Kazakhstan’s Agency for Regulation and Development of the Financial Market published its September 2026 securities market update, showing declining equity valuations and turnover alongside increased bond trading. Equity market capitalization fell 4.4% to KZT 48.0 trillion as of Oct. 1, mainly reflecting share price declines of 15.1% for Kazatomprom and 11.6% for Kaspi.kz. The Kazakhstan Stock Exchange (KASE) index dropped 4.0% to 7,795.44 points, while share trading volume decreased 9.7% to KZT 22.0 billion. Despite the monthly declines, capitalization and the index remained up 23.1% and 10.9%, respectively, since the start of 2026. Corporate bond trading reached KZT 1.1 trillion, 3.5 times the previous month’s volume, driven by increased primary market activity. The outstanding volume of corporate debt traded on KASE nevertheless declined 1.3% to KZT 16.5 trillion. Government securities trading increased 18.0% to KZT 1.4 trillion, including KZT 0.9 trillion in primary market transactions. The Ministry of Finance raised KZT 807.3 billion through 12 bond issues with yields to maturity ranging from 13.95% to 17.95%. Investment fund assets fell 2.9% to KZT 293.6 billion, mainly because of negative asset revaluations. Securities accounted for 82.8% of those assets. By contrast, aggregate assets of brokers, dealers and investment portfolio managers increased 0.5% to KZT 660.7 billion, mainly reflecting reverse repurchase transactions and growth in securities portfolio values.

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