The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published an update on Kazakhstan’s securities market for March 2025, showing a decline in equity market capitalisation and weaker equity and corporate bond trading volumes, alongside a sharp rise in government securities turnover. Equity market capitalisation fell by 0.8% (KZT 264.2bn) in March to KZT 31.8tn as of 1 April 2025, driven mainly by price declines in Kaspi.kz (-8.6%) and National Atomic Company Kazatomprom (-6.9%), while the KASE Index rose 0.7% to 5,658.74 points. Equity trading volume dropped 25.1% to KZT 19.4bn and KASE listed 96 share issues from 81 domestic issuers, with the KASE Global sector reporting March turnover of KZT 5.3bn (down 15.9%) across 47 shares and 17 ETFs from 58 foreign issuers. The volume of corporate debt traded on KASE increased 0.4% to KZT 13.7tn, but corporate bond turnover decreased 29.8% to KZT 140.5bn as primary market volumes fell to KZT 77.7bn; KASE listed 530 corporate bond issues from 129 issuers. Government debt traded on KASE rose 2.4% to KZT 28.6tn and government securities turnover increased 42.3% to KZT 954.5bn, with primary market trading up 19.4% to KZT 614.4bn from 12 Ministry of Finance bond placements with yields to maturity of 14.10% to 15.60%. In collective investments, 58 unit investment funds were operating and assets under management declined 3.4% to KZT 359.5bn, while securities market professional participants’ assets fell 15.4% to KZT 542.1bn due to the suspension of First Heartland Securities’ licence following its voluntary request.

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