"DO MARKET-ORIENTED REFORMS MATTER? SECTORAL EVIDENCE FROM STOCK PRICE MOVEMENTS IN UZBEKISTAN"

This study investigates whether recent market-oriented reforms in Uzbekistan are reflected in stock price behavior across economic sectors. Using firm-level data from the Uzbek Stock Exchange for 2024, companies are grouped by industry and stock price movements are classified as increases, decreases, or no change. A chi-square test of independence is applied to examine sectoral differences in stock performance. The results suggest that stock price movements are not evenly distributed across sectors, indicating heterogeneous market responses that may be linked to varying degrees of state involvement and reform exposure. The findings highlight both the potential and the limitations of using stock market indicators to assess the economic impact of reform policies in transition economies.