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Main article: Kazakhstan stock market
Performance indicators
2025: Trading volume up 59% to $2.1 billion
In 2025, trading volume on Astana International Exchange (AIX) reached $2.1 billion, an increase of 59% from $1.3 billion a year earlier. These data were published on the exchange's Telegram channel on January 12, 2026.
The total amount of capital raised through the exchange for the year amounted to $4.9 billion, and since the founding of AIX - $11.9 billion. There were 368 securities from 195 issuers listed at the end of the year, with 215 instruments registered in 2025, a record.
The volume of trading in exchange-traded investment funds () ETF and debt receipts (ETN) has grown more than 13 times. The number of retail investor accounts in AIX CSD increased to 2.3 million, and the number of trading members reached 65, including new brokers from, and Europe China the Middle East.
Among the key transactions of the year - the first cross-border IPO between Kazakhstan and China together with the Hong Kong Stock Exchange and the placement of sovereign Eurobonds of the Ministry of Finance of the Republic of Kazakhstan for $4 billion. Major placements were carried out by DBK, ForteBank, Kaspi.kz and KazMunayGas, including issues in yuan (CNH) and UAE dirhams ( AED).
AIX launched trade in renewable energy certificates (I-REC), becoming the ninth accredited platform in the world, and a project to invest in gold of the National Bank of the Republic of Kazakhstan. OTC operations and placement of commercial securities also began, and the Islamic financing line was replenished with the first retail sukuk.
Astana International Exchange has strengthened international cooperation by signing memoranda of understanding with, Shanghai Stock Exchange Nasdaq Dubai, Abu Daba Exchange (ADX) and Amman Stock Exchange. In addition, a four-party memorandum was concluded with the platforms, Intebix Solana Foundation and Jupiter, aimed at developing cooperation in the field of tokenization of assets and digital financial instruments.[1]
2024: Trading volume doubles to $1.3 billion
Trading volume on Astana International Exchange (AIX) increased 2.2 times and reached $1.3 billion in 2024. TAdviser got acquainted with such data on the exchange in January 2025.
In 2024, stock trading amounted to 38% of the total ($495 million). The leaders in terms of trading were the gold mining company Solidcore Resources (52%), the air carrier Air Astana (19%) and the uranium mining company Kazatomprom (9%). These three issuers formed the bulk of stock transactions on the exchange.
In 2024, the number of accounts of retail investors from Kazakhstan increased by 400 thousand and reached 1.9 million. The AIX Qazaq Index showed growth of 25% for the year and 53.2% since launch, reaching 1531.8 points, which indicates an increase in interest in trading on the exchange.
The volume of capital attracted to the site in 2024 amounted to $2.3 billion. During the year, 256 financial instruments from 148 issuers were placed, including 140 new placements from 68 companies. Since the start of the exchange in 2018, the total amount of attracted capital has reached $7 billion.
An important event of 2024 was the first placement of Kazakhstani sukuk (Islamic bonds), which opened up new opportunities for Islamic financing. A mechanism to reduce free-float to 10% was also introduced and I-REC renewable energy certificates were added, expanding the exchange's tools.
A significant achievement was the beginning of inter-exchange trading with the Abu Dhabi ADX exchange, which contributes to the integration of the Kazakh market into the international financial system. In the last two months of 2024, there was a 51% decrease in trading volumes, although in October 2024 an increase of 60% was recorded compared to November 2024.
The shareholders of AIX are the Astana International Financial Center (AIFC), the Shanghai Stock Exchange, the Silk Road Fund and NASDAQ, which ensures a high level of international integration of the site.[2]
Notes
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