Kazakhstan stock market

Chronicle

2025

Growth of shares trading volume in Kazakhstan by 14.7% to KZT342.1 bn

At the end of 2025, the volume of trading in shares on exchanges in Kazakhstan reached 342.1 billion tenge ($696 million). The indicator grew by 14.7% relative to the volume of trading in 2024. This is evidenced by the data of the Agency for Regulation and Development of the Financial Market. The capitalization of the republic's share market increased by 18.7% to 39 trillion tenge. As of January 1, 2026, there were 87 names of shares of 74 domestic issuers on the trading lists of the Kazakhstan Stock Exchange, the exchange index grew by 26.1% to 7 thousand points.^[1]

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.^[2]

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