rally briefly propelled $TTL past Khan Bank (KHAN), making it the most valuable company on the MSE.

• 🙄 However, the rankings shifted again within a week. As of last Friday, $TTL had fallen 5.4%, while $KHAN gained 2.6%, putting Khan Bank back at the top of the market-cap rankings.

👉🏻 Valuation Gap

The ₮3 trillion milestone also exposes a widening gap at the top of Mongolia’s equity market. Two companies now sit above ₮3 trillion in market capitalization, while 3 have surpassed ₮1 trillion. Yet the ₮2 trillion tier is empty, with no company in between. This striking gap underscores how heavily market value remains concentrated among a handful of large issuers.

• 🏦 Banks Remain a Major Force: 2 of the 3 companies valued at more than ₮1 trillion are banks, underscoring the continued influence of the banking sector in attracting investors and driving market valuations.

• ⏱️ The Timing Was the Cherry on Top: On September 9, Forbes included Golomt Bank (GLMT) and Khan Bank in its World’s Top Performing Banks 2026 ranking, making them the only Mongolian banks featured on the list.

Lastly… The MSE’s latest market-cap milestone has been driven largely by strong activity in the mining and banking sectors. The emergence of multiple trillion-tugrik companies marks another step in the development of Mongolia’s domestic equity market, although market capitalization remains concentrated among a small number of major issuers.