The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published an April 2025 snapshot of Kazakhstan’s securities market, showing a monthly decline in equity market capitalisation alongside markedly higher trading activity. Equity market capitalisation fell 2.1% in April to KZT 31.1 trillion as of 1 May 2025, while the Kazakhstan Stock Exchange (KASE) Index edged down 0.6% to 5,622.10 points. The fall in market capitalisation was mainly attributed to price declines in shares included in the KASE Index representative list, including Kaspi.kz (down 3.9%) and Kazakhstan’s Halyk Bank (down 4.5%). Equity trading volume rose 2.5 times month on month to KZT 48.2 billion, driven mainly by higher turnover in Bank CenterCredit, Kcell and Halyk Bank shares; KASE trading lists included 96 share issues from 81 Kazakh issuers. In the KASE Global sector, 47 share names and 18 ETFs from 59 foreign issuers were available as of 1 May, with turnover up 24.5% in April to KZT 6.6 billion, mainly on increased trading in SPDR Series Trust, Microsoft and Apple. Corporate debt outstanding on KASE increased 0.8% in April to KZT 13.8 trillion, while corporate bond trading volume rose 3.4 times to KZT 474.7 billion, largely reflecting a 5.2 times increase in primary market turnover to KZT 403.8 billion; the number of listed corporate bond issues reached 533 from 129 issuers. Government debt traded on KASE increased 1.9% to KZT 29.1 trillion, while government securities trading fell 17.1% to KZT 791.1 billion; in the primary market, the Ministry of Finance raised KZT 570.8 billion across 10 bond issues with yields to maturity of 14.10% to 15.85%, and three regions plus the Shymkent city administration raised KZT 28.5 billion under state programmes.

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