The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published its November 2025 securities market indicators, showing a monthly decline in equity market capitalisation and the KASE index, alongside a sharp increase in on-exchange share trading volumes. The update also reports mixed activity in KASE Global and bond markets, continued growth in outstanding corporate and public debt on KASE, and further increases in Central Securities Depository account numbers. Equity market capitalisation fell 3.0% in November to KZT 38.4 trillion as of 1 December 2025, driven by price declines in Kazatomprom (-7.5%) and Halyk Bank of Kazakhstan (-8.6%), while remaining up 16.7% since the start of 2025; the KASE index declined 4.4% to 6,818.9 points (up 22.2% year to date). Share trading volume rose 2.2 times month on month to KZT 52.6 billion, and KASE Global trading dropped 37.6% on lower volumes in Intel, Tesla, Mirae Asset Global Investments, Advanced Micro Devices and Apple. Corporate debt traded on KASE increased by KZT 2.1 trillion (+14.8%) to KZT 16.4 trillion following the inclusion of International Development Association international bonds, while corporate bond trading fell 18.5% to KZT 537.6 billion and primary market volume dropped to KZT 264.9 billion (-51.7% versus October); 665 corporate bond issues from 148 issuers were listed as of 1 December. Public debt traded on KASE rose 1.7% to KZT 31.2 trillion and government securities trading grew 28.1% to KZT 767.7 billion, with the Ministry of Finance placing 10 bond issues at 16.58%–17.13% and raising KZT 568.1 billion, and four regional akimats plus Shymkent raising KZT 16.2 billion. The investment equity fund market comprised 57 funds and assets under management fell 1.9% to KZT 353.4 billion due to foreign-currency revaluation, while Central Securities Depository nominal holding accounts increased 2.8% to 4,945.2 thousand; professional securities market participants’ assets rose 3.9% to KZT 603.2 billion, liabilities increased 13.5% to KZT 154.5 billion, and equity capital edged up 1.0% to KZT 448.7 billion.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2026-01-12
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports November equity market capitalisation down 3.0% and KASE index down 4.4%
Kazakhstan's Financial Market Agency reported a 3.0% decline in equity market capitalisation to KZT 38.4 trillion in November 2025, with the KASE index down 4.4% to 6,818.9 points, while share trading volume surged 2.2 times to KZT 52.6 billion. Corporate debt on KASE rose by KZT 2.1 trillion to KZT 16.4 trillion, public debt increased to KZT 31.2 trillion, and Central Securities Depository accounts grew 2.8% to 4,945.2 thousand.