Kazakhstan stock market

Chronicle

2025: The volume of the stock market of Kazakhstan for the year increased by 8.1% and reached 7 trillion rubles

At the end of 2025, the capitalization of the stock market of Kazakhstan increased by 8.1% and reached 46.7 trillion tenge (7 trillion rubles). The data was released by the Association of Financiers of Kazakhstan (AFC) in January 2026.

The market capitalization amounted to about 29% of the country's GDP. Assets managed by investment companies grew by 53.3%, reaching 1.9 trillion tenge. The average dividend yield of shares increased to 9.3% against 5.3% in 2024. This indicator, together with the growth in the value of shares, provided a yield significantly higher than the inflation rate, which at the end of 2025 amounted to 12.3%.

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Фото: Unsplash

Stock indexes posted strong gains and updated all-time highs. KASE index rose 26% and AIXQI index - 1.3%. The largest growth was shown by the shares of BCC (113%), Solidcore Resources (99%) and KMG (49%). AFK analysts attribute this to expectations of improved financial results of issuers, rising gold prices and a high level of dividend payments. The total liquidity of the market, measured by the volume of trades, increased by 49% to 291 billion tenge.

The yield on government securities increased significantly due to the increase in the National Bank's base rate from 15.25% to 18.0%. This led to an increase in investments of foreign investors in bonds of the Ministry of Finance and notes of the National Bank by 82% - from 1.1 to 2.0 trillion tenge.

Corporate bond yields also rose. The KASE_BMY index for the year increased by 194 basis points to 16.44% per annum. Despite the rigidity of the conditions, the volume of placements in the primary market of corporate bonds increased by 37% to 4.7 trillion tenge. According to AFK experts, the largest issuers were NIS Baiterek, the Samruk-Kazyna National Welfare Fund, as well as a number of banks and microfinance organizations.^[1]

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